Leasing a Vehicle
Leasing is a form of vehicle possession that has helped companies and individuals for many generations. Think of it like financing but with so much more flexibility. Basically, you are getting the vehicle without most of the hassle of vehicle ownership. No more long-term commitments that keep you in “negative equity”; no more trade-in or private sale headaches. You drive a new vehicle - mostly under warranty - so you never have to worry about the extra expenses or extended downtime that come with owning an older vehicle.
Meet Jerry
With over 20 years of experience within Wolfe Automotive Group alone, Gerald Ostlund (better known as Jerry around the dealership) is our trusted leasing expert. By leveraging the advantages of Alberta Leaseco and his philosophy of “leasing a vehicle should be easy”, Jerry has built a portfolio of loyal clients dating back decades. He simplifies the process of leasing by providing a transparent consultation, genuine advice, and an overall worry-free experience. If you have any doubts about leasing your next vehicle talk to Jerry about all the options available to you.
Ask About Your Lease Options
Alberta LeaseCo
Alberta Leaseco (ABL) is a division of Wolfe Automotive Group. Formed by the Wolfe dealerships over 30 years ago, ABL has been successful because our clientele is continually expanding and we have access to more inventory and options as the group has grown. Our strengths include our sizable buying power and longevity which gives us preferred treatment through the banks that finance us and our relatively small size lets us attend to the unique needs of each individual client.
Advantages of Leasing vs. Financing
| Leasing | Financing | |
|---|---|---|
| Payments | Lease payments are typically lower because they are calculated on the difference between the original value and residual value, plus taxes, interest, and other fees. | Finance payments are calculated on the total original value of the vehicle plus taxes, interest, and other fees. |
| Taxes | When leasing a vehicle you are only taxed on the value during the time you will be using it. Say you lease a vehicle for 24 months; the taxes would only apply to the value of the vehicle over those 24 months, not the original. | When financing a vehicle you will be taxed on the total value of the vehicle and have it rolled into the payments. |
| Commitment | Lease terms are traditionally shorter term than financing. This allows you to get into a newer vehicle sooner without the risk of taking on negative equity. This means you have more flexibility as your lifestyle changes and are only locked into a vehicle as long as you choose to be. | Financing terms tend to be lengthier since you take on the total value of the vehicle. While the result is full ownership of the vehicle at the end of this term, if you were to get into a new vehicle before fully paying off the current one you will take negative equity into your next loan. |
| Warranty | Lease terms are easier to line up with the manufacturer warranty on a vehicle because they are usually only 2-4 years long. You can be out of a vehicle before it’s over the age or mileage limit on the warranty. | Most finance terms extend well past the end of the warranty whether that be age or mileage. Extended warranties are an option and the cost will be added to the payments. |
