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Getting a traffic ticket can ruin your whole week, especially if it comes with penalty points on your license. When you live in Alaska, things can get even more complicated, because although you can take a traffic school course to have your ticket dismissed or points removed, finding an Alaska defensive driving course that is convenient in both location and schedule can be a real challenge.

Read more on Take Your Alaska Defensive Driving Course Over the Internet…

To lease, you have two possible choices: either lease through a dealer’s
finance source or through an independent lease company.
A conventional dealer has a captive finance source, which can be the car
manufacturer’s financial company, such as BMW Financial Services, Honda
Motor Credit or General Motors Acceptance Corporation (GMAC), or a major
national bank such as Chase Manhattan.

Independent lease companies are no financial obligation to any single
one manufacturer financing source, but work with dealers anywhere in the
country.

So which one is better?

Conventional dealers provide better lease-deals on limited-time promotions.
Factory-subsidized cars that have subvented money factors and residuals are
very attractive lease deals and can be very hard to beat anywhere else.

Independent lease companies can offer you unbiased and professional advice
on vehicle selection regardless of make and model. This is because they are
not tied to a single manufacturer or financing source, unlike conventional
dealers who have to sell specific models. They can also be more flexible
regarding negotiating lease terms like residual value and mileage.
Ultimately, if you prefer a more personal and customer-oriented
relationship with your leasing agent, then you will do well with an
independent leasing company.

Read more on Independent Car lease companies…

Whether you lease a car to get into the latest models or have better purchasing
flexibility, getting a good deal is always bound to give you a lift. Use
these guidelines to help you spot one:

Check incentives: be on the look-out for factory ?subsidized lease deals.
Car manufacturers realise that consumers who lease vehicles from them are
more likely to be repeat customers than those who simply purchase vehicles.
Through their leasing companies, they adjust the residual value and offer
low financing charge. Other auto-manufacturers are also starting to give
incentives on leasing, called leasing subventions. They offer these
subsidies to put slow-selling models on the street, saving you even more
money.

Set up a competitive: bidding environment to get the lowest price. If you
already have an idea in mind of the make, model and trim level of your
desired car, attempt to calculate your own lease payment before you go
shopping to avoid paying through the roof. Check online comparison tools or
use a lease calculator to check your lease payment based on purchase price.
This gives you greater negotiation leverage as you solicit quotes from
various leasing companies.

Make sure you know all the fees involved at the beginning of your lease:
you may have to pay fees for licenses, registration and title. Other fees
include acquisition fees, freight fees and local or state taxes. At
lease-end, you may have to pay a disposition fee and charges for extra
mileage and any excess wear. Be aware that some of these fees ? like
acquisition and disposition fees ? are negotiable.
Know your mileage needs: almost all leases limit the number of miles per
year by imposing typically 10 to 20 cents per excess mile over 15,000 miles
a year. If you are the kind of high-commuter who puts 40,000 miles a year
on his car, then you might end up running thousands of dollars in hefty
penalties at the end of your lease. Be smart and negotiate a higher-mileage
limit or pad you excess miles at the beginning of your lease to avoid
robber tax rates for excess miles.
Almost all leases limit the number of miles per year by imposing fees
typically 10 to 20 cents per mile over 15,000 miles per year. If you are
the kind of high-commuter who puts a lot miles on his car, then these costs
can add up quickly. Negotiate

Include GAP coverage: make sure your lease includes GAP coverage. This
covers you in the event of the vehicle getting wrecked, stolen or totalled.
Without GAP insurance, you leave yourself wide open to thousands of dollars
in leased obligations. Check if the GAP coverage is included so you don’t
pay it twice.

Read more on How to lease a new car?…

Your credit score is part of the leasing decision. When you apply for a
lease, your lease company will typically look at your credit score to
decide whether you to approve the application.

The leasing contract stipulates that you make regular, monthly payments
over your lease term. The credit score you lease company requests
identifies how likely you are to make such payments. It is simply a number
calculated according to a model that takes into account your payment
history, any amounts you owe and credit currently in use.

