Buying vs Leasing

There are benefits to both buying a new car and leasing a new car. If you are in the market for your next vehicle, you may be unsure about which route you should take – buying vs leasing. Read below to learn more about the two options.

Ownership

  • LEASE –  You pay for the use of the vehicle for the term of lease. Upon completion of the lease, you must return the vehicle, unless you choose to exercise the option of purchasing it.
  • BUY – Once you have completed the terms of your contract, you own the vehicle, free and clear.

Maintenance

  • LEASE – Most lease terms end before a manufacturer’s warranty expires. While regular maintenance such as oil changes and tire rotations are necessary and required per the terms of your lease agreement, costs are minimal.
  • BUY – Ownership means you have no lease-end obligations regarding maintenance. You are free to determine when, where, and how you care for your vehicle.

Customization

  • LEASE – Approved accessories are available to customize your vehicle at the time of lease inception.
  • BUY – You can customize your vehicle as you wish at any time.

Mileage

  • LEASE – Chrysler Capital offers a variety of mileage options to suit almost any lifestyle.
  • BUY – You have no mileage restrictions.

GAP Coverage

  • LEASE – GAP coverage is included in the terms of your Chrysler Capital lease agreement, providing you with peace of mind in the event of total loss.
  • BUY – GAP coverage can be added at the time of purchase and rolled into your monthly payment.

Wear & Tear

  • LEASE – Normal wear and tear from the day-to-day operation of a vehicle is expected and covered.
  • BUY – As the vehicle owner, you determine when and how you deal with damage to your vehicle.

Tax Savings

  • LEASE – In many states, the tax calculation is based on the monthly payment, versus the full value of the vehicle.
  • BUY – Tax on the full purchase price of the vehicle is due at signing and can be rolled into your monthly payment.

End of Term

  • LEASE – Leasing provides you with end-of-term options. You are free to turn in your vehicle or purchase it at the preset price.
  • BUY – After you’ve completed the terms of your contract agreement, the vehicle is yours to keep or trade-in on another vehicle.

Buy vs Lease Q & A

  • What is the best auto financing for someone with a bad credit score? 

Champion has partnered with Chrysler Capital, as well as other national and local lenders, to provide specialized programs with down payment assistance and incentivized interest rates to help increase the consumer’s ability to acquire a new vehicle with an affordable financial offering.

  • What is an incentivized interest rate and do I qualify for it?

An incentivized interest rate is an offer from a lender (such as Chrysler Capital) where a pre-determined interest rate, most often considerably lower than any standard interest rate,  is made available to the public as an additional incentive toward buying a new vehicle.  Most often these incentivized rates, which usually mirror or eclipse even the best standard rates normally offered only to those with the highest of credit scores, are made available to a wider range of credit situations with the intention of assisting those without the strongest of credit purchase a vehicle for which they previously may not have qualified.

  • How to get a low-interest rate with poor credit?

With the help of incentivized interest rates (see above) and other programs being utilized by our experienced finance team at Champion, we can show you what brand new vehicles will not only fit your needs but also offer the lowest combination of incentivized interest rate and monthly payment.

  • How do I minimize the down payment I need to get approved?

At Champion many new Chrysler Jeep Dodge RAM vehicles offer rebate money, as well as additional incentives to help those with credit issues, that can be used in the place of (or as a supplement to) cash down to help minimize the money needed out of pocket to get approved for financing on a new vehicle.

  • How to get a nicer vehicle even though I have credit issues?

We at Champion recognize the challenges that many consumers face when it comes to credit, we feel that if we can make brand new vehicles available with the help of incentivized rates and down payment assistance programs we can offer a better overall ownership experience to the customer.

  • How can I save money buying a new car without great credit?

A lower interest rate, with the help of an incentivized rate or otherwise, can equal thousands of dollars in savings over the course of a auto loan.  Couple that with reduced down payments and other cash incentives and you can find yourself in a newer car for less money.

  • How do I finance I vehicle if I have never done it before?

Our finance team at Champion has explored a variety of options for those who have never financed a vehicle before and strives to make that an easy, hassle free, process with programs that often include making brand new vehicles a possibility for your first car!

  • I’m a recent college grad and I want to get a new car, where do I start?

Our finance team at Champion has worked hard partnered with local and national lenders to make new vehicles a real possibility at a reasonable payment for those who have worked so hard to complete their college degree.

  • I like the lease specials but I have bad credit, can I still lease a new car?

Champion partners with leasing companies that offer many approval tiers for a wide range of prior credit experience good and bad.  Let us at Champion use our relationships with these lenders to get you the best tier and lowest monthly payment we can!