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Best Lease Deals
What Are the Best Lease Deals This May?
We’re working to update our deals pages with this month’s car deals and will get them posted as soon as ...Read More
Deals by Manufacturer
Best Lease Deals This Month
Deals are samples from the manufacturer. Availability may vary based on location. Contact your dealer for details and qualification. All prices exclude taxes, licensing, tags and other dealer fees.
- $499 per month for 36 months with $2,699 due at signing for current GM and non-GM lessees
$499 per month for 36 months with $4,699 due at signing (Expires: 06/01/20)
- $363 per month for 39 months with zero due at signing for current GM and non-GM lessees (Expires: 06/01/20)
- $279 per month for 36 months with $4,199 due at signing (Northeast)
$329 per month for 36 months with $3,989 due at signing (Mid-Atlantic)
$269 per month for 36 months with $3,959 due at signing (Southwest) (Expires: 06/01/20)
- $320 per month for 36 months with zero due at signing and no first month’s payment on front-wheel drive CR-V
$340 per month for 36 months with zero due at signing and no first month’s payment on all-wheel drive CR-V (Expires: 06/01/20)
- $209 per month for 36 months with $2,629 due at signing on Sport S (Northeast)
$270 per month for 36 months with $3,995 due at signing on Sport (Mid-Atlantic, Southeast, South Central, Southwest)
$229 per month for 36 months with $3,499 due at signing on Sport (Midwest)
$279 per month for 36 months with $3,379 due at signing on Sport S (Northwest) (Expires: 06/01/20)
- $179 per month for 36 months with $3,329 due at signing (Northeast)
$179 per month for 24 months with $3,329 due at signing (Northeast)
$199 per month for 36 months with $3,329 due at signing (Mid-Atlantic, Southeast, Midwest, South Central, Southwest, Northwest)
$199 per month for 24 months with $3,329 due at signing (Mid-Atlantic, Southeast, Midwest, South Central, Southwest, Northwest) (Expires: 06/01/20)
- $205 per month for 36 months with $2,999 due at signing (Northeast)
$225 per month for 36 months with $2,999 due at signing (Mid-Atlantic, Southeast, Midwest, Northwest)
$205 per month for 36 months with $2,959 due at signing (South Central)
$229 per month for 36 months with $2,999 due at signing (Southwest) (Expires: 06/01/20)
- $229 per month for 36 months with $2,999 due at signing, and Mini makes your first three payments (Expires: 06/01/20)
- $249 per month for 36 months with $2,449 due at signing (Expires: 06/01/20)
- $149 per month for 36 months with $2,999 due at signing on LE (Northeast, Mid-Atlantic)
$179 per month for 36 months with $2,878 due at signing on LE (Southeast)
$179 per month for 36 months with $1,899 due at signing on SE (Midwest)
$179 per month for 36 months with $2,999 due at signing on LE (South Central)
$199 per month for 36 months with $1,999 due at signing on LE (Southwest)
$179 per month for 36 months with $1,999 due at signing on LE (Northwest) (Expires: 06/01/20)
- $259 per month for 36 months with $2,999 due at signing (Northeast)
$269 per month for 36 months with $2,999 due at signing (Mid-Atlantic)
$229 per month for 36 months with $3,528 due at signing (Southeast)
$219 per month for 36 months with $2,599 due at signing (Midwest)
$199 per month for 36 months with $999 due at signing (South Central)
$299 per month for 36 months with $1,999 due at signing (Southwest
$239 per month for 36 months with $2,999 due at signing (Northwest) (Expires: 06/01/20)
- $149 per month for 39 months with $3,499 due at signing (Northeast)
$179 per month for 39 months with $2,999 due at signing (Midwest, South Central)
$189 per month for 39 months with $2,499 due at signing (Southwest)
$199 per month for 39 months with $2,999 due at signing (Northwest) (Expires: 06/01/20)
More on Best Lease Deals
We’re working to update our deals pages with this month’s car deals and will get them posted as soon as possible. In the meantime, please check out last month’s deals to get an idea of what may be offered this month.
New car leasing lets you get into a new car, with the latest technology and features, about as often as many people get a new cellphone. Even better, it comes without the high price of buying an equivalent car. Special lease deals offered by automakers can be even more affordable, with low monthly payments or little due at signing.
However, in the wake of the coronavirus pandemic, leasing a new car has become more challenging. With dealership closures, car lots stacked full of used cars, and limited options for dealers to auction lease returns, lessees are finding it difficult to return their current vehicles and shop for new cars. After a tough April, your prospects for leasing a new car in May look much more promising. Automakers are offering a growing number of new car lease deals, and more dealers are open for your business.
Most automakers are offering extensions for existing leases, which takes some pressure off until markets fully open. If you want, or need, to move quickly, many dealers have adapted to the COVID-19 crisis by offering online leasing processes so you don’t have to visit the dealership. More and more dealerships can deliver cars right to your doorstep.
First, a word of caution. If your job is not rock-solid, it is not a good idea to lock yourself into a lease right now. A lease is a contract that’s hard to break without serious damage to your credit. It’s much better to put off getting a new car for a few months than risk years of black marks on your credit report.
There are a few surprises in this month’s list of best lease deals, including uncommon zero-down leases on the popular 2020 Honda CR-V and 2020 Chevrolet Silverado. In fact, Honda is offering zero-down leases on several models in its lineup of cars and SUVs. Of course, leases with nothing other than taxes and fees due at signing typically have higher monthly payments over the course of the contract than those with large amounts due upfront, and that’s the case with these lease deals.
Other vehicles with surprising lease deals are the 2020 Toyota Tacoma and 2020 Jeep Gladiator. Both have excellent residual values, which helps keep the monthly payments and amount due upfront small. The all-new 2020 Mazda CX-30 hasn’t been on the market long, but there’s already an excellent lease deal available.
Shoppers looking for affordable wheels should look at this month’s deals on the 2020 Toyota Corolla and 2020 Volkswagen Jetta. Both have payments less than $200 per month, with reasonable amounts due at signing.
Most special lease deals come with strict qualifications based on where you live and your credit score. Our Best Price Program is a great way to connect with local dealers offering home delivery services and ensure that you are getting the best offer that you qualify to receive.
The lease deals that manufacturers offer are almost always linked to particular trim levels or models with specific option packages. It is easier to find new cars with purchase deals than lease offers. Don’t be surprised if you see full MSRP listed in the fine print of a lease offer – the deal will come in the form of a discount from MSRP (called a “cap-cost reduction”) or a low interest rate.
How Do You Lease a Car?
The first step in any buying or leasing endeavor is finding the right car. No matter how awesome the car deal seems, it’s simply not a great deal unless it is a great car. For example, while you might find what looks to be a fantastic deal on a Honda Civic sedan, it’s not going to be a good option if you need the all-wheel-drive capability of a vehicle like the Honda HR-V. Our new car rankings and reviews can help you cut through the clutter to find a model that fits your needs.
When leasing, it’s critical that you have a reasonable estimate of how many miles you drive per year. Leases come with strict mileage limits. Go over those annual mileage thresholds, and auto leasing will quickly become a costly mistake.
You can think of leasing as renting a brand-new car for an extended period, and then returning it to the dealership when the contract is up. Leases typically last two or three years, but contracts can be negotiated for shorter or longer terms. Most special lease deals, however, will lock you into a specific term.
The price of a lease is made up of the depreciation that is predicted to occur during the time that you have the vehicle, plus fees and interest (called the “money factor”). The total cost of a lease is divided between an amount that you pay at signing and a number of equal monthly payments that you make over the rest of the contract term.
To find the amount of depreciation you’ll have to pay for, subtract the car’s residual value from the price that you are able to negotiate for the vehicle. Just because it's a lease does not mean that you have to pay full sticker price (MSRP) for the vehicle. Unless it’s a manufacturer-supported lease deal, you should always negotiate the car’s price. The residual value is an expert opinion of what the car will be worth at the end of the lease, and it is typically nonnegotiable.
Let's look at a $33,000 SUV as an example. Say you can negotiate its price down to $30,000 (known in lease-speak as your “capitalized cost”), and it has a residual value at the end of a 36-month lease of $20,000. The difference that you’ll have to pay is $30,000 minus $20,000, or $10,000. You’ll have to pay fees and interest on top of that $10,000. If you pay $2,000 down, the remaining $8,000 plus fees and interest will be divided equally into monthly payments.
When you purchase a vehicle, you have to pay sales tax on the entire purchase. With leasing, it’s not that simple. Depending on the jurisdiction, you may just have to pay tax on the amount due at signing and monthly payments. A few places require the buyer to pay sales tax on the entire value of the vehicle. If you have questions about the tax implications of leasing, it is best to consult a tax professional who is familiar with your specific financial circumstances.
What Else Do You Need to Know About Leasing?
When you own a vehicle, you can put as many or as few miles on it as you want, knowing that it will only affect the car’s value when the time comes to sell it. With leasing, the contract will have a strict mileage cap. If you go over the limit, you'll have to pay for each extra mile at the end of the lease term. Typically, excess mileage charges range from 15 to 50 cents per mile and will be specified in the contract.
You don’t, however, want to be way under the mileage cap, as the predicted mileage is priced into the amount of expected depreciation. For example, if you drive 20,000 miles on a lease that allows 30,000 miles, you will have paid for 10,000 unused miles. In other words, you need to know how much you drive each year before you consider leasing.
A purchased vehicle can be customized as much as you want. A leased vehicle, on the other hand, cannot – unless you want to pay to restore it to its original look when your lease is over. Similarly, if you beat up or fail to maintain a purchased car, it's your problem. Do that to a leased car, and you'll have to pay for the excess wear at the end of the lease.
Every lease deal is different, so it's important to read the paperwork before you sign. Some automakers include periodic maintenance, while others make you pay for it on your own. At the end of the lease, you'll have to be able to prove that you had the work completed.
Most leasing companies will require you to carry gap insurance to protect both of you if the car is totaled or stolen and not recovered. Even if your lessor does not require gap coverage, it is critical that you carry it. What a dealer won’t tell you is that you don’t have to buy this coverage through them. While you can buy it at the dealership, you should compare their price with that of your own auto insurer or financial institution. Even if you don’t have a car loan, many banks and credit unions will sell you GAP insurance.
Read our guide to gap insurance to learn more about this auto insurance product.
One great thing about leasing a new vehicle is that you should not have to worry about major repairs. The length of most leases is shorter than most basic warranties, so the automaker should cover any significant mechanical failures. Of course, you'll have to pay for your insurance and fuel during the lease.
At the end of the lease, simply take the car back to the dealer you leased it from or to another franchised dealer from the same brand. You'll have to pay for any damage to the car, as well as any excess wear or mileage. You’ll also pay a disposition fee if one is specified in the contract.
You'll generally have the opportunity to purchase the car for a price stipulated in the original lease contract. You'll want to compare its price to similar vehicles available in the local market to ensure that it's a good deal before you decide to buy. Since you don't have an ownership interest in the car, you should not expect any money back unless you paid a security deposit that exceeds any lease-end charges.
Leasing and Credit
Leasing is much more challenging for those with poor credit than for well-qualified customers. Most of the best lease deals are reserved for consumers with top-notch credit scores and stable employment histories. Knowing your credit score well before you're in the market for a new car will give you the time you need to correct errors and work on any items that are pulling your score down.
How Do I Know If It Is a Deal?
Any advertised lease must be a fantastic deal, right? Wrong. Just because a lease offer is advertised does not mean it’s automatically a good deal. Fortunately, it’s easy to compare leases by looking at their total cost. It’s smart to do the math yourself, so you’ll better understand the numbers in the contract and ensure that the dealership isn’t building any expensive add-ons into the deal.
Signing a lease based solely on the monthly payments is one of the most dangerous financial decisions you can make. Comparing deals based on total cost is the only way you can ensure you’re getting the best deal.
To determine the total cost of a lease, multiply the monthly payment by one less than the number of months in the term (the first payment is usually included in the amount due at signing). Add that total to the amount you have to pay up front (including any fees), to find the total lease cost.
When you know how to determine the total cost of a lease, it’s easy to compare models and offers. To demonstrate, we’ll look at a couple of the deals available this month. There’s a zero-down deal this month on the 2020 Honda CR-V, with payments of $320 per month for 35 months. We’ll compare the Honda deal to a deal on the 2020 Kia Sportage. It has payments of $199 per month for 36 months with $3,329 due at signing.
Determining the cost of the CR-V lease is simple. Just multiply its $320 payment by 35 months to find its total cost of $11,200. We don’t need to subtract one from the number of months in the lease term, like we would with a lease that has an upfront cost, because the lease’s fine print tells us that Honda takes care of the initial payment as part of the zero-down lease offer.
To find the cost of the Sportage lease deal, we’ll multiply the $199 monthly payment by 35 (one less than the 36 months in the contract) and the $3,329 due at signing. The total comes out to $10,294.
Over the course of the leases, the Sportage will cost about $900 less than the CR-V, despite the fact that you pay nothing upfront for the Honda. Since every lease deal is different, it’s important to always do the math so you can accurately compare competing offers.
While leasing generally gets you a lower monthly payment than buying, you should explore our new car deals page before you commit to a lease. You may be able to find a special financing or cash back offer on the purchase of a new vehicle that lowers its price into the vicinity of a lease. If having the latest and greatest isn’t critical, take a look at the purchase of a certified preowned car. Manufacturer-subsidized deals on certified used cars can be found on our used car deals page.
If you didn’t see your dream car in the list of vehicles above, look at our Acura, BMW, Cadillac, Mercedes-Benz, Porsche, Audi, Toyota, Nissan, Ford, Honda, Chevrolet, Hyundai, Kia, Mazda, Jeep, Dodge, Ram, Buick, GMC, Subaru, Lexus, Lincoln, Volvo, Infiniti, and Volkswagen deals pages to see brand-specific lease specials.
While we strive to keep the deals listed here up to date, these lease offers can change and may not be available in all areas. The best source of information on current lease deals is your local dealer. Use the link next to the vehicle you’re interested in to contact a dealership near you.
Best New Car Lease Deals
- 2020 Cadillac XT6: $499 per month
- 2020 Chevrolet Silverado: $363 per month
- 2020 Ford Edge: $269 per month
- 2020 Honda CR-V: $320 per month
- 2020 Jeep Gladiator: $209 per month
- 2020 Kia Sportage: $179 per month
- 2020 Mazda CX-30: $205 per month
- 2020 Mini Cooper: $229 per month
- 2020 Subaru Outback: $249 per month
- 2020 Toyota Corolla: $149 per month
- 2020 Toyota Tacoma: $199 per month
- 2020 Volkswagen Jetta: $149 per month
Car Deals: June 2020
We've compiled a list of the best car deals available in the U.S. for this month.
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