Common Lease Questions and Terminology Long Island City NY

Vehicle leasing is a contract to acquire the use of the vehicle for only a specific period. Most often it is for a two- or three-year period of time. In most cases, the lease payment will be lower than the purchase payment, making leasing increasingly popular as the price of new vehicles continues to rise.

Hertz - Midtown East 48th (between 1st and 2nd)
(212) 486-5901
310 East 48th Street
New York City, NY
Hours
0630-2200 7 Days
Special Services
Child Seats, Hand Controls for Disabled Drivers Only In-Car Navigation System , Gold Counter Service
Additional Information
Hourly Rentals available - see US Products & Services.

Budget Car & Truck Rental
(212) 772-2999
225 E 43rd St
New York, NY
 
U-Haul Company
(718) 267-2928
2645 Brooklyn Queens Expy
Woodside, NY
 
Min Popeye Inc
(718) 482-1700
3901 64th St
Woodside, NY
 
Dollar
(718) 476-7934
6129 Roosevelt Ave
Woodside, NY
 
The Rental Company
(718) 639-1400
6902 Queens Blvd
Woodside, NY
 
Penske Truck Rental
(718) 932-0404
2401 Brooklyn Queens Expy
Woodside, NY
 
Enterprise Rent A Car
(718) 726-9000
3233 62nd St
Woodside, NY
 
Enterprise Auto Rental
(212) 717-2100
03 E 65Th St
New, York, NY
 
Hertz - Uptown East 64th (between 1st and 2nd)
(212) 486-5916
327 East 64th Street
New York City, NY
Hours
Mo-Th 0630-2200, Fr-Su 0630-2300
Special Services
Child Seats, Hand Controls for Disabled Drivers Only In-Car Navigation System , Gold Counter Service
Additional Information
Hourly Rentals available - see US Products & Services.

Common Lease Questions and Terminology

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Vehicle leasing is a contract to acquire the use of the vehicle for only a specific period. Most often it is for a two- or three-year period of time. In most cases, the lease payment will be lower than the purchase payment, making leasing increasingly popular as the price of new vehicles continues to rise.

Why are lease payments often less than finance payments?
A finance purchase requires payment for the full negotiated value of the vehicle during the term of the loan (the full cost of the vehicle can be determined by adding the down payment, monthly payments, interest, taxes, and any other associated fees). Since you will own and take title to the vehicle at the end of the term, the bank has little interest in the vehicle itself"other than its collateral value during the loan. A lease only requires you to pay for the depreciation of the vehicle during the contracted term in which you wish to operate it. In effect, you are only paying for the portion of the vehicle you use.

Additionally, with a lease, the leasing company owns the vehicle. This relationship means the lessee has a responsibility to maintain the vehicle according to strict standards defined in the lease contract. Specific terms set limits as to the amount of damage ("wear and tear") or mileage ("mileage allowance") allowed on the vehicle during the lease period. Leasing companies also require their vehicles to be properly insured and maintained during the lease....

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