Closed-end lease. Option to purchase at lease end for an amount to be determined at lease signing. GM Financial must approve lease. Late payment and early termination fees apply. Lessee is responsible for insuring the lease vehicle. Not available with some other offers. See dealer for details.
Residential restrictions apply. Not available with special financing, lease and some other offers. Shop Click Drive. Points may be earned and redeemed only at participating GM entities, dealers or third party retailers in the United States excluding Puerto Rico, the U. Virgin Islands or Guam. Points are not earned on taxes or certain fees, and expire 5 years from when points are earned. Some restrictions apply.
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At the end of the lease, you'll either have to make up the difference or, you'll get a refund if you've deposited more than was used. If you would like extended warranty coverage, some dealers offer it at extra cost. Tip: Lease agreements often require that a minimum level of insurance be maintained on the vehicle. You should consider whether your continuing insurance costs are higher on a lease than on an outright purchase. Also, watch out for lease provisions where the lessor will purchase the insurance and bill you for the amount.
This can be more costly than if you arrange the insurance yourself. Excess mileage charges. Mileage limitations usually occur with a closed-end lease.
If you have gone over the allowable mileage at the end of your lease, you will have to pay a fee. With an open-end lease, although there is no penalty, if you exceed the mileage limit the appraised value at the end of the lease term will usually be lower. Tip: Consider carefully whether the mileage allowance is enough. Make some calculations of the miles you have driven per week, month, and year to find out whether the mileage allowance is sufficient. Be aware that the low-mileage lease deals currently popular in certain areas offer mileage limits that are insufficient for many people.
If you think you need more than the allowable mileage, negotiate a larger mileage allowance in your lease. Default charges. These cover any payments or security deposits that the dealer does not receive from you and legal fees and costs the dealer incurs to repossess the car. Excessive wear and tear charges.
You'll have to pay charges for excessive wear and tear when you return the car at the end of the lease unless the contract reads otherwise. The dealer must tell you in writing the specific definition of excessive wear and tear. Generally, it means anything beyond normal mechanical or physical usage.
Disposition charges. These are the costs of cleaning the car, giving it a tune-up, and doing final maintenance. If the agreement does not state otherwise, the dealer may pass these costs on to you. Your option rights include the right to 1 purchase, 2 extend or renew, and 3 early termination. Purchase Option. Your lease may include the option to purchase the car at the end of the lease term.
This option is usually found in open-end rather than closed-end leases.
Under the CLA, the dealer must tell you the estimated residual value of the car and the formula that will be used to determine your purchase price at the end of the lease. Tip: If you think you might want to buy the car, be sure the purchase option is in your lease before you sign it; otherwise you'll have to renegotiate later, at which time you may have less bargaining power.
Renewal Option. You should negotiate the right to extend or renew as part of your lease. Sometimes the lessor will reduce your cost if he knows you might want an extension of the contract. Early Termination Option.
If you terminate your lease after, say, 36 months on a month lease, you will have to pay an extra charge, based on the difference between the residual value of the car at that time and the estimated residual value at the end of the lease term stated in the contract. The difference between these two may be great.
In most lease agreements, you must keep the car at least 12 months. The CLA requires that the dealer tell you before you sign the contract whether you can terminate early, and the cost of early termination.
Tip: Look for a premature termination clause, which provides for termination prior to the end of the lease term. Tip: With leasing, you can invest the money you would have used for the down payment. If you use the car for business, whether you lease or buy, you can deduct some or all of the cost of the car subject to current IRS rules. Subscribe info WeCPA. In order to decide whether to lease or buy, you need to consider all of the factors involved in both leasing and buying such as: Initial expenses Ongoing costs Final costs Option rights Whether you are able to deduct any or all of the costs of the car for business use Whether having an ownership interest in the car is of overriding importance to you This Guide also contains a list of questions to use when negotiating with the dealer to ensure that you don't neglect to ask about any charges or lease terms that might enter into your analysis.
Open-End Leases: You Bear the Risk of Depreciated Value With an open-end lease, you bear the risk that the car will have a certain value, called the estimated residual value, at the end of the lease.
Your Initial Lease Expenses The first step in deciding whether to lease or buy is to find out what your initial upfront expenses are. Ongoing Lease Costs Next, you must determine what the ongoing costs of leasing are.