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How To Lease a Vehicle

Why Lease a Car Instead of Buying? Understand Your Auto Leasing Options

For consumers who are looking for a new vehicle but don’t want to buy a car, leasing can be a great option depending on your auto needs. Auto leasing periods are typically available for 24-36 months and sometimes longer, meaning you can enjoy a brand new car more often than if you were to purchase a vehicle. When you lease a vehicle you do not have to commit to paying for the full price of the vehicle. Instead, your monthly payments simply cover the percentage of the vehicle that you own based on the length of the lease. There are many different reasons that some people find leasing a better option thank buying, including:

  • Lower monthly payments
  • Lower up-front costs
  • Minimal maintenance costs – sometimes included in the lease
  • New vehicle every 2-3 years

Consumers that decide to lease instead of buy have a few common characteristics including shorter daily commutes, an interest in lower monthly payments, and typically don’t want to worry about a lot of vehicle maintenance. Leasing is a great option, but each person’s situation is different so it’s important to consider if it’s right for your needs. If you’re in the midst of deciding what’s best for you, we recommend checking out our Buying vs. Leasing Guide for a side-by-side comparison of each option.

If you’ve decided leasing a car is the right choice for you, Graff Bay City is here to help you find the perfect vehicle to lease. Throughout the rest of the page you’ll learn about the vehicle leasing process, auto financial terms you should be aware of, and what the residual value of your leased vehicle means. By informing you with everything you need to know about leasing, we hope that you’ll be confident in your decision to lease a vehicle from our dealership. If you have any questions, feel free to contact our team of auto experts at (989) 684-4411.

How to Lease a Car – The Vehicle Leasing Process

How To Lease a Vehicle

Determine Your Vehicles Needs and Driving Style

The first step to getting any new car, truck, SUV, or crossover, is determining what you need in a vehicle and how your driving style may affect what type of vehicle you ultimately take home. What climate conditions are you driving in? Do you need AWD or 4WD? Leasing periods are based on a determined number of miles – How many miles do you usually drive per year or per month? What’s the main use of this vehicle? What ‘s the cost of gas and the impact on your budget? All of these questions and more should be considered before you decide on a vehicle type. These different factors will help you think about what vehicle will fit your needs best in terms of size, fuel efficiency, and purpose.

How To Lease a Vehicle

Know the Features You Want

If you’re leasing a new vehicle, you’ll have the benefit of enjoying latest safety and technology features in your new vehicle model, but are you looking for anything special? For instance, is this vehicle for your family? If that’s the case, you’ll most likely want extra seating and storage space. Or if this vehicle is for work, you might want the ability to stay as connected as possible through your phone. Thinking about what features you want in a vehicle will help determine what model and trim level fits your lifestyle. Our experienced team members are happy to show you how different vehicle trim levels may affect your monthly paymeny, so you can get what you want at a price you can afford.

How To Lease a Vehicle

Explore Our Online Resources and Vehicle Inventory

Before you even step foot into our dealership, we offer you a multitude of resources to take advantage of online to learn more about leasing a vehicle. Our goal is to provide you with all the information you need to make a confident decision about leasing your next vehicle from Graff Bay City. You can start by exploring all of our new Chevrolet models on our Model Overview page. Within each model overview, you’ll find more information on the vehicle’s specifications, features, fuel economy, trim levels, and more!

You can also shop our complete vehicle inventory at your convenience online, before you come to our dealership, by checking out our New Inventory, which is updated daily. If you don’t find what you’re looking for, fill out a request on our Find Me A Vehicle page and one of auto experts will help find you the vehicle you want. Plus, to save you time at our dealership, you can fill out our secure Credit Form online to get pre-approved for your auto loan.

How To Lease a Vehicle

Visit Graff Bay City

Now that you’ve checked out our online resources and narrowed down your vehicle choices from your list of wants and needs, it’s time to visit to Graff Bay City. A helpful member from our wonderful team of auto professionals will guide you through the entire leasing process and will help you evaluate all of your auto options to find the perfect vehicle. Your team member will be happy to answer any questions you might have throughout the lease process when you visit Graff Bay City.

If you already have a few vehicles picked out that you’re interested in, fill out a request online to let us know before hand and we’ll have them ready to test drive when you arrive at the dealership. Your sales representative will also thoroughly any available offers, rebates, or incentives to help you get the best price on your auto lease. You can count on Graff Bay City to help you with anything and everything throughout the leasing process.