It is very important to keep a good credit-score, usually above 700, to
qualify for a lease or any other lending decision. Start by ordering your
credit report from Fair Isaac Corp, the company that creates your credit
score. If erroneous data is held about you, then contact the creditor
responsible and get such information corrected.

Your payment history is the single most important factor in determining
your credit score, so get in the habit of paying everything you owe on time
and keep the balances low in your credit cards.

Read more on Leasing and your credit score….

Mention auto-leasing and most people will automatically assume a low-
monthly payment. There is actually more than what meets the eye, and a
number of fees are involved at various stages of the lease process.

At the beginning of the lease, you have to pay a refundable security
deposit, typically equivalent to one monthly payment, to safeguard against
non-payment and any incidental damage done to the car at the end of the
lease. You are also required to pay an administrative charge, called
acquisition fee. Other fees include licenses, registration, title and any
state or local taxes.

During your lease, and you expected to honour your monthly payment
obligations. Any failure to do so will result in late-payment charges.
You have to pay any traffic tickets, emission and safety inspections and
ongoing maintenance costs. Ending your lease early will result in
substantial early termination charges.

At the end of the lease, expect to pay any excess mileage costs, charged
at 10 to 20 p a mile. Any incidental damage done to the car, and deemed to
be above normal, will result in excess tear-and-wear charges. Finally, if
you choose not to purchase the vehicle, then you have to pay a disposition
fee.

Read more on Fees involved in leasing…

Leasing has been lauded as your cheapest ticket to keep up with the
industry’s hottest vehicles and trends. The jury, however, is still out
on leasing: with the industry long on hype and short on detail, it is
difficult to distinguish between a genuinely good deal and a downright
up-selling exercise.

So how do you spot a good deal?

First, you need to find out if there are any down payments on the lease. A
down payment refers to the lump sum amount that you pay upfront, either in
cash, non-cash credit or trading allowance, to reduce your monthly payment.

You should think twice before putting money down on a lease: not only are
you getting a rough deal, as you’re essentially forfeiting the general rule
of leasing: not putting any cash upfront, but the money is not recoupable
at the end of your lease. There is another big disadvantage: in the event
of your car getting damaged or stolen, you insurance and the gap cost will
not cover the loss.

Mileage Limit

Most leasing companies allow you a limit of 45,000 free miles over the
length of a 3-year lease. This may seem like a good deal at first sight,
but when you consider it only comes to 15,000 miles over a 12 month period
it’s not difficult to foresee why it might be difficult to stay within this
limit. Even people working from home have little trouble putting 15,000
miles on their cars.

If you exceed the mileage limit, the penalty for each excess mile can be as
high as 20 cents. This can add up quickly over the length of your lease: an
additional 4,000 miles a year over the length of a 3-years lease contract,
will end up costing you an extra $2,400 in excess mileage charges!
Be realistic about your mileage needs, especially if you have to regularly
commute over long-distances, before you sign the contract. Consider padding
the miles that you expect to use since it is less expensive to contract for
the extra before you sign than it is to pay the extra charges at end of
your lease.

Sales Tax

Sales tax is usually capitalized and added to the monthly payments.
However, some dealers choose not to include it in their calculations to
drive the advertised lease payments even lower. What they do instead is
state in the small print that the monthly payment excludes “sales tax”.
Make sure you carefully read the fine print for any extra, hidden costs not
included in the advertised monthly payment. Unscrupulous fees that
typically slip through the cracks include sales tax, registration and title
fees.

Read more on How to spot a good car lease…

A prepaid lease is a new type of lease which has made its foray into the
market in recent times. In this lease, consumers forego the cycle of lease
payments if they make a large payment at the beginning of the lease.

There are two amounts in a conventional lease that incur charges and
determine your monthly lease payments. First, there is a depreciation
charge which accounts for the value the car loses during the lease term.

