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 January 26, 2017

Financing or Leasing: What's Best for You?

Financing or Leasing: What's Best for You?

Acura Brossard

Find out if financing or leasing is good for you!

LEASE OPTIONS

If you enjoy driving a new vehicle every two to four years, want lower monthly payments, protected under warranty, drive an average number of kilometres, and can properly maintain your vehicle, then you should consider lease as an option.

As a lease customer, you pay only a portion of a vehicle's cost, which is the part that you "use up" during the time you're driving it and you pay taxes only on your monthly payments vs. the full vehicle price. Signing a leasing contract means that you agree to make regular monthly payments, keep appropriate insurance, pay any vehicle taxes and licensing fees, and take good care of the vehicle for the duration of your contract.

Your Lease End Options

Now that your lease is almost up, you may be wondering what's next. It's a good idea to start thinking about your end of lease choices, especially if you have 6 months or less remaining in your lease. Acura Financial Services offers the following four options:


  • Option 1: Return your vehicle and lease a new one.
  • Option 2: Return your leased vehicle and purchase a pre-owned certified vehicle.
  • Option 3: Purchase your leased vehicle.
  • Option 4: Return your leased vehicle to the dealer.


Option 1: Return your vehicle and lease a new one.
This option is convenient, easy, and best of all, you get to drive off in a brand new Acura! Through our loyalty program, we may be able to offer you special rates and terms when you enter into a new lease. 

Remember, you will still need to schedule a free vehicle inspection during the last two months of your lease. You will also be responsible for any outstanding payments, excess wear and tear, excess mileage, and any other end of term obligations specified in your lease agreement.


Option 2: Return your leased vehicle and purchase a pre-owned certified vehicle.
Acura Certified Pre-Owned Vehicle (ACPOV) programs offer significant advantages over used vehicles that are not certified. Every detail, every surface, every performance part is precision-crafted when an Acura is designed and built. It should come as no surprise that the same level of performance-minded scrutiny applies to every pre-owned Acura that qualifies for Certified Performance status. The decision to buy a certified used vehicle is clear - new vehicle benefits at a used vehicle price. Each and every vehicle is reconditioned where needed to provide you with the "like new" experience that Acura is known for. With an Acura Certified Pre-Owned Vehicle, you'll also have access to financing options through Acura Financial Services.


Option 3: Purchase your leased vehicle.

Buying your leased Acura is a great way to continue benefiting from its reliability, performance, and high resale value. If you decide to buy your vehicle, there is no need to have it inspected, since there are no excess wear and tear or excess mileage charges to worry about. To find out your purchase amount, you can get a payoff quote 24 hours a day, 7 days a week through our Owner's Website in the My Finance section. Be sure to ask your dealer for an Acura Financial Services loan to help purchase the vehicle.


Option 4: Return your leased vehicle to the dealer.
If you select this option, your lease concludes when you turn in the vehicle to an Acura dealer. You will need to schedule a free vehicle inspection during the last two months of your lease. You will also be responsible for any outstanding payments, excess wear and tear, excess mileage, and any other end-of-term obligations specified in your lease agreement.

 For more information about your options at the end of your lease contract, please contact our Lease Maturity Centre toll free at 1-866-899-4440. For service in English, dial ext. 7528 and for service in French, dial ext. 7529.

FINANCE OPTIONS

If you like the idea of having ownership of your vehicle, prefers paying off your loan, and don't like the risk of possible lease end charges, then you should consider finance as an option.
As a finance customer, throughout the term of your finance contract, your payments will consist of part principal and part finance charges. Each payment you make increases the amount of equity you've built up in your vehicle.

END OF YOUR FINANCE CONTRACT- WHAT'S NEXT?

After making your payment each month for the duration of the financing contract, the vehicle is all yours. So what comes next? Negotiating a trade-in with your dealer may be a great way to come up with a down payment for your next Acura. You can also sell your vehicle privately or keep driving it for years to come - it's your decision to make. For more information about your options at the end of your finance contract, please contact our Customer Care Group toll free at 1-866-899-4440.

Vehicle Ownership
You are the owner of the vehicle; Once all the payments have been made, you own the vehicle.

Open Retail Loans
All retail loans are open and you may pay out the finance contract at any time without prepayment penalties.

Transparent Fees
Simple interest method to calculate interest charges.
No kilometer charges
No wear and tear charges

Monthly Payments
Monthly loan payments are typically higher than monthly lease payments because you are financing the total cost of your vehicle which includes all applicable sales taxes and purchase price.

Insurance Coverage
You are responsible for insurance coverage. Required coverage typically is detailed in your financing agreement.

Regular Maintenance
You are responsible for maintaining the automobile. A maintenance schedule is outlined in the owner's manual.

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