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Is it better to buy or lease a car in Toronto, Ontario, Canada?

Question: What is the Difference between Leasing and Financing? 

Answer: When choosing between leasing or financing, there are many similarities as well as a great many differences. When you finance a vehicle all of the delivery charges, fees and taxes are included with the entire cost of the vehicle, and this cost is spread across the number of months you want to pay for it. Usually when a payment term is longer, the payments are smaller. A question many drivers ask is how long your payments should be stretched out, if you are planning to pay for a new car through financing.
When you lease a vehicle on the other hand, the term is usually shorter, often two or three years. The leasing company will determine the value of the vehicle at the end of your leasing term, taking into consideration the mileage, the condition, equipment, all of which is known as 'residual value'. The difference between the complete price of sale and the residual value predicted is the basis upon which your monthly payments are calculated. Since you will typically borrow less money to lease than to finance a vehicle, the monthly payments for leasing are a lot lower.

Many Toronto drivers wonder whether financing or leasing is the right option for them. Not very many people can purchase a new vehicle with cash, and taking out a car loan to buy a new car, truck or SUV can often seem like the only option. You also have to be responsible to someone else other than yourself to pay back a loan.

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Question: Leasing Pros and Cons | What are the Benefits of Leasing a Car? How does it work to Lease a Car? 

Answer: When you lease there are many different factors that you have to consider. If you drive a lot in a leased car and put many kilometres on it each year, there is a risk that the mileage limits set out by the leasing company will be exceeded and you'll have to pay extra for it. For example, if you are limited to 18,000 kilometres annually for a three year lease, it adds up to 54,000 kilometres in total. If there are 60,000 kilometres in your total mileage driven, and you have to pay $0.18 per kilometre as a mileage penalty, you will owe the leasing company an additional $720, which can equal the amount you pay for one or two months' leasing. With damages on a leased vehicle the same principle applies, and if you return the vehicle with more damage that is considered normal wear and tear, you will be charged for the damages.
But leasing can be very beneficial because the lower monthly payments are easier to handle, and this often means that leasing a fully loaded high trim vehicle with a powerful engine can be very affordable. When you return the car back to the dealership after the lease is finished, you have the choice of buying out the car if you like, and either keeping it or having the opportunity to return it. Many drivers who lease vehicles prefer to start the whole cycle again with a brand new vehicle lease. Since leasing terms usually fall within the manufacturer's warranty period, leasing is a benefit because no large repairs will be charged to you.

Question: Financing Pros and Cons | How does Financing a car Work?

Answer: The primary benefit of financing a vehicle is that once the payments end, you are the owner of the car or truck and you can use it for as long as it lasts. The average lifespan of a car in Canada is more than 10 years, and if you follow regular maintenance schedules many major repair costs can be avoided. Financing a vehicle is also beneficial because you are free to modify or change it in any way you like, such as change the exhaust on a sports car or paint it to represent your own taste and style. FCA offers zero percent Financing Rates on some New Vehicles from 36 months up to 84 months on select models and on approved credit. Sometimes that runs for Ram 1500, Dodge Challenger, Dodge Charger, Dodge Journey, Dodge Grand Caravan, Jeep Cherokee, Jeep Grand Cherokee, Jeep Wrangler, and other vehicles. Every Month is Different, so please give us a Call to inquire about the current Month's programs.

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    As a valued customer, we want to ensure that your private information is kept private and only shared with those companies that are authorized by yourself or that are allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

    Collection of Information
    The purchase of a motor vehicle requires considerable accumulation of non-public personal information. For example, if we sell or lease you a vehicle—extending credit to you at your request—we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

    Some of the information we obtain from you may be required by provincial or federal agencies, such as the Department of Motor Vehicles or the Canada Revenue Agency. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

    Protecting Your Information
    We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with provincial and federal law. We restrict access to non-public personal information about you to those employees and outside contractors who need to know the information to provide goods or services to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

    Information Sharing
    Unless we have indicated our desire to share your non-public personal information with non-affiliated third parties (by checking the box in the section below), we share information:

    A) For everyday business purposes, such as to process transactions, maintain account(s), to respond to court orders and legal investigations, or to report to credit bureaus.

    B) For the purposes of processing a sale or lease transaction at your request or authorization, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract, or verifying insurance coverage information.

    C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers, we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose for which it was disclosed.

    D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company that we control, or any company under common control with us.
    I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.

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