What is Leasing a Car?

Living in Metro Vancouver is rewarding in a lot of ways because we have so much beautiful scenery within arm’s reach, but also have the convenience of living in an urban area where almost anything we could possibly need is readily available.

Although we are very fortunate, it all comes at a price. And one of those prices is trying to keep up appearances. All of us are guilty of trying to uphold an image in one form or another, and when you live in such an affluent city like Vancouver, you often do this by driving the nicest that vehicle you can.

However, many of the incredibly snazzy rides you see strolling about Downtown Vancouver, among other parts of the Lower Mainland, do not only not belong to the person driving it, but they are also often leased vehicles.

When you lease a vehicle, what you are basically doing is paying to be able to drive it, not own it. You make monthly payments to the dealership, and in turn, they allow you to drive their vehicle for the duration of the contract.

Usually when you lease a vehicle from a dealership, you get to own it for a certain amount of time, and there are specific terms of the lease that you must abide by. One of which being that the vehicle is returned in a certain state, and within a certain amount of mileage. If you go over the allotted mileage, you will then pay additional fees based off of how much excess mileage there was compared to what should have been.

When you are leasing a vehicle, you are paying to drive a new vehicle, instead of paying to own one. Many repossessed vehicles are a product of people failing to make their lease payments on time regularly, or at all.

What is Residual Value in a Car?

The residual value on a leased vehicle is actually just the anticipated value at the end of the leasing term. The dealership usually factors in things like the number of kilometres expected to be driven over the course of the lease term, as well as what its value would be after depreciation.

They combine the approximate data to calculate your monthly payments. Then, when your lease term is over, you usually have the option to buy the vehicle, known as “buying out” the lease, and then it can become yours.

If, however, you don’t want to pay the residual value at the end of the lease, you simply surrender the vehicle back to the dealership, and can lease another new vehicle. This is subject to credit, as well as whether or not you paid for any overages (going over the agreed upon amount of kilometres accumulated over the course of the lease).

When you enter into a lease, you do so with the intention of not owning the vehicle when the lease term is up. Although, it is an option once you get to that point. After completing length of the term, the dealership will go through the vehicle with you, apply any other charges that are applicable, then give you the option to buy the car for an additional fee.

Financing a vehicle is also making monthly payments, but you are doing so knowing that you are actually paying off the principal amount, which is the total cost of the vehicle itself. Once you have completed making payments for the duration of the term (usually the length of financing), you own the vehicle outright.

Is Financing a Car Better than Leasing?

The payments you make are to the lender, which is who is paying for the vehicle that you are financing. Ultimately, it is almost as if the lender owns your vehicle until you finish paying for it.

Until your payment term is completed in full, there is usually a lien on the vehicle to protect the lender from borrowers not paying for their vehicle and attempting to sell it.

Many people who buy used vehicles get a lien search done on the vehicle that they are considering buying to ensure that the person selling it actually has the right to do so. As a professional used car buyer in Metro Vancouver, we always perform lien searches on vehicles before buying them.

If you are considering selling a vehicle that is still under financing or within a lease, talk to our car buying team today here at Cash For Cars BC. We buy vehicles that are still within a contract like a lease or financing, and always offer the MOST cash for cars, trucks, SUVs, vans, and motorcycles. NOBODY Pays More!

Yes, it most definitely can be repossessed by the lender if the borrower fails to complete their monthly (or weekly/bi-weekly) payments.

This usually happens after multiple payments have been missed, and whether or not deferrals have been used in conjunction with the missed payments. The legal term is known as “seize and sue” and can be performed in both Alberta and British Columbia.

Aside from losing your vehicle to a repossession, you will also greatly affect your credit. Whether you voluntarily allowed your car to be repossessed or not, it will stay on your credit report for up to 7 years.

Cash for Cars Under Financing

We are a fully licensed, insured, and professional used vehicle buyer that has been serving Metro Vancouver, the Fraser Valley, and Vancouver Island since 1998. As such, we don’t just buy vehicles that are owned outright by our customers. We are also happy to consider buying a vehicle that is still under financing.

No matter how far you are into your payment schedule, Cash For Cars BC will consider buying your vehicle. Good condition, bad condition, brand new, a couple years old, we’ll come and take a look at what you’re selling and see if we can make you an offer on it.

In general, we can buy almost any vehicle, but it’s important that we see your car in person before being able to present you with an instant cash offer on it.

Cash for Cars Within a Lease

Do you have a vehicle that is still under lease? But either need or want to find someone to take over the lease? Aside from buying vehicles that are still under financing, we also buy vehicles that are within a lease. Don’t post your vehicle on FB Marketplace, Craigslist, or Kijiji to find someone to take over your lease. Call Cash For Cars BC instead!

No other used car buyer in Metro Vancouver can offer as much cash for cars as we can, nor can they accommodate purchases like vehicles under financing or within a lease. If you want to sell your car quickly and easily, talk to Cash For Cars BC.

We have a huge demand for every make, model, and year of vehicle, regardless of whether or not it is a leased or financed vehicle. We do our best to offer the most accommodating car buying services in the Lower Mainland. Give us a call and see for yourself why we have been the #1 used car buying company in British Columbia since 1998!

What Types of Vehicles Do We Buy in the Lower Mainland?

It’s true that we’re famous for always paying the MOST cash for cars, but we buy more than just cars. We also buy used trucks, vans, motorcycles, and SUV’s. If it’s any kind of motor vehicle, we’ll usually consider it. Just contact our used car buying team today to get a free in-person appraisal.

Sell Your Vehicle to Cash For Cars BC:

• Passenger cars
• Sports cars
• Exotic cars
• Imports
• Clean energy vehicles
• Station wagons
• Trucks
• 4×4’s
• Jeeps
• SUV’s
• Crossovers
• Vans
• Hybrids
• Motorcycles
• Power sport vehicles
• RV’s and campers

We are the most diverse used vehicle buyer in the Lower Mainland, because we know that our customers’ needs are also diverse. Making the process of selling a vehicle of any kind is something we are passionate about, and something our customers rely on us for.

So, no matter what you’re selling, or why you are selling it, you’ve got a buyer with Cash For Cars BC. We handle all the paperwork, we come to you, and NOBODY Pays More!

Our prices range from $100 – $100,000+, from scrap cars to supercars, we buy them all! All it takes to find out what your vehicle is worth is a simple call, text, or email to our dedicated team of used vehicle buyers here at Cash For Cars BC.

Provide us with the make, model, year, condition, and number of kilometres on your vehicle.

If your car or truck has any aftermarket improvements or enhancements on it, advise us of that too. We will then let you know if we need to see your vehicle in person first before making you an offer on it. If we do need to see your vehicle, after an in-person appraisal, we will make you an instant cash offer on it right then and there. From start to finish, the entire process usually takes under 30 minutes.

Sell Your Car to Cash For Cars BC Today!

If you’re considering switching vehicles, or simply want to sell your car, truck, SUV, van, or motorcycle