Musings: Standardize car lease rules
A new car is showcased at a car dealership. Credit: Getty Images/Spencer Platt
We need to create standard unit pricing for car leasing. This way, consumers can compare value. The misleading ads for leasing a car must be stopped.
Leasing a car is a complicated financial transaction with many moving parts. This can include the down payment, mileage allowed, residual value, length of lease, bank fees, and interest rate. For many consumers, it can be confusing -- and misleading.
I recently saw three different ads for the same car from different dealerships. One cost $219 a month, another $149 per month, and the third -- $89 a month! All came with small print that was hardly legible and included different terms.
Why can’t automotive dealers standardize terms with a clearly defined and rigid set of conditions? We do this with products in grocery stores, called “unit pricing.” Shouldn’t it be done with automobile leasing since it is among the costliest purchases many make?
Then, and only then, might these “games” be put to an end, allowing folks can make intelligent and informed decisions. The consumer needs to be better protected and deserves honesty and transparency.
Jeff Schwartzberg, Massapequa
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