Frequently Asked Questions

When you lease a car, depending on your credit rating/history, you have the option of not putting a down-payment (if you desire a higher payment) or you can put a down-payment if you want a lower payment. Should you wish to not purchase the car at the residual value when the lease is completed, you can turn in the car and walk away, or lease a brand-new car.

You do not own a car when you lease; the car belongs to the lienholder, which is normally the bank. When the lease is completed, you have the option to purchase your leased car at its residual value, plus tax and any applicable fees. Once your car is fully paid off, then you will own the car.

When you lease a brand new car, you are limited on the number of miles that can be driven throughout the lease term; you are entitled to drive only that said miles per year to ensure you do not go over your limit. Further details will be discussed prior to the signing of the final lease paperwork.

You are being asked to be a co-signer on a lease/purchase for someone that probably does not have a well-established credit history or has a low credit score. If you know that individual personally, and you know they have a stable monthly income, you should co-sign only at your discretion.

You will need to be employed in order to lease a car, and in some situations, depending on your credit rating, the bank may request proof of income. If you are retired and are receiving social-security benefits, please notate this on your application for credit.

If you get your car through Verde Cars, we do not charge you a broker fee on top of your down payment.

If you have a limited credit history but are currently employed, we recommend you obtain a co-signer that has a better credit rating. The co-signer then becomes joint on the lease/purchase, and if you make on-time payments you will rebuild your credit as well. Keep in mind, the co-signer is equally responsible for on-time payments as you will be—if you are late on a payment, it will reflect on both you and your co-signers credit report.