• You can choose between a new or used vehicle and sell the car whenever you choose.
  • The vehicle will most likely be new. 
  • The car is yours when the loan is paid off, and you can use the car as security for another loan. 
  • When the lease ends, you can return the car, or buy it for a previously determined price (the residual value).
  • You may put as many miles on the vehicle as you like and have more choice in maintenance and repair.
  • Your monthly lease payments will be lower than monthly loan payments on a comparable car.

  • The kilometres, condition, and popularity of your car will determine its final value. 
  • You'll probably have to pay a penalty if you: break the lease early, exceed annual kilometre limits, don't meet a specific maintenance schedule, or fail to make the required monthly lease payments on time. 
  • If you don't make your car payments on time and in full, your lender can repossess the car and resell it. 
  • You won't be able to pledge it as security for a loan because you don't own the vehicle. 
  • If the resale price of the car is lower than the amount you owe on your loan, you could end up paying the difference to the finance company. 
  • You'll have to pay for any repairs needed at the end of the lease period to make the car re-sellable.