AADA Leasing . www.aadaleasing.com

FAQ's

Insurance
1. What coverage is required?
2. Who is responsible for the insurance?
3. Am I free to choose the agent?

Answers
1. The coverage that is required is $ 2,000,000 Bodily Injury and Property Damage $500 Deductible on Collision $300 Deductible on Comprehensive
2. You the Lessee are responsible for the insurance
3. Feel free to use the agent of your choice

Maintenance
1. Who is responsible for the regular maintenance of the vehicle?
2. Are there any allowances or discounts?
3. Can the maintenance be included in the lease?

Answers
1. You the Lessee are responsible for the maintenance and upkeep on the leased vehicle.
2. Not by the Lessor
3. Maintenance included leases are not offered.

Initial Costs
1. What do I pay up front?
2. If there is a deposit, is it refundable?

Answers
1. Typically all lease up front costs include: -First months payment -Security Deposit -Any applicable taxes ( air tax, gas tax, etc.) -Administration Fee -Lien Registration Fee -Licence Fee
2. Only Security Deposits are refundable

Taxes & Licencing
1. Are there any additional costs?
2. How are they billed?
3. Whose plates are used?

Answers
1. They are billed initially in your up front costs.
2. Same as #1 they are billed in your up front costs.
3. The customers (lessee) plates are used.

Trade Ins
1. Is a trade accepted against the lease?
2. Can I use it to lower my payment?
3. Would this money earn any interest or generate additional savings?

Answers
1. Yes a trade can be used towards a lease.
2. Yes.
3. Any trade value reduces the capitalized cost of the vehicle which in turn reduces the overall interest paid.

Down Payment
1. Is one required?
2. Can I put some money down to lower my payment?
3. Would this money earn any interest or generate additional savings?

Answers
1. No.
2. Yes
3. Any money down reduces the capitalized cost of the vehicle which in turn reduces the overall interest paid.

Administration Fee
1. Are there administration charges to pay?
2. When would they be billed?

Answers
1. In some retail leases an admin fee is charged.
2. They are billed initially in your up front costs.

Kilometre and Wear-and-Tear Restrictions
1. Is there a kilometre limit with leasing?
2. How many kilometres are allowed per year?
3. What is charged per kilometre for any excess driven?
4. In what condition can the vehicle be returned?

Answers
1. Yes.
2. We tailor leases to the amount of kilometres needed but the average is 20,000 to 24,000 per year.
3. The charge per excess kilometre is 7-15¢, depending on the vehicle.
4. Each lease contract spells out the conditions the vehicle needs to be in on return.

Relocation
1. Can I move the vehicle to another province?
2. Can I move to another country?
3. Who pays the costs related to transfer?

Answers
1. In most cases but ask the leasing company for details.
2. Not with a leased vehicle.
3. The customer(lessee).

Early Termination
1. Is an early termination possible?
2. What are the costs?
3. Can I move to a different vehicle before the lease expires?

Answers
1. Yes.
2. Depending on when you wish to terminate the lease.
3. Yes, but costs may be associated with it.

Lease-End Purchase
1. Can I buy the vehicle, and at what point in the lease?
2. If there is a buy-back clause, is it a "must" buy or an option to buy?
3. Are there penalties for an early buy-out?

Answers
1. Yes, at any time in most leases.
2. It is an option to buy.
3. There are no penalties for buying out a lease early.

Lease Extension
1. Can I keep my lease beyond the maximum term?
2. Does my payment change?

Answers
1. Extensions are possible on an individual basis only.
2. Your payment on extensions could change up or down.

Remember
A full service leasing company will be eager and able to answer all your questions. If you are going to lease, AADA Leasing recommends that you become well informed so that you can be comfortable about the decision you will make. It is also recommended that you measure the total cost of your lease against the total cost of any alternative. Once analyzed completely, on an "apples to apples" basis, AADA believes you will find that leasing is an excellent financial alternative for the acquisition or use of a vehicle personally, professionally or in business.