Second is a residual amount which is the projected value of the vehicle at
the end of the lease. The sum of these two charges gives the monthly
payments on your lease.The idea behind a pre-paid lease is to eliminate the
finance charges for depreciation and only account for residual value
charges in a single, pre-paid payment at the beginning of the lease.

Single-payment leases are devised with spendthrifts in mind: no cycle of
monthly payments, a new car every two to three years and no interest in
purchasing the vehicle at the end of the lease. You should only consider
this type of lease if you are concerned about not being able to make monthly
payments and have a lot of cash upfront.

Read more on Single-Payment Lease…

Want to calculate your monthly lease payment? Consider using a lease
calculator

If you are considering a car lease, then you might want to know some key
figures involved in the deal: the monthly lease payments, the overall cost
of the lease and how much savings can be made compared to purchasing the
vehicle.

A lease calculator relieves you from the stress of having to know the
complex underlying lease formulae used in calculations. You simply plug a
number of figures into the calculator and hey presto! You get a detailed
rundown of detailed payments, taxes and total lease costs.

Figures you need to get from your dealer about a specific lease you’re
interested in include: capitalized cost, estimated residual value at the
end of the lease, the number of months in your lease and the money factor.

Make assumptions and change some of the figures to see how it affects your
lease payments. For instance, residual value is an “estimated” value of what
the vehicle will be worth at the end of the lease. You can input different
estimates to cover different scenarios and assumptions.

As a final note of caution, bear in mind that lease calculators only do
calculations and check the accuracy of abstract mathematical formulae. They
do not tell you whether a lease is good or bad.

Read more on Using lease calculators…

For auto-consumers, crunching the numbers is one of the most difficult and
confusing aspects of leasing.

Take the finance charge on a lease for instance. Most people just don’t
understand how this is calculated on capitalised cost AND residual value
instead of just the capitalised cost. For most, it seems plainly obvious,
just as is the case when purchasing, that a charge should be levied on the
capitalised cost of the vehicle.

Well, no quite! When you lease a car, you’re only using the car over a
specified period of time with the option of buying the car. The residual
value represents the “loan balance” at the end of the lease. If you add it
to the capitalized cost and divide by two, you’ll get the average
capitalized cost outstanding over the lease term. Let us suppose you’re
leasing a car with a capitalized cost of $25,000 and a residual value of
$15,000. You average balance over the lease term, irrespective of how long
it is, is $20,000 ? the sum of the two divided by two -.

Using this sum works because the money factor is the annual interest rate
devided by 24, rather than 12. Continuing with our example and assuming an
interest rate of 6% APR:
$30,000 X (6 per cent / 24) = $75
(Capitalized cost + residual value) X (interest rate / 24) = Monthly
finance charge

This finance charge is added to the depreciation charge to calculate the
monthly payments on your lease.

Read more on Lease Financing…

Hybrid vehicles’ popularity has sharply grown from a couple of thousands
in early 2000 to close to 300, 000 by the end of 2005. The trend is
rapidly catching with the auto-leasing industry with generous tax credits
and incentives on offer if you go green.

Beginning in 2006, businesses and taxpayers who lease, or purchase, an
environmentally-friendly and fuel-efficient vehicle will be eligible to
claim federal income tax credits worth thousands of dollars. Individual
states also offer generous incentives, including hybrid state tax credits,
new High-Occupancy Vehicle (HOV) lanes access and discounted thruway tolls
for alternative-fuelled vehicles.

And that’s not all you can save from going green! You can now save on your
parking fees at a number of universities and some auto-insurance companies
are offering insurance discounts for hybrid-vehicle owners nationwide.

If you want to take advantage of these incentives and contribute to energy
conservation then visit HybridCenter.org and complete a personal profile
about your driving needs and habits. You will get in-depth advice on hybrid
models that would make economic sense to you and local, state and federal
incentives available where you live.

Read more on Go green and save on your lease…