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What is a lease?


A type of contract for vehicles that helps you find financing that meets your needs. You can choose between a contract with or without residual value for a term between 12 and 66 months1, or a contract without residual for a term between 12 and 72 months2.

Types of leases

Choose the one that’s best for you.


  • Open-end lease: A lease contract with residual value for a term between 12 and 66 months, and without residual up to 72 months. You’re responsible for the value of the contract during its duration and for the residual value at completion.
  • Closed-end lease: A lease contract for a term between 12 and 36 months. You’re responsible for all the monthly payments stipulated in the contract, but not for the residual value. Excess mileage, excess use, and damage fees may apply.
  • Step-up: A lease contract for up to 60 months that gives you a lower payment during the first year in exchange for a higher payment for the remainder of the contract.
  • Step-down: A lease contract for up to 60 months with a higher payment during the first year that decreases every 12 months thereafter.
  • Buy-back: Popular Auto purchases a new or used unit at market value and leases it to a third party.
  • Sale and lease-back: A transaction by which Popular Auto purchases a vehicle or fleet of vehicles and leases it back to the seller.

Calculate your monthly payment


* The example does not include fees such as: origination, registration, license, maintenance, ACAA, or any other type of insurance premiums. Application subject to credit approval.

* The example does not include fees such as: origination, registration, license, maintenance, ACAA, or any other type of insurance premiums. Application subject to credit approval.

* The example does not include fees such as: origination, registration, license, maintenance, ACAA, or any other type of insurance premiums. Application subject to credit approval.

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