If you wondered about how complicated it is to lease a car, here’s your answer. Leasing a car is an easy and very straightforward process. You can choose if you want to either lease or buy a new car online. But before you do that, there are things you should know first.
When you find a BMW car model that you like and the leasing company that’ll provide you with the lease, all you need to do is agree to pay a specific amount of money for a predefined period. In exchange, you’ll get the keys to a brand-new BMW vehicle that you can drive for a pre-determined number of miles without worrying about costly repairs and maintenance. When the lease contract expires, all you have to do is return the vehicle to the dealership.
If you’re looking for a new lease or if you’re in the middle of an ongoing lease contract, there are many strategies that’ll help you save money. These ideas will help you understand how to avoid potential penalty fees:
Make Several Security Deposits To Lower Your Monthly Payment
You can lease both pre-owned and a new BMW vehicle at https://www.rodo.com/lease-or-buy-new-bmw or any service provider. However, to do so, you’ll need to pay a security deposit upfront. This security deposit is usually the same amount as your monthly payment would be.
However, if you decide to pay the amount equivalent to several security deposits upfront, you’ll significantly lower monthly payments and interest rates. Moreover, you’ll get your deposits back when the lease term expires, provided that the car didn’t suffer from any severe wear and tear.
You should know that all leasing companies provide their customers with this practice. Additionally, some companies have a limit on the security deposit amount. It’s important to know that the amount you give as a security deposit is locked during the lease period.
Earn Money During The Lease Period
Some methods can help you earn money with your leased car. Some of these methods include working as an Uber or Lyft driver.
However, doing so is not generally recommended since not all lease companies and their Terms of Service (ToS) allow their customers to earn money using leased vehicles. Many lease company contracts prohibit lessees from engaging in business that directly derives revenue from operating the company’s car.
In case this idea doesn’t break the company’s ToS and policies, you’ll need to purchase a specific car insurance coverage since standard insurance policies don’t cover for using a car for ride-sharing or delivery. Additionally, bear in mind that you’ll subject the car to more wear and tear and you could easily stack up a lot of miles that’ll exceed the limit set in the lease contract.
Get Out Of Lease By Transferring Your Lease To Someone Else
It’s possible to get out of your lease for any reason that you may have. Some websites and platforms exist for this particular purpose, and they’ll help you transfer your lease to somebody else.
What they do is they’ll list the vehicle and find someone who’s been looking for that particular car to take over your lease. Moreover, these sites will also help you with all the paperwork for a certain fee.
Some leasing companies allow lease transfers, but they’ll require the original leaseholder to retain ‘post-transfer liability.’ This means that the other person doesn’t make payments for the lease as you’ll have to make those payments.
Even If You’re Burning A Lot Of Miles, You Can Still Get A Lease
Many people believe in the wrong idea that leasing is only suitable for those who don’t burn many miles. They tend to think that way because somewhere in the fine print of the lease contract, it usually states that there’s a specific limitation on the miles that you can drive your car. In case you drive it for more miles than allowed by the lease contract, you’ll have to pay a hefty fine.
In contrast, you can make prepayments for additional miles. By doing so, you’ll pay less per each mile. It’s worth mentioning that you won’t get a refund in case you didn’t use all the miles you paid in advance.
These simple yet effective strategies should help you get a BMW lease. Ensure that before you decide which BMW model you want to take, you know your limits regarding the allowed miles, insurance coverage, etc.
Also, it would be beneficial to check if you can use this vehicle for work, like ride-sharing via Uber. By doing so, you’ll earn some money that’ll help pay off the lease without paying penalties or fees.