FutureStarr

Car Lease Payment Calculator: ORR

## Car Lease Payment Calculator

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This article explains how to determine the monthly payment for a car you are leasing. The goal of the calculator is to provide some insight into the monthly cost [[of the vehicle]] such that you can make an educated decision about if it is worth it to lease a car or purchase the vehicle outright.

### Lease

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Residual Value—Sometimes called lease-end value. In essence, the residual value of a car is the amount it can be bought for at the end of the lease. Financial institutions that issue lease contracts, not the dealers, set residual values on vehicles. It is an estimation of the worth of the car at the end of the lease period. The difference between the price of the car minus residual value will result in the depreciation of the car after a lease, which is amortized throughout the lease loan. Therefore, auto leases tend to be more affordable for slowly-depreciating vehicles because they hold their residual values well. It is expected that leased vehicles are returned to lessors in reasonable condition at the end of the lease period. When returned, vehicles will go through thorough inspections (usually a contracted third-party) to ensure that there is nothing out of the ordinary given the mileage accrued. As should be stated more specifically in each individual lease contract, any pertinent damage or faults accrued during the use of leased vehicles that are attributed to the lessee (such as collisions of their doing) will most likely come out of their own pocket. On the other hand, wear and tear can be the financial responsibility of either party, depending on whether visual inspection shows that it was "normal" wear and tear or "excessive" wear and tear. The two are explained in detail below. Lessees can potentially avoid excessive wear and tear charges by taking good care of their leased vehicles. This can include adding protection such as car door guards, or assuring that small children are properly attended to. In the days prior to the return of the vehicle to the lessor, it can work in the lessee's favor to ensure that the car has as much curb appeal as possible. Giving it a wash, buffing out any scratches, replacing small broken parts, and removing stains from upholstery can help. Wear and tear insurance is available for lessees who feel that they might need it to cover excessive wear and tear. Lessees with too much excessive wear and tear have the option to avoid penalties if they buy the vehicle at the end of the lease. (Source: www.calculator.net)

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