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If I do a lot of miles should I lease?

One of the biggest myths about leasing is that if you do a lot of miles you shouldn’t lease. First of all, people who do a lot of miles should get out of their vehicle more often and since leasing is generally shorter term than financing you can do just that. Having said that, everyone worries about the cost for excess miles that is charged at the end of the lease. The reality is that you pay for miles if you lease, finance or buy outright and you pay for it in the same way, increased depreciation. Consider a bread and butter car like a Toyota Camry LE which has one of the lowest depreciation rates of any vehicle. If you go to Edmunds.Com and look at “True Cost To Own” you will see that over a 5 year term, the average depreciation per mile is a little over $,16 per mile. Over a 3 year terms it is almost $.20 per mile. If you had leased that same vehicle, your cost for excess mileage is $.15 per mile. It is far more cost effective to lease if you do a lot of miles,

Can I Get Out of My Lease Early?

Depending on the definition of “early” yes, it may be possible to get out of your lease early. The worst case is you will either be responsible for the difference in the value of your car when you trade it early or the amount of the payoff. If so, you may be able put some money down and/or roll some of the inequity into your next vehicle. What you should do is bring the car and your last bill or payment book to the dealership. Ask for a no obligation appraisal on your car and find out exactly where you stand. You will then have all the information you need to make an intelligent decision.

Good Luck!

Should I Lease or Buy a New Car?

We believe that if you are a new car buyer, you should lease unless you are a person who likes to keep their car for long period of time and by that I mean for seven plus years. If you like to trade out before seven years, by all means lease. If you keep your vehicle for seven plus years, it is typically more cost effective to finance than to lease. Generally, you should finance a pre-owned vehicle because it is less expensive to lease the same vehicle new. The exception is if the manufacturer offers a certified pre-owned lease program. If that is the case, you should have your sale consultant show you options both ways between new and pre-owned.