What is the difference between a financed purchase of a vehicle and a lease?
A. With a vehicle purchase, the vehicle title is in your name and your monthly payments go toward the ownership of your vehicle. So once it is paid off, it is yours. There are no mileage restrictions, and you are free to accessorize and customize the vehicle to your preferences. In addition, you have the opportunity to trade in the vehicle at anytime vs. the fixed term of a lease. With a lease, your payments cover the portion of the vehicle’s value you use during your lease. Upon the end of your lease term, you return the vehicle and may need to pay applicable fees and/or charges.
