• Acura

Santa Monica Acura

1717 Santa Monica Blvd
Santa Monica, CA 90404

  • Sales: (866) 442-1705
  • Service: (866) 427-6188
  • Parts: (866) 332-4950

Lease vs. Buy

Buying An Acura

If you're looking for a great auto financing deal, traditional financing from Honda Financial Services may be just the right option for you. Financing is available for nearly all Santa Monicaa Acura's Acura vehicles.

How Traditional Auto Financing Works
It's pretty simple. When you apply for financing, you and your dealer will agree on a down payment and the term - and then calculate your monthly payment based on the purchase price, term, and annual percentage rate (APR). To save time at the our dealership, you can even apply for pre-approval online.

All About Equity
Throughout the term of your auto financing contract, your payments will consist of part principal and part finance charges. At the beginning, your monthly payment covers mostly finance charges, but as the term progresses, the ratio of finance charges to principal changes. Each payment you make increases the amount of equity you've built up in your Acura or other Manufactures product; payment by payment, as the amount of principal you're paying increases, the amount of finance charges decreases.

Then What?
After making your payment each month for the duration of the financing contract, the vehicle is all yours. So what comes next? Negotiating a trade-in with your dealer may be a great way to come up with a down payment for your next Acura. You can also sell your vehicle privately or keep driving it for years to come - it's your decision to make.

Auto Financing Options: Lease or Buy?
Is buying right for you? Great question. If you typically keep your vehicle for five to 10 years, then buying may be your best option. Buying a vehicle means you can drive as many miles as you wish and make changes to your vehicle's appearance. Buying also gives you the pride of ownership. For more information about lease vs. buy options, use the Planning Tools on this site.
Whichever Acura you're considering, Santa Monica Acura has a financing program for you. Learn about our traditional and alternative programs for New Auto Financing, or find out about available financing terms for Used Automobiles. Recent and future graduates, be sure to check out our Special Programs. If you have more questions about financing for cars, read through our Buying FAQs.

Leasing An Acura
If you are considering the purchase of a new or certified used Acura, there are many good reasons that make a Acura lease a smart decision. You can drive a new vehicle more often, usually with less money down and a lower monthly payment than with traditional financing. Then, at the end of your Acura or Honda lease, you have several options to choose from.

How the Acura Lease Works
When you lease a new Acura automobile, you contract to use it for the first - and best - period of its life. Your monthly payment covers the depreciation of the vehicle, plus a service fee. That means that you pay only for the portion of the vehicle's worth that you are actually going to use. In a lease, your mileage is generally limited to 12,000 or 15,000 miles per year, although you can "buy" extra miles up front to save excess mileage charges at the end of your lease.

Your monthly lease payment is calculated based on several factors, including the term of the lease, a service charge, the capitalized cost which is based, in part, on the purchase price, and the vehicle's projected residual value at the end of your lease. A capitalized cost reduction, similar to a down payment, can help reduce your monthly payment. To save time at the dealer, you can even apply for pre-approval online. Don't forget to check with your insurance agent to make sure you have sufficient coverage.

Then What?
At the end of your lease, Acura offer a variety of choices. You can purchase the vehicle at a predetermined price and keep it, or just return the vehicle and take care of any end-of-term obligations. Best of all, you can return the vehicle and lease again. The AHFC Leadership Leasing Loyalty? program makes it easy and affordable to get right into another Acura at the end of your lease.

Why Lease Through a Franchise Acura Dealer?
Leasing offers a complete package of convenience, savings, and benefits. In particular, the Acura Luxury Lease? program provides several advantages that are not always available from other institutions:
  • Generous mileage allowances
  • Waiver of excess wear and use charges up to $1,500*
  • No disposition fees
  • Convenient online account access
  • AHFC EasyPay automatic electronic bill payment
  • Gap coverage included at no additional charge
*Except for damage caused by any single event which exceeds $500. Applies to lease contracts dated June 7, 2001 and later.

Automotive Options: Lease or Buy?
Is leasing right for you? Great question. If you typically drive 15,000 miles per year or less, then leasing may be your best option. Leasing requires less cash up front than buying. And because monthly payments are lower than with traditional financing, you may be able to afford to drive a higher-priced model by leasing.

Alternative Financing for Acura Vehicles
If the small down payment and low monthly payments of a lease appeal to you, but you prefer to own your vehicle, you may want to consider our alternative financing program. The Leadership Purchase Plan? combines the benefits of leasing with the satisfaction of ownership. Sound good? Learn more about the Leadership Purchase Plan?.

Whichever Acura automobile you're considering, your Acura dealer has a lease that is right for you. Learn about our leases on new automobiles as well as certified used vehicles. Discover the rewards of loyalty or find about our Graduate program in Special Programs. If you have more questions, check out our Leasing FAQs..