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Leasing is essentially a rental agreement using a vehicle’s estimated end value as equity to reduce the monthly fees. High-end luxury vehicles are perfect for leasing due to their high resale value; even some older models can be leased depending on their mileage and the overall condition they’re in. Sherwood Motorcars offers specialized lease options for luxury and exotic pre-owned vehicles.
If you’re someone that enjoys getting a new vehicle regularly, a lease may be a great option for you as you can swap out your vehicle at any point, extending your tax payment until the end of the new term. Upon completion of your lease, you have the option to buyout your lease and keep your vehicle, re-finance your buyout or trade your vehicle in and lease another model. Tax payments can also typically be deferred until completion of the lease.
Do you own your own business? If you do, your vehicle may be leased through your company so you can utilize some tax benefits. Another benefit of leasing is that it does not require a large down payment and monthly payments are usually lower than a loan or financing.
We offer competitive financing rates and terms as well as flexible financing plans to fit your needs. If you want to find out more about leasing or financing of a luxury or exotic pre-owned vehicle from brands such as McLaren, Mercedes-Benz, and Lamborghini, please email our Director of Finance, Jennifer Roy.
Buy-out: A Buy-out is the residual value or total amount due at the end of the lease. The residual value is also used to figure out the depreciation and potential equity at end of term.
Capitalized cost: Capitalized cost is the purchase price or total cost of the vehicle.
Capitalized cost reduction: Capitalized cost reduction is essentially the down payment or deposit and it’s subtracted from the total cost of the vehicle.
Closed ended lease: A closed ended lease is a lease that allows the person using the vehicle to leave the lease at the end of term. Restrictions may apply in these cases and mileage must be within set limits. Vehicle condition is also crucial.
Depreciation: The depreciation is the amount of value a vehicle loses over time.
Early settlement: Ending a lease before term end. This can be done at any time, but will incur a fee as set out from the leasing company upon commencement of the lease.
Equity: Equity applies to the actual value of a vehicle at term end and the buyout. Typically, leases will render the client with a vehicle worth more than the buyout (positive equity); at times, due to high mileage users or negative market conditions, vehicles can be worth less than the buyout (negative equity).
Excess mileage charge: The excess mileage charge applies to closed ended leases, and charges per km over and above the total lease mileage constraint. In most cases, charges are around $0.08 per km over the limited mileage.
Lessee: The Lessee is the person driving 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 Lessor is the owner of the vehicle being leased.
Open ended lease: An open ended lease 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 is the responsibility of the client.
Residual value: The residual value applies to the buyout, or end figure at completion of lease.
Tax: Taxes are applied dependent on the purchase price and location (country/province.) All leases are quoted without tax.
Term: The term is the time the lease is to be run.
Term end: The term end is the end date of the lease.