Columnist debunks myths on leasing vehicles
Published on Tuesday, Feb 19, 2008
Ohio.com
The following article was also posted online at www.leasetrader.com.
If you're torn between the benefits of buying a car versus leasing, columnist Mark Solheim debunks some top leasing myths in the February issue of Kiplinger's magazine.
Here are three:
• Myth 1: Buying is cheaper than leasing.
This is true only if you keep a car well past the day the loan is paid. If you trade it in beforehand, the value almost always exceeds the loan balance.
• Myth 2: Only businesses get a tax break.
Individuals get a tax break, too: They only have to pay sales tax on the monthly payments, not the sale price of the vehicle.
• Myth 3: If you want out early, you're stuck.
Several Web sites match people who want to exit a lease early with consumers in search of a short-term lease.
At LeaseTrader.com, you can post your car for a fee of $80 and complete the transfer for $150.
But be sure to read the fine print. For instance, not all car finance companies will release the original leaseholder from liability.
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This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com.
Print | posted on Tuesday, February 19, 2008 3:05 PM