Frequently Asked Questions

Costs can vary slightly, depending on the vehicle chosen, but in most cases there will be costs for:

• first month's payment
• any applicable taxes (air tax, gas tax, etc..)
• any security deposit (refundable at the end of the lease), acquisition fee, lien registration fee, licence fee required

While there is no special coverage required, and you may use any insurance agent, you must provide coverage as follows:

• $2,000,000 liability insurance
• $1,000 deductible on collision
• $1,000 deductible on comprehensive damage

A down payment is not always required, but any money down will reduce your monthly payments. In addition, by placing money down on your lease you reduce the capitalized cost of the vehicle which in turn reduces the overall interest paid.

Yes, you can.  The trade value will reduce your monthly payments and also contribute towards a reduction in the capitalized cost of your vehicle which, in turn, reduces the overall amount of interest paid on your lease term.

You are responsible for the regular maintenance and upkeep of the vehicle.  Maintenance-included leases are not offered.  The vehicle lease will spell out the condition the vehicle needs to be in upon return.

Most vehicle leases have a mileage restriction. The average mileage per year is 20,000 to 24,000 kilometres per year. The average excess kilometre charge is 10 to 25 cents per kilometre after the total mileage has been reached. Your annual mileage allocation may be customized to suit YOUR needs

Early termination of a lease is usually possible. The costs to you upon cancellation will depend on when in the contract you wish to terminate the lease. Before signing your lease, ask your leasing company what their rules are and ensure your contract is specific as to any cancellation requirements and charges. You may also take advantage ot the Aada Lease Exchange Service to transfer your lease.

Yes, although extensions are typically on an individual basis only. Your payment could go up or down depending upon the extension.

Yes, in most leases you can buy your vehicle at any time. There is usually a buy-back clause in your contract, a 'must' buy or an 'option' to buy (known as open or closed end). Typically, there is no penalty for buying out a lease early.

Check with your leasing company and your leasing contract.  Some companies have restrictions on where they are able to do business.