What is a lease?
It is a method of auto financing where you can choose between (a) a contract with or without residual value for a term of 12 to 60 months, or (b) a contract without residual value for a term between 12 and 72 months. You also have the options to add a residual which will lower your monthly payment and not make a down payment. For the duration of the contract, you are responsible for all the monthly payments.
It only takes
- Does not require a down payment
- The residual value helps to lower the monthly payment
- We finance the auto insurance
- You may participate in special offers from dealers
- Earn up to 10,000 points in the PREMIA®1 program when leasing your car. Earned points may be redeemed for certificates applicable to a down payment or residual.
- Obtain a 20% discount on Daily Rental2 when you become a Popular Auto client.
Popular Auto offers you a variety of leases to make your selection easier.
- Open-end lease – You sign a vehicle leasing agreement with residual value for a term of 12 to 60 months, or without residual value up to 72 months. You are responsible for the value of the contract during its duration and for the residual value once it ends. The residual value allows you to get the monthly payment that adjusts to your budget.
- Closed-end lease – It’s a vehicle leasing contract for a term of 12 to 36 months. You are responsible for all monthly payments established in the contract, but not for the residual value. Charges for excess mileage, damage and excessive use may apply.
- Step up – A vehicle leasing agreement which provides specified increases in monthly payments for up to 60 months. It allows you to have lower payments during the first year in exchange for higher payments the remaining months of the contract.
- Step down - A vehicle leasing agreement which provides for specified decreases in monthly payments for up to 60 months. During the first year you will have a higher payment, which will decrease every 12 months.
- Buy back - Popular Auto purchases a new or used unit from its owner, at market value, and leases it to a third party.
- Sale & lease back – It’s a transaction through which Popular Auto purchases a vehicle or fleet and leases it back to the seller.
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