Four Star Auto Lease
2575 Barnet Highway Coquitlam, BC V3E 1K9Sales: 1 (877) 350-7307
FAQ on Leasing
Q. What costs will I have at the start of the lease?
Q. Who pays for the insurance?
Q. Who pays for the license and registration?
Q. Who is responsible for maintaining and repairing the vehicle?
Q. Can I lease a used vehicle or truck?
Q. Is there a Kilometer allowance?
Q. How is the residual value determined and how does the residual value affect the payment?
Q. What costs will I have at the start of the lease?
A. There are a few payments to consider at the start of your lease:
1. Refundable Security Deposit
It will be refunded at the end of your lease unless it is necessary to use it to pay for any remaining amounts owed.
2. First Lease Payment (or partial lease payment if not starting at the beginning of the month)
3. Leased Vehicle Capitalized Cost Reduction
You can lower your monthly payment by trading in a vehicle or paying an amount in cash (down payment).
4. Registration Fees
A. You are responsible for insuring the vehicle with the amount of coverage required by your lease.
A. Lease or buy, you are responsible for licensing and registering your vehicle.
A. You will need to repair the vehicle and have regular maintenance performed. If you don't, you will erode your equity in the vehicle.
A. Absolutely! We are one of a select number of lease companies that are capable of leasing used vehicles at competitive rates if this better suits your personal situation. We do, however, need the specifications and costs to evaluate the vehicle or perhaps you have found one from our on-line inventory.
A. The lease agreement generally provides an allowance of 20,000 kilometers per year. There is an additional cost you must pay for every km above the allotment at lease end. If you know up-front that you will put on more than the allotted km's, you may choose to pay for the projected excess mileage ahead of time, usually at a reduced rate by lowering the residual.
A. The residual value or buyout is based on the historical data on the resale value of used vehicles and on the amount of kilometers that you will put on the vehicle during the lease term. Residuals are based on the vehicle having normal wear and tear, regular maintenance, no body damage and 1667 kilometers per month usage. If you were going to put more kilometers on, then vehicle will be worth less at the end so the residual value would have to be decreased and the payments would go up.