How To Lease a Vehicle

The Leasing Process at the Dealership

Once you’ve talked to your sales representative and have decided on a new vehicle, it’s time to finalize the lease and get you on the road in your new car. Here’s what will happen at the dealership:

  • Discuss Payment Options: Depending on the available rebates, incentives, and your lease terms, your sales representative will outline the available payment options for you to choose from. Take this time to evaluate your needs and budget against your options so you can decide which one works the best for you.
  • Decide on Financing: When it comes to financing your vehicle, you have two different options. You can either go through your own financial institution or our dealership. Whichever option you choose, you’ll complete the necessary paperwork with one of our knowledgeable finance professionals.
  • Schedule Your Vehicle Delivery: Once you paperwork is taken care of, it’s time for you to get your car. The dealership will either prepare the vehicle right away for you, or you can schedule a time to pick it up later.
  • Check Out Your New Car: When you take final delivery of your vehicle whether it be immediately or at a later date, this is the time to review everything your vehicle has to offer and ask your helpful team member any questions you may have about the safety or technology features. If you’re not sure how something works, lets us know and we’ll explain everything you need to know.

We want to make sure you’re happy with your decision to lease when you leave Graff Bay City. If you have any questions about the process, give us a call at (989) 684-4411 or visit our dealership. You can always count on our amazing team to offer you the best dealership experience around.

Vehicle Lease Financing Options & Terms

Whether you’re buying or leasing a vehicle, auto financing is a very important and sometimes confusing step in the process. Don’t stress, Graff Bay City is here to help! Our goal is to break down everything you need to know about financing your vehicle, so you can be confident when you’re choosing your financing options. At Graff Bay City, we’ll go through all your financing options with you to help you find one that works with your budget. To get started, we’ve outlined a list of common auto financing terms to help you better understand what each one is and how it applies to you. Take a look at the lease common auto financial options & terms below:

Credit Score – Your credit score is a key element in acquiring an auto loan. Your credit score is a three-digit number based on your credit history. An auto lender will look at your credit score to determine how reliable you will be at paying back your auto loan. If you have a higher credit score, it reflects that you are more reliable and will likely make your payments on time. If you have a low credit score, it tells the lender that you may not be as reliable which might mean you may not make your payments in time – you are more of a risk to lend to. Factors that can affect your credit score include: payment history, types of credit used, amounts owed, new credit obtained, and more. Your credit score can also affect your monthly payment amount, the amount you’re approved for, and your APR.

Annual Percentage Rate (APR) – The APR, or Annual Percentage Rate, is the interest you’ll be paying yearly on the total amount of your vehicle loan. Your APR is determined by many factors like the length of your loan, your credit score, your debt-to-income ratio, dealer incentives, and more. A lower APR will typically mean lower monthly payments, while a high APR will usually result in higher monthly payments.

Guaranteed Auto Protection (GAP) – GAP Insurance is extremely important if you’re leasing a vehicle because you don’t own the vehicle, and are technically only paying for a portion of the full price throughout your lease period. In the case of an accident or theft where your car is considered a total loss, your GAP Insurance would cover the difference between the amount you owe on the vehicle and the amount the vehicle is worth at market value. In many cases, the car may be worth less money than you actually owe on it at the time of an accident. This could put your finances at risk, so GAP insurance works to protect you in this type of situation. Keep in mind that GAP insurance may be included in your lease, so make sure you talk to your sales representative about your options.

What’s the Residual Value of a Leased Vehicle?

When deciding on what vehicle you want to lease from Graff Bay City, you should also think about what the residual value of the vehicle will be at the end of the lease. The residual value of a leased vehicle is the amount the vehicle will be worth at the end of the lease, which is then the price you can pay if you decide you want to buy the vehicle at the end of your lease period. The lender of your auto loan will determine the residual value of your lease through data-based projections from past models and predictions of future consumer preferences.

The residual value is determined at the time the lease is set, meaning you’ll already know what the value of the vehicle will be at the end of your lease. So why is this important to know when leasing? Your vehicle’s residual value can affect your monthly payments. If you have a higher residual value at the end of your lease, you’ll likely have lower monthly payments. However, a lower residual value, will likely mean higher monthly payments. This value is non-negotiable, because it’s based on past vehicle model data, but it is still worth considering when budgeting and planning for the future. If you have any questions about the residual value of a vehicle and how it might affect your monthly lease payments, feel free to contact our financing and insurance experts at Graff Bay City!

Lease Your Next Vehicle from Hank Graff Chevrolet in Bay City, MI

At Hank Graff Bay City, our goal is to give you all the information you need in your search to lease your next vehicle because we want to make sure you are completely confident in your decision. Our team of auto experts is happy to help you with any part of the leasing process and beyond – we’re here to answer any questions you may have. Keep in mind that leasing may not be the best option for everyone, but it is a great way to drive a new vehicle every few years if leasing works for your needs. If you decide that leasing is the best option for you, find a vehicle that you love online in our new Chevrolet inventory, and then submit a request to schedule a test drive at our local dealership. Hank Graff Chevrolet is located at 3636 Wilder Rd, Bay City, MI 48706. We are happy to do everything we can to find the perfect vehicle for customers in the Bay County area, and our neighboring cities of Pinconning, Saginaw, Frankenmuth, Clio, and more. Give us a call at (989) 684-4411 if you have any questions.