How to Recognize Car Leasing Scams

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November 9, 2016

It can be difficult enough to find the perfect car leasing program without having to worry about scams. It's important that you recognize the signs of a scam to avoid losing valuable money. Here are some helpful tips:

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Recognize Price Hikes

When you lease a car you need to know a few things about the payments. The monthly payments on a lease are calculated a little differently than with a purchase program. If you don't understand how the payments are calculated, it will be easier for the dealers to hike the price and you would never know. There are plenty of websites that will make this easy for you to figure out exactly what the monthly payments should be by using a lease calculator. The calculator will help you see if the dealer has bumped the sticker price, eliminated any incentives or rebates, or bumps the interest rate.

Research Market Values

Before you get into a car lease, you should spend some time researching the value of the car you are looking at. It's not uncommon for a dealer to raise the sticker price for a lease program. You should spend some time online researching the values for the same make, model, and year, as well as get several lease quotes from different places. This will help you avoid what many people feel is a scam by getting a fair market price for your new car lease.

By knowing some of the most common scams, and reading all the fine print, you can avoid falling victim to lease scams.

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