Lockdown effects on car dealerships in Canada

lockdown impact on Ontario province

Lockdown and the new variant of coronavirus have affected small businesses in Canada’s largest province. The car industry is not exclusive either. Therefore, all industries should switch to remote work to the greatest extent possible. 

To combat the crisis, Premier Jason Kenney announced he is restricting non-essential businesses, restaurants, bars, gyms, recreation centers, libraries, theaters, and service providers.

For your car lease takeover, you need to stop by a car dealership? But wait.  It is better to call them first and make sure if they are open or their work schedule may be alerted during the lockdown.

Under the restrictions, car dealerships are allowed to have in-person shopping by appointment only and other safety restrictions. Car leasing companies should make every effort to support their customers in the most convenient way. Continue reading “Lockdown effects on car dealerships in Canada”

The best time for a car lease in Canada

car lease

You need a car for various reasons … A new job that demands a vehicle? Or maybe thinking of fuel economy. Your car just died and you have a limited budget for a new one? A new family member on the way? Perhaps looking for one of Canada’s best pickups or the best SUVs which is fit if you need extra storage. You moved into a new house in the countryside and you are looking for a car? Or possibly a cheap car is rarely on your radar and etc.

The first step is to do primary research and be sure about choosing your ideal car model that goes well with your budget. After that, you can jump into the article and discover the best time for a car lease to maximize savings. If not, there is always alternative option_ the car lease takeover _ if the long-term lease contract is not appropriate for you.

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Coronavirus and the Car Lease Market

The Coronavirus or COVID-19 has impacted the global economy in an unprecedented way and the impact has not exclude the car lease, lease takeover, or lease swaps market. Similar to most segments, this industry took a hit when the world went into lockdown in March 2020. But the industry adapted and is on its way to bouncing back. Read on to find out about the changes that were made by the dealers and financers, the short-term boom in lease swaps, and the projected market growth into 2021 and beyond.

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What to Look for in a Car Lease Takeover Inspection?

You’ve found your dream car and you’ve contacted the buyer who is very responsive and eager to pass the lease on. However, before you finalize the deal, it’s crucial that you inspect the car before taking over the lease to minimize any future costs on the vehicle and to ensure the vehicle has been well cared for by the current lessee.

Stay with us to go over the basics, which are always good reminders, followed by the more technical aspects of what you should be looking for.

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What is the 1% rule when it comes to leasing a car?

Have you ever wondered how to determine whether a car lease takeover is worth it at first glance? Or whether you are getting a good deal on a car lease transfer? Even if math isn’t your strong suit or you don’t have a calculator nearby, you can start with the 1% rule to get an idea of whether you should explore the lease option further. This rule does not require complex calculations of the interest rate, residual value, or value in use or such (although we recommend performing all of the calculations before making a decision), the 1% rule is simple.

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Legal Terms Of Car Lease Takeover & Their Meaning

Legal terms are always hard to understand, even when it comes to car lease takeover! But you’ve got swallow this painful part if you wanna take over a leased car. Otherwise, you dive into a bad contract which costs you more than a brand new car!

So to avoid the bad contract, let’s dive into it let’s learn them.

Adjusted Capitalized Cost

Adjusted capitalized cost is the cap cost minus the cap reduction (you will read about both below) 

This is the figure that the leasing company will use to define your monthly payments.

Acquisition Fee

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Car Lease Takeover; Why And Where?

Due to Covid-19 and its consequences, which are yet to come, unfortunately, the lease “buyers” were no longer able to afford the costs and meet the condition of the lease “sellers.” This is where car lease takeover comes to rescue. 

But why you should take over a lease car? Isn’t it better to buy a new car?

Well, I am about to go through that, so stick around!

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How Car Lease affected by COVID-19

These days every industry has affected by COVID-19 and same thing happened to the car lease industry as well.

For example, the number of searches in the Google and Bing are increased for affordable cars, or the number of searches are doubled for small-sized SUVs.

The other change is that people are more interested to get the details from the web site rather going to the dealers and visiting dealerships.

In the other hand, also I see some people who think they are going to work from home for a while are interested to find some one to take over the car lease they have. for example if a family has two cars and both are working from home why not finding someone to take over their lease contract.

My advise always is if you think you may need to get back your car soon, don’t go for finding someone to take over the lease. You may call your lease finance company to skip your payments.

Stay safe and hopefully we will back to normal life.




How much down payment to make the best deal for car lease

Down payment is one of those thigs people seem to end up neglecting when taking a new car lease. But this is one of those mistakes that you might want to avoid at any cost. Down Payment refers to that payment that you have to make upfront for the car lease. So, here are some things you might want to keep in mind about it to make the best decisions whenever it’s concerned with your car lease!

Also, keep in mind that this down payment Is generally made when initially leasing a car. When someone does a car lease transfer or a car lease takeover, it might or might not be part of your deal- depending on how the negotiations go.

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