We, at Zooomr, are just like everyone else in the world. We despise the painful car leasing process. Luckily, Zooomr makes the car leasing and car buying process simple. We drastically improve the car leasing and buying experience. Instead of you having to reach out to car dealers, we handle all of the work for you by making hundreds of different dealers compete for your business. Throughout all of our car dealers, we make it possible to provide you with the lowest available price on car leases. Only Zooomr clients can see these deals, and lucky for you, these are real car lease deals available exclusively.
Best Car Leases
We’re unique: Unlike any other company, we are not a car dealer or car broker. Zooomr is a special platform that connects you, the car buyer, with car dealers and brokers. These dealers and brokers are constantly competing to give you the best and lowest price possible. This platform is what makes us so unique and separates us from the other companies.
We deliver to you: It is our promise to deliver your new car to you. This promise means that you will get your new car right on your doorstep. We make it our goal to give your next lease experience a pleasant one.
The car of your dreams: At Zooomr, we promise to do all we can to ensure that you get the exact car you want, meaning you get the car of your dreams at the price of your dreams. What’s not to love about that?
Multiple bids: Price is no matter for us. We make it our promise to get multiple bids from both dealers and brokers to make certain that you are getting the best deal, regardless of the price of your dream car.
Save time: Because we handle all of the negotiations, you save yourself time and energy that could be spent on other things. Though there are many negotiations that go into getting you the best price, we do all of the work, so there are fewer headaches for you.
What’s a Car Lease?
Contrary to popular belief, a car lease is not just a long-term car rental. This comparison is not very accurate. A car lease is the act of the lessee (you) paying money to the lessor to use the car for a certain period for a set number of miles. It is possible for you to adjust the number of miles during the time allotted, but you will be required to pay a higher monthly payment. Why is this required? Because, when you drive a car, the miles go up. The higher the miles go, the less the car is worth. The amount you pay each month for the lease is the amount of reduction of the car’s value. You are paying for depreciation.
Why Do People Lease Cars?
Many people choose to lease cars for several different reasons. First, buying cars is much more expensive than leasing a car. With the retail price of cars increasing, leasing is the cheapest way to get that new dream car. Car leases also tend to have lower down payments and monthly payments than purchasing a car. The great thing about car leases is you get a new car for less money than buying it outright. Second, leased cars have fewer maintenance requirements than a bought car. The requirements are fewer because the lease usually ends before the car needs any major service or repairs. The leased vehicles are always under warranty, meaning the lessee doesn’t have to bear the brunt of repair cost. Leasing a car also means that you have a new car every few years. For those who always want the best cars available, this is a great option especially with car leases lasting typically 2-3 years long. When buying a car, most people hold them for 6-7 years. It is easier for a lessee to exit a lease than it is to a car owner to sell a car.
What Do You Need to Know if Leasing a Car?
Sale price: The sale price of the car determines your monthly car lease payment. This price is great because of the lower the sale price, the lower your monthly payment. You can choose a car you can afford.
Residual percent and amount: The Residual value of a car is based on a percentage. The higher the residual percent, the lower depreciation you are required to pay. For you, this means that the higher the residual value, the lower your monthly payments will be.
Allotted miles: Signing a lease gives you a certain number of miles you can drive each year. You are charged a fee if you exceed the limit, and this fee is based on the number of miles you exceed the ones allotted. When leasing a car, it is important to know and understand the number of miles you are allowed to drive each month and the fee that comes with exceeding these allotted miles.
Disposition fee: This normally unavoidable fee is the amount charged by the company to cover the sometimes steep cost of cleaning and selling the car after you return it to the company. Most companies tend to charge a rate between $300 and $500.
Money factor: Also known as APR, this factor helps you. The lower that the money factor is, the better it is for you as a car lessee.
Car Leasing vs. Car Buying
If you find yourself on this page, it means you are on the hunt for a car lease. Before you proceed, however, it is critical to know the difference between buying and leasing. You need to understand if or why leasing is the right choice for you. Zooomr has a firm belief that before leasing, you should know what you are getting with that car lease.
Who Owns It?
Regardless of how you pay, when you buy a car, that car belongs to you and only you. If paying with a loan, you will still be required to make payments regarding your loan, but the car is in your possession. You own the title. When you lease a car, however, you don’t own that car. You are paying, just like when renting a house, for the use of the vehicle. The lender from whom you have leased the vehicle from owns that car. This difference in ownership is why you pay less for a leased car than a purchased car.
Buying or financing a car requires a down payment, which can also be paid through equity of a traded car. The down payment cost will be based on the lender’s requirement and your personal credit score. Leasing a car, however, does not require a down payment. There are a few fees to pay up front, though. These fees include the first month’s payment, acquisition fee, security deposit, and other taxes. To lower your monthly payments, simply pay more upfront when signing your lease.
Buying a car can have potential future value. When you own the car, you can sell it later. The price you can get for the car all depends on the type of car and how it is maintained. When leasing a car, you don’t have to consider the future value because you don’t own that vehicle.
With leasing a car, you have several options. You can choose to purchase the car by paying off the car. At this point, the lender will retain the title to you in the mail. This title is your proof of ownership. Most people return the leased car after the allotted lease time has ended. There are other people who choose to purchase the car during the time of the lease or even at the end of the lease. You can choose what you want to do.
There are a couple things to keep in mind before you try to buy out your car before the term of the lease is up. The dealer may allow you to buy the car for the amount specified in the lease contract, but since you’re buying it early, it’s possible that the dealer wants to renegotiate the price. The prearranged amount is an estimate of how much the car will be worth at the end of the lease, but since the value may be different when you want to buy out your lease, the dealer may decide to renegotiate to get a better deal for themselves. The dealer could also want you to make the remaining payments on your lease.
The main reason to buy out a lease early is if you like the car and decide that you want to own it right away. You may also find that you have equity in the car if it has held its value well so far. If that’s the case, you could come out ahead by performing an early buyout.
One situation when you don’t need to perform an early buyout is when you’ve gone over your mileage allowance. Many people mistakenly believe that they need to buy out their leases early if they go over their mileage allowances so that they can avoid the per-mile penalty fees. You can still wait until the end of the lease term to buy it out and avoid those fees. Since you’ll own the car once you purchase it, you won’t be on the hook.
When you’re thinking about buying out a lease, it’s important to consider how you’re going to finance the purchase. If you can pay for the car outright in cash, that’s the least expensive option. Most buyers, however, will need to obtain financing. The dealer that is leasing you the car may also be able to offer you an auto loan, but it’s smart to shop around and see what your options are. You may find that you can get a lower annual percentage rate (APR) on an auto loan through a bank or a credit union. You have time, especially if you’re contemplating an early buyout, so it makes sense to compare different options and find the best deal.
Should you buy out your car lease early? That depends on how much you like the car and if you currently have any equity in it. Another situation when you may want to buy out your car lease is if you want to get out of it, but don’t want to pay stiff penalties. You can instead choose to buy the car and then immediately sell it, making at least a portion of your money back.