Vehicle Leasing Frequently Asked Questions
Thinking of leasing a car? We’ve included some commonly asked questions to help you decide if Vin’s Automotive Group is the company for you.
For leasing, usually the contract is at least a year’s length. The maximum lease period (usually seen in our lease-and-buyback cases) is 7 years.
For clients who wish to own a car but do not wish to downpay tens of thousands of dollars, we will usually recommend our lease and buyback scheme.
In this scheme, the client has to pay a deposit of about 10% of the car price, and lease the car for a maximum period of 7 years. At the end of the 7 years, the ownership will be transferred to the client at no extra cost.
We regret to inform that if you are unable to fulfill the obligations of the contract, then the deposit will most probably be forfeited.
However, we always strive to have a discussion with our clients to see what is the problem and how we can help out.
Yes we do.
In fact we have been leasing cars to Uber/Grab drivers since early 2015, and were one of the pioneers (due to our proximity to their initial office location).
However, we are neutral (we do not specifically partner with Uber or Grab), such that our clients can choose to drive for either platforms.
For leasing, there are 3 main advantages over car purchasing
1. The initial outlay of cash is lower. Usually, a deposit for leasing is 1-2 months’ rental, as opposed to tens of thousands of dollars you have to fork out when you buy a car.
2. Your monthly costs are fixed – insurance, road taxes, and all maintenance fees are all accounted for in the monthly rental.
3. You get a replacement car in the event of a car breakdown, so that you have minimum downtime and disruption to your daily life.
Rentals are of a more short-term nature – usually a few days or maximum a few weeks.
Leasings are of a more long term nature- usually years in nature. Because of the long term nature of leasing, we are usually able to offer a more competitive rate than short term rentals.