Other LanguagesThinking of leasing a car? Then be sure to watch this short piece from KING TV’s Jesse Jones, who interviewed Consumer Protection Division Doug Walsh -- an expert on leasing cars.
Walsh wrote the laws that regulate leasing. And he’s leased a car himself – one that had favorable terms that allowed him to ultimately buy the car at a good price.
Walsh cautioned consumers about how they’ll get out of a lease deal before they sign one.
“You can't get out of it unless you want to pay a lot of money. Lease for a very short period of time, two years or three years, never four or five," he said.
Haggle on the price of the car – not the monthly payments. And don’t let the dealer “pack” extra products and service such as extended service contracts into your lease payment without your knowledge.
And keep in mind that if you owe more for your trade-in than its worth, you’ll be paying off that difference in your new contract. A scam called “negative equity deception” can occur if a customer is led to believe that the dealership is valuing the trade-in vehicle at the same amount as what is owed.
Leasing probably isn’t a good option if you don’t know how many miles you’ll be driving on average. You’ll pay if you exceed a certain limit.
"If you drive over that, there's an incredible charge per mile that makes you think you are in a taxi cab," Walsh said.