LEASING

    Leasing allows you to acquire a new vehicle with a minimal impact on your cash flow. Because of their high resale value and desirability, high performance sports cars are perfectly suited for leasing; even some older vehicles can be leased, depending upon their mileage and condition.

    Leasing is basically a rental agreement using a vehicle’s potential end value as equity to reduce monthly rental fees.
    The easiest way to explain this is to understand these elements of a lease:
    Down payment, which reduces your total vehicle cost (known as capitalized cost).
    Agreed buyout, (also known as residual value) at the end of the term. This value is your final purchase number which you are responsible for.
    Total payment value, the difference between the down payment and the buyout; this figure is split into 24 month payments including the interest.
    HOW OR WHY CAN LEASING A CAR BENEFIT YOU?
    If you like to acquire new vehicles on a regular basis, a lease can be changed at any point to another vehicle, extending your tax payment until the end of the new term.

    Leasing does not require a substantial down payment, leaving you with available cash for other uses.
    Monthly payments are lower than a bank loan or straight vehicle purchase financing.
    Tax payments can be deferred until completion of the lease. In some cases purchase tax can exceed 17%.
    Upon completion of your lease, you have various options; buyout your lease and keep your vehicle, re-finance your buyout or, like many of our customers do, trade your vehicle in with us and lease a later or higher-end model.
    The vehicle may be leased through your company to realize some tax benefits.*
    *This can be best advised through your financial advisor or company solicitor.
    LEASING TERMINOLOGY
    Buy-out:
    Residual value or amount due at the end of the lease. The residual value is also used to determine the depreciation and potential equity at end of term.
    Capitalized cost:
    The purchase price or total cost of the vehicle.
    Capitalized cost reduction:
    This is commonly known as the down payment or deposit and is subtracted from the total cost of the vehicle.
    Closed ended lease:
    This is a lease which enables the lessee (the person using the vehicle) to walk away from the lease at the end of term. Restrictions apply in these cases and mileage must be within set limits. Vehicle condition is also a factor. Typically, these leases are offered on new car purchases from main stream dealers.
    Depreciation:
    The amount of value a vehicle loses over time.
    Early settlement:
    Ending a lease before term end. This can be done at any time, and will incur a fee as set out from the lease company upon commencement of the lease.
    Equity:
    This applies to the actual value of a vehicle at term end and the buyout. In most cases, leases will render the client with a vehicle worth more than the buyout (positive equity); in some cases, due to high mileage users or negative market conditions, vehicles can be worth less than the buyout (negative equity). We always strive to offer leases with sensible and responsible end buyouts to ensure equity at end of term.
    Excess mileage charge:
    Applies to closed ended leases, and reflects a charge per km over and above the total lease mileage constraint. In most cases, charges are around 8 cents per km over the limited mileage.
    Lessee:
    The person using the vehicle according to the terms agreed on the lease. The lease company holds the title of the vehicle until the end of term, but the right of ownership of the vehicle is offered to the lessee.
    Lessor:
    The owner of the vehicle being leased.
    Open ended lease:
    Most of the leases we offer are open ended. Basically, this means that the client leasing the vehicle is responsible for the term end buyout. There are no mileage restrictions within these leases and vehicle condition lies in the hands of the client.
    Residual value:
    This applies to the buyout, or end figure at completion of lease.
    Tax:
    All leases are quoted without tax. Taxes are applied dependant on purchase price and Province.
    Term:
    This applies to the time the lease is to be run.
    Term end:
    Termination date of lease.
    FINANCING
    We offer competitive financing rates, on terms from 36 to 60 months. We’re also flexible and can customize a financing plan for your needs.
    CONTACT
    If you want to find out more about leasing or financing, please call or email our Business Manager, Jeanie.
    jeanie@weissach.com

    Contact Us

    1757 West 2nd Avenue
    Vancouver, B.C. Canada
    V6J 1H7

    P 604.738.3911
    info@weissach.com

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    Mon-Fri 8:30-5:30 PST
    Sat 10:00-5:00 PST (sales only)
    Closed on long weekends

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