staten island car finance

What is the Difference Between a Lease and a Loan?

When you enter into a loan, the down payment and monthly payments are applied toward the purchase of the automobile. At the end of the term, you own the vehicle outright. When you obtain a lease, you only make monthly payments for the term of the lease. Once that term is completed, the vehicle will be returned to the lessor.

The right financing option for you mainly depends on three factors: what type of vehicle you want to drive, how many miles you plan to drive it, as well as how long you plan to keep it. It might be advisable to buy rather than lease if:

  • You want your payments to apply towards owning the vehicle
  • You intend to keep your vehicle for a long time
  • You want to accessorize or customize your vehicle  
  • You want maximum flexibility regarding how many miles you drive
  • You want to control the length of time your vehicle is in your possession

If these stipulations do not apply to you, it may be better for you to obtain a lease. Here are a few criteria where leasing may be a better option:

  • You want more vehicle for your monthly investment 
  • You drive 15,000 miles or less per year
  • You prefer to trade your car in every 36 months or less
  • Owning a vehicle outright is not a priority for you.

To learn more about what financing options may be available to you, as well as to browse our massive inventory of new and pre-owned vehicles across our several brands, come by any of our dealerships located in Staten Island. Or, if you prefer, simply give us a call at (718) 987-7100 and one of our friendly automotive experts will be glad to assist you.

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Privacy Statement

As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

Collection of Information
The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

Some of the information we obtain from you may be required by state of federal agencies, such as the Department of Motor Vehicles or the Internal Revenue Service. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

Protecting Your Information
We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with state and federal law. We restrict access to nonpublic personal information about you to those employees and outside contractors who need to know the information to provide product or service to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

Information Sharing
Unless we have indicated our desire to share your nonpublic personal information with non-affiliated third parties (by checking the box in the section below), we share information:

A) For everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, or report to credit bureaus.

B) For purposes of processing a sale or lease transaction as your request or authorize, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract or verifying insurance coverage information.

C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose it was disclosed.

D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company we control, or any company under common control with us.

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I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.