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Leasing a car can be an attractive option for those who don't want to commit to purchasing a vehicle outright. However, along with the monthly payments, lessees are required to pay a sum of money upfront known as cash due at signing. In this article, we'll explain what cash due at signing is, how it works, and what to expect.
Cash due at signing is a lump sum of money that the lessee pays to the lessor when they pick up their leased vehicle. It includes several fees and charges that are due at the beginning of the lease, such as:
It's important to note that not all of these charges may be required in every lease agreement. However, most leases will include the first month's payment, security deposit, and acquisition fee in the cash due at signing amount.
When leasing a car, the lessee will negotiate the terms of the lease with the lessor, including the monthly payments and the lease period. Once they agree on these terms, the lessee will be given a contract to sign, which will include the details of the lease and the amount of cash due at signing.
The lessee will need to provide this cash upfront in order to pick up the leased vehicle and start the lease. The amount of cash due at signing can range from a few hundred dollars to several thousand dollars, depending on the lease terms.
It's important to carefully review the lease agreement and understand all of the charges included in the cash due at signing amount. This will help lessees avoid any surprises or unexpected charges, which could increase the cost of the lease.
When paying cash due at signing, the lessee will need to have the funds available to cover all of the charges included in the amount. They may be required to provide a cashier's check or money order, as well as proof of insurance and a valid driver's license.
Depending on the lease agreement, the lessee may also be required to pay the first month's payment upfront, along with the other charges. This can include a tax on capitalized cost reduction and any applicable fees or charges.
Once the lessee has provided the cash due at signing amount and completed any other requirements, they will be given the keys to their leased vehicle and can begin driving it. The lease agreement will outline the terms of the lease, including the monthly payments, the lease period, and any other important details.
Cash due at signing is a required payment when leasing a car, and it includes several fees and charges that are due upfront. Lessees should carefully review their lease agreement and understand all of the charges included in the cash due at signing amount. It's important to have the funds available to cover these charges and to be prepared to provide any required documentation.
If you're considering leasing a car, make sure to do your research and compare lease offers from different dealerships. Understanding the cash due at signing amount and the other costs associated with leasing can help you make an informed decision and avoid any surprises down the road.