How to Lease a Car in Miami, Florida

Leasing an automobile in Miami is a process that is more involved than purchasing a car outright. Advantages of leasing are that less money is required for a down payment in a lease, and your monthly payments will be less than for a purchase. Consequently, you can possess a better car if you lease than if you buy. Most Miami automobile dealerships will gladly guide you through the paperwork involved, but knowing leasing terms and what points are open for negotiation will help.

Instructions

1

Fill out a credit application at the dealership. You will be required to present your Social Security number and undergo a credit check. Many Miami car dealers use their company's financial arm for financing a lease; however, others shop your loan to many sources. Limit the number of credit "hits" on your score by restricting the number of sources with the dealer.

2

Read the final leasing paperwork closely once you have been approved. One of the restrictions is an annual mileage limitation, with a overage fee paid at the end of your lease term. As Miami is a vast area, and if your work or pleasure takes you out of Miami-Dade County frequently, your mileage will accumulate and overages may occur, adding to your end-of-lease debt to the financing company. Some dealers will negotiate the mileage limitation, and it is to your benefit to ask.

3

Conclude your contracted lease term to coincide with Miami's slow summer season. This will put you in a position to negotiate a new lease on a new car at a preferable price. This is a negotiable point when entering into a lease contract.

Determine the warranty period of your car and lease only for the length of the warranty, never longer.

4

Select to lease on an "open-ended" basis. This leaves the price of buying your car at the end of the lease open to the market value of the car at that time. Miami's slow season is summer, and that works to your advantage two ways: you get a better "buyout" price in slow months, and summer is just before the introduction of the new cars for the year, again causing lower prices on existing and used cars.

5

Make your payments on time. This benefits your credit score and enhances your credit worthiness when you pursue a new lease or purchase your car with a loan.

6

Return the car at the end of the lease period in the same condition in which you received it. Miami's heavy congestion can lead to fender benders which must be fixed prior to turning the car in. The salt air can erode the paint. Do not alter the car in any way that changes it from the car that was originally leased, or charges will be made to restore the car to its original condition.