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Sign and Drive – and Pay More on an Auto Lease, Reports GoBankingRates.com
With no down payment or deposit required, sign and drive leases can pose tempting offers for consumers. In their new report, finance site www.GoBankingRates.com investigates sign and drive lease deals to help drivers see through misleading offers and avoid costly mistakes.
EL SEGUNDO, CA (April 1, 2013) – Leasing isn’t for everyone – Cars.com reports that according to CNW Market Research, nearly a fifth of drivers, 18.5 percent, choose to lease their vehicles instead of taking out an auto loan. But with no money down required, sign and drive lease deals can seem like simple and cheap way for consumers to get behind the wheel of their dream car.
However, in its latest report, GoBankingRates finds that “sign and drive” deals aren’t usually as convenient or cost-effective as they’re advertised to be.
“The first thing you’ll discover is that, unless you have an impressive credit score, it’s going to be difficult for you to even qualify for this type of deal,” says Stacey Bumpus, expert contributor to GoBankingRates. The site’s investigation of sign and drive deals reveals that advertised offers represent the best prices that are only extended to “well-qualified buyers” – a select few of applicants.
According to the report, not all buyers will qualify for the quoted offer, and many may end up with a higher monthly lease payment than they had planned.
Furthermore, potential leasers are often responsible for taxes, title and registration fees, upon signing. “As with any other circumstance that requires you to spend your money, it’s critical that you read the fine print on a sign and drive lease,” says Ms. Bumpus.
Read the complete investigation for more information on sign and drive leases.
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
About GoBankingRates
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.