Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Car Leasing and other Auto Loans topics.
Car leasing continues to grow in popularity. According to statistics published by the Bureau of Transportation Statistics, from 1990 to 2004, new car vehicle sales increased 2.3%. During that same time, new car leases increased 82%.
Despite the growing popularity of leasing, many people continue to be wary of leases having heard stories of huge payoffs at the end of the lease. Consumers are entitled by law to receive certain information about the costs and terms of a vehicle lease under the Consumer Leasing Act.
*For more information on the differences between leasing and buying, visit the Federal Reserve Board's online consumer guide to leasing.