Why the monthly payment alone can fool you
Two quotes for the same car can both say "$399 a month" and still be hundreds or thousands of dollars apart. One might ask for $4,000 at signing and the other $1,500. One might allow 12,000 miles a year and the other 7,500. The monthly payment is the headline. The rest of the quote decides whether it's actually a good deal.
Here's how to read each part, in the order you'll usually see it.
The car and the price
- Year, make, model and trim: confirm the exact trim and options. A lower trim can make a payment look better than it really is.
- MSRP: the manufacturer's sticker price. Leases are built from it, so it should match the window sticker for that exact car.
- Selling price: what the car is actually being sold for inside the lease. A lower selling price means a lower payment.
- Rebates and lease cash: manufacturer incentives that lower the price. Make sure any incentive you were promised is listed, and that you qualify for it.
The lease terms
- Term: the number of months, usually 24, 36 or 39.
- Miles per year: your allowance before overage charges. Pick a number close to how you really drive. Buying miles upfront is usually cheaper than paying for overage at the end.
- Residual value: what the leasing company expects the car to be worth at the end. It's set by the lender, not the dealer, and a higher residual generally means a lower payment.
- Money factor: the financing charge on a lease, written as a small decimal instead of an interest rate. It's one of several pieces that make up your payment. Rather than chasing one line, compare the total cost of the lease (more on that below).
Due at signing
This is everything you pay on day one. It usually includes:
- Your first month's payment
- Bank and dealer fees
- Title and registration
- Any upfront taxes
- Any extra money down, if you choose to put some down
Ask for this as one total, and ask what's inside it. A quote that only shows a monthly payment without a due-at-signing number isn't a complete quote.
The monthly payment
Check whether the payment includes tax or is shown before tax. Advertised specials, including ours, are usually shown before tax because the amount depends on where you live. When you compare two quotes, make sure both are figured the same way.
The end-of-lease lines
- Excess mileage charge: the per-mile cost over your allowance.
- Disposition fee: a turn-in fee charged by most leasing companies, often waived if you lease again from the same brand.
- Purchase option price: what it costs to buy the car at the end, if you decide to keep it.
These don't change your payment, but they matter when the lease ends. Our guide to lease-end options walks through them.
How to compare two quotes fairly
Use one simple number: total lease cost.
Total lease cost = (monthly payment × number of payments) + due at signing
Then make sure both quotes match on:
- The same exact trim
- The same term
- The same miles per year
- Tax handled the same way (both included or both excluded)
The quote with the lower total cost for the same car, term and miles is the better deal, even if its monthly payment is a few dollars higher.
Red flags to watch for
- Payment only: no due-at-signing total, no term or miles listed
- Add-ons you didn't ask for: paint protection, nitrogen tires, etching or "appearance packages" rolled into the price
- Incentives you don't qualify for: loyalty or conquest cash that requires a current lease you don't have
- Numbers that change at signing: the paperwork should match the quote you agreed to
- Pressure to sign today: a real quote will still be real tomorrow (until the program changes at month-end)
How we quote
Every special on our lease deals page shows the payment, term, miles per year, due at signing and the date it ends, so you can do the total-cost math yourself. When we send you a custom quote, you get the same details in writing before anything is signed.
Getting numbers on a dealer worksheet? See how the four-square works.
Have a quote from somewhere else? Upload it here and we'll walk through it line by line and tell you honestly whether we can beat it. Or call +1 (267) 216-6659. We deliver anywhere in PA, NJ and DE for free.