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Understanding how a lease works

Now that you know that the lease is a separate component of your vehicle transaction and that the dealer is likely to make additional money on this component, it’s time to search for your own financing under your terms, not theirs!

Before you begin shopping for your lease, though, you need to understand the mechanics of a lease. We covered the basics in the chapter entitled “Leasing Basics” where we explained terms such as money factor, term, and residual. If you haven’t read that section yet, we would recommend you do before continuing on in this section. You can’t shop for the best rates if you don’t understand the fundamentals of a lease.

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