Leasing FAQS

Genesis Leasing FAQs

Leasing FAQs From Our Finance Specialists at Genesis of the South Shore

Many of our clients near Dix Hills have questions wondering whether they should lease or buy a vehicle.  Both are great options, and the best one for you depends on a variety of factors like your driving habits and financial situation.  Leasing a vehicle can be an economical choice as the monthly payment tends to be lower than a traditional loan.  However, this can be offset by how you drive the car.

For example, leasing agreements typically have limits on mileage, and going over the agreed distance can result in extra charges.  To get a good answer on whether you should lease or buy, our finance experts at our dealership near Brentwood, NY, can work with you to calculate the costs associated with both options so you can get a side-by-side comparison.

For your convenience, we have assembled some of the most frequently asked questions from our drivers in the Lindenhurst, NY area.  Feel free to contact us if your question doesn't appear here.  We look forward to assisting you in your car buying or leasing process!

Frequently Asked Questions About Leasing a Genesis

Q: What's the Difference Between a New Car Lease and Loan?

A: When you lease a vehicle, you are making an agreement with our dealership to use a car for the terms of the lease, which is most often optimized for 36 months, and you make monthly payments according to the agreement.  Once your lease ends, you must return the car to the dealership.  The great thing about a lease is that when your lease is up, you can turn around and upgrade to a brand-new car.  This offers you more flexibility if you are someone who likes to get a new vehicle every few years.

When you take out a loan to purchase a vehicle, you pay a monthly payment to your lender, but you own the car and any equity in the car to use for a future trade-in.  Financing the purchase of a car can be a great choice if you enjoy the freedom of ownership and tend to want to keep your vehicle for longer than three years.

Q: How Do New Car Leases Work?

A: If you decide to lease a new vehicle, you can work with our finance team to set the terms of your lease.  Once you know which vehicle you want, we work with you to figure out the length of your lease, monthly payment, monthly mileage limits, and any customization or other changes you'd like to make to the vehicle.  You should read the agreement carefully before agreeing to the terms to make sure it works for you.

Q: How are Leases Calculated?

A: Leases are negotiable, and there are often lease specials that can influence the price.  Other factors like the price of the vehicle, down payment, residual value, estimated sales tax, estimated interest rate, and lease term go into your lease calculation.

Q: What Are My Options When the Lease Ends?

A: Once your lease ends, you have the option to purchase the vehicle or lease a new vehicle.

Q: What is Lease equity?

A: Lease equity is when the vehicle's residual value is less than the current market value.

Q: What are lease termination charges?

A: Lease termination charges will be disclosed in your contract and layout the fees for terminating your lease early.

Q: What are lease mileage charges?

A: Lease mileage charges occur when you go over the agreed monthly mileage.  You can check your agreement to see how much the charge is per mile.

Q: Do I need to turn my lease in at the store I leased it through?

A:  You should be able to turn in your lease to any authorized Genesis dealership.  Check your agreement for details to make sure.  We can also arrange to have your leased vehicle picked up.


Ask Our Finance Experts at Genesis of the South Shore

If you still have questions about leasing a new Genesis near Babylon, NY, contact our Finance Experts.  We look forward to welcoming you to Genesis ownership whether you decide to lease or buy.

Contact

Genesis of The South Shore

193 Sunrise Highway
Directions West Islip, NY 11795

  • Sales: (631) 587-0700
  • Service: (631) 587-0700
  • Parts: (631) 587-0700

How Can We Help?

  1. Genesis of The South Shore

    193 Sunrise Highway
    West Islip, NY 11795

    • Sales: (631) 587-0700
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Get in Touch

  • Contact our Sales Department at: (631) 587-0700
  • Monday9:00am - 8:00pm
  • Tuesday9:00am - 8:00pm
  • Wednesday9:00am - 8:00pm
  • Thursday9:00am - 8:00pm
  • Friday9:00am - 8:00pm
  • Saturday9:00am - 6:00pm
  • Sunday11:00am - 5:00pm