| Federal Reserve Board governor Laurence Meyer said at a news conference to
highlight the new rules that agencies and dealers will be required to
provide disclosure forms, so consumers can compare lease offers and
negotiate some terms. The Fed sets the rules for auto leasing and the
Federal Trade Commission enforces them. |
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How to Get Your Way at the Auto Dealer |
| The Fed also showed off a new brochure, Keys to Vehicle Licensing, which
helps explain the new form and new rules. Frank McCarthy, executive vice
president of the National Automobile Dealers Association, said the brochure
should be available at dealers. Consumers can also go to the FTCs Web site
at http://www.ftc.gov, click the logo of an automobile and get the brochure
and other background information. |
| Money factor (generally expressed as the APR of the loan
divided by 2400). Your bank can tell you what the rates are. Sometimes the
automakers will offer low APRs to encourage people to lease; the lowest
Ive seen was 1.5% for the Isuzu Trooper last year. Not bad! But beware,
some automaker charge MORE than the banks. |
|
Leasing can be a GREAT alternative to purchasing a New vehicle. But, while the
payment youre being quoted MAY SOUND attractive; the odds are that between
the DEALER, LEASING COMPANY and BANK they are making THOUSANDS of $$$s at
your expense!!
WHY?? Because less than 1 IN 100 people understand what goes into calculating
a lease payment! And the auto dealers KNOW IT! |
