AUTO LEASING FAQS

Considering leasing a vehicle rather than buying? Whether you're looking for an Escalade or Cadillac LYRIQ lease - we are here to help with any of your questions. This option lets you enjoy driving a new car without making a long-term commitment to owning it. But it’s important to know the ins and outs of leasing before making your decision.

At Coulter Tempe Cadillac, our dealership gives you the option to lease a Cadillac instead of buying. But how do you know if this is the right decision for you? Let’s take a closer look at reasons for leasing a vehicle — including potential cost savings!

This means you’re essentially borrowing a vehicle instead of purchasing it. You won’t own the car while you have it — but you might have the option to buy it once your lease is up. Leases typically run for a few years and might include oil changes and other services at no cost to you.

Leasing a car offers the following advantages:

Overall, this option allows you to drive a new model with more features or enhanced features at a more affordable price.

There can be, depending on your lease contract details. In general, possible disadvantages include:

The contract you get depends on your credit score. Higher scores often mean you get a lower interest rate. You might also need a minimum score to have your lease approved. But you may still be able to get a lease with lower credit — but expect to pay more in interest due to higher rates.

Cadillac lease terms may vary. The standard is usually 36 months, though longer and shorter terms might be available. Some leases last for a year or two. Others might last for 48 months or more.

How long of a term is good for you? That depends on how soon you may want to drive another vehicle and other factors, such as your driving needs and budget. Longer leases may come with lower monthly payments — but higher financing charges.

Weighing the pros and cons of this option is important before deciding if you want to lease or buy. Other factors to consider before making your decision include:

• Your budget
• Terms and conditions of a lease contract
• Your credit score
• The number of miles you typically drive
• Services that are included, such as oil changes and other maintenance

Our sales team at Coulter Tempe Cadillac can help you compare leasing vs buying to determine which option is best for your situation!

You may be able to return your leased vehicle before the contract is up. But note that you’ll most likely need to pay fees for early termination.

Not all contracts allow you to return a leased vehicle early. In this case, you should contact the dealership to discuss your options. For example, you might have a buy-out option that lets you purchase the vehicle. You can then trade it in or sell it and use that money to get a new vehicle.

In some cases, yes. But it depends on your contract and the financing institution backing your loan. You might have a couple of options to extend your lease, such as:

• Keeping it for another year or less
• Paying to lease it on a month-to-month basis for a limited time

Note that you may be responsible for paying fees if you go over mileage while extending a lease. You may also have extension fees to pay.

Looking for Cadillac deals and competitive prices? Visit Coulter Tempe Cadillac to see what our current offers are for leasing a new vehicle. Our sales team is ready to help you find the perfect car or SUV!