• A complete breakdown of the lease the lease agreement.
• Your monthly payment
• Payment due on delivery

• $200 for the lowest price quote
• Price shown in Canadian dollars. GST extra

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Still Thinking About It?

• 6 Reason to Choose Car Choice Canada
• Advantages / Disadvantages of Leasing
• Do Your Homework

• Drive a new vehicle every 3 to 4 years - with the latest styling, technology, convenience, comfort and safety features.
• Drive a new vehicle for less per month than the cost to purchase and finance the same vehicle over the same period of time.
• Pay less tax, since only your monthly payments - not the full capital cost of the vehicle - is taxable.
• Peace-of-mind and potentially lower maintenance costs because your lease term and warranty coverage period will likely overlap.

Disadvantages of Leasing

• An upfront commitment to a full term (typically 36 to 48 months); termination before lease-end can trigger a hefty penalty.
• Additional end-of-lease charges for excessive "wear and tear". Like dings and dents, upholstery damage, abnormal tire wear, etc. Also, penalties for excessive kilometers.
• Unlike loan payments, lease payments do not build your equity in the vehicle; at the end of the lease you own nothing.
• Travel restrictions, you may need permission from the Lessor to take your leased vehicle out of the country on a holiday.

1. Closed lease - Sets an end-of-lease value for the vehicle. As long as you return the vehicle in good condition and do not exceed the maximum kilometers allowed in the lease, you have no further financial obligations.
2. Open lease - Leaves the end-of-lease value of the vehicle "open". This means that if the residual value of the vehicle has changed since the lease was initiated, you may have to make an additional payment to cover the difference if the residual value dropped.
3. Capital Cost - This is the actual retail price of the vehicle used to calculate the lease payments.
4. Residual Value - The anticipated wholesale value of the vehicle at the end of the lease. This can be anywhere from 30-55% of the manufacturer's suggested retail price (MSRP). A higher residual value typically results in lower monthly lease payments.
5. Security deposit - Due at the time of delivery, this deposit will be refunded at the end of your lease if you return the vehicle in good condition.
6. Term - Is the duration of the lease which is typically 36 or 48 months.
7. Interest Rate - Is set by the manufacturer and can have a huge factor on your monthly payments. Rates could range from 0.9% to 12%.
8. Down Payment - Not to be confused with your drive-away-cost. The amount of money you put down will help in reducing your monthly payments.
9. Acquisition fee - Many of the manufacturer charge this fee to set up the lease agreement.
10. Drive-away-cost - Many of these costs can be reduced by calculating them into your monthly payments. Some of these costs can be 1st month lease payment, security deposit, acquisition fees, freight and PDI, administration fees, etc.
11. Excessive kilometer charge - Vehicle leases include kilometer limits - typically 20,000 to 24,000 km per year. Exceeding the limit triggers a per-km charge of 7 to 15 cents per km which can add up to large cost for the Lessee.
12. Gap insurance - In the event that your leased vehicle is involved in a crash and is damaged beyond repair, this insurance covers the "gap" between what you owe on the remainder of your lease and your insurance coverage.
13. PPSA - The Personal Property Security Act. This is a provincial statute that governs leasing in Ontario. A small fee is charged to the Lessee.