How to Lease a Car in Minneapolis

How does leasing a car work in the Edina or Minnetonka area? Find out everything you need to know from the team at Morrie's Golden Valley Cadillac! Follow along with our guide to learn more about the stipulations of a lease agreement as well as how to prepare for the end of the leasing contract. Be sure to reach out to our finance experts if you have any questions about how to lease a car or any other financial topics.

Getting Started: How Does Leasing a Car Work?

Leasing a car is essentially a long-term loan on a car for a predetermined period as well as a limited number of miles. Leasing costs are based on the vehicle’s expected depreciation over the life of the lease plus fees and the money factor. The money factor is essentially the interest rate of the lease. So, how does leasing a car in Minneapolis work? Here’s an overview of the leasing process:

• All leases have a mileage limit. If you go over the mileage limit, expect to pay a fee for each mile over. Ensure you know how many miles you plan to drive a year so you don’t go over the mileage limit.
• Leasing a car is usually less expensive than financing the same model. However, it’s still a good idea to explore our available specials.
• As with owning a car, you will be responsible for the scheduled maintenance during the lease period. Additionally, you are limited in the modifications you can make to a leased vehicle. When you choose our service department you will have records for your maintenance and repairs.

You can also trade in your existing vehicle toward the down payment on a leased vehicle to reduce your monthly payments!

What to Do at the End of Your Lease

Contact our dealership as you approach the end of your lease term to learn the process of returning your leased vehicle in Minneapolis. Part of the end-of-lease process includes a vehicle inspection before you return the vehicle. There are several options to consider at the end of your lease term:

• Return your leased car and pick out a new vehicle
• Extend your current lease
• Buy the vehicle that you’ve been leasing
• Return the vehicle and take your next steps elsewhere

If you plan to lease another new vehicle after your current lease is up, be sure to contact us ahead of time to ensure we have the exact model in stock. Here are the steps you need to take toward the end of your lease:

1. Avoid additional charges by addressing any issues discovered during your pre-inspection. Certify your vehicle’s current mileage.
2. Detail the vehicle as well as wipe your information from the information and entertainment systems.
3. Bring your lease paperwork, along with any service and maintenance records.
4. If applicable, pay any fees and start your new adventure! Be sure to set some money aside for any possible refurbishing bills.

Lease a Car Today at Morrie's Golden Valley Cadillac

Now that you understand how to lease a car, it’s time to reach out to our finance team for more details! You can also learn more with our car-buying tips from the comfort of your home and browse our new vehicle specials. Start the process of upgrading today!