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Average Lease Payment OR

Average Lease Payment OR

Average Lease Payment

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average lease paymentThe average lease payment in the US is nearly $850 per month. Thanks to some smart strategies, you can save a lot on your lease with just a few changes in your daily routine.

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The agreement that you’ll sign outlines the length of the lease, your monthly payments, the maximum number of miles you can drive per year, and other terms. When the lease ends, you’ll typically have the option of purchasing the vehicle or simply returning it. If you return the car, the dealer will expect it to be in good shape. If it has any damage beyond the expected wear and tear, you’ll have to pay more money to cover it.

A lease is a contract allowing a party to convey property to another party for a specified time, usually in return for a periodic payment. A car lease allows a person to drive a car for a fixed period of time as they make a down payment as well as monthly lease payments until the lease ends. It can help to think of a car lease as a long-term car rental; while car rentals generally last for as little as a day or even just a few hours, car leases average between two and four years. Many leases allow the purchase of the leased vehicles through a purchase option agreement at a specified price once the lease ends. It is important to note that choosing to add such an option at the beginning of a lease will add a small amount to the monthly lease payment. Most car leases can be found at dealerships or priv car leases called "high mileage leases," which give lessees several thousand additional miles to work with annually. Although the monthly lease payments for high mileage leases tend to cost more than the standard leases, they may be helpful to those who are prone to racking up a ton of miles. Keep in mind that the average American drives around 18,000 miles a year. Lessees that go over their mileage limits have the option to avoid the penalties by buying the veh at the end of the lease. (Source: www.calculator.net)

 

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