8 Questions You Need To Ask Before You Take On a Vehicle Subscription

Opting for a lease or subscription on a car allows you to acquire a new set of wheels tout suite, without the commitment to purchase it outright. This makes it an excellent method to obtain a high-performing vehicle without totally committing financially.

However, to receive the finest subscription agreement possible and avoid unpleasant surprises, you must ask the proper questions before signing an agreement.

Here are some of the most critical questions to ask before you get started.

Am I getting a good deal?

Before you go into your subscription agreement it could be helpful to know if your provider has a relationship with the manufacturer of your vehicle of choice. This is because OEMs are more likely to offer the best deals to companies they have a relationship with.

This becomes even more significant if your provider has a history with or has dabbled into vehicle manufacturing as well. When this is the case, you can trust that you are in good hands.

How long is the contract?

The subscription provider will inform you of the number of installments required, the amount of each payment, and when the payments are due. Subscription terms of 24 months, 36 months, 48 months, and 60 months are the most common.

What is the car’s value over time?

The residual value of a car is the amount of money that the vehicle is expected to be worth at the end of the subscription. The subscription firm determines it. This statistic is useful since it plays a significant role in setting your monthly payment. The greater the residual value in comparison to the initial cost of the vehicle, the lower your monthly payment may be.

Am I expected to pay anything upfront?

The best auto subscription agreements are designed to give you the greatest ease in purchasing the vehicle. Hence, they should attract minimal or no upfront payments. However, if you are faced with a situation like this you should be aware of how much is required of you, to enable you to plan accordingly.

P.S. Vehicle subscriptions with MAX do not require any upfront payments.

Does the lease have added fees?

This is one key element that a lot of people miss. Again, the best subscriptions should not come with any hidden fees. Therefore, you should go through the contract carefully, to make sure there are no hidden commitments.

Fees vary from one financier to the other. Even if certain costs are unavoidable, knowing what you’re paying is better than being blindsided after the subscription by a disposal charge you weren’t anticipating.

What would I be spending over the lifetime of the vehicle?

There is also great wisdom in knowing what your running costs are. For example, a car that saves on or uses less fuel for trips would be more to your liking if you were looking to save money in this regard.

Knowing this beforehand would shorten the time you spend selecting a vehicle that you would like to acquire.

Am I getting any added benefits?

Getting to know everything your deal entails is generally a good idea. You may find that there are some added benefits you stand to gain embedded within your subscription package. For example, MAX auto subscriptions come with:

• Free Vehicle Papers/Registration
• Free Maintenance
• Free Healthcare
• Multi-Year Warranty

What happens at the end of my subscription package?

Most lease agreements include a few alternatives. While some may require you to return the vehicle and/or begin a new lease, you should also ensure that your contract provides the option to extend the lease and/or purchase the vehicle after the lease.

If you have been considering whether to get a vehicle subscription, fret not, it is a good idea. You simply must make sure that the deal is right for you. Ask as many questions as you can and only commit when you are satisfied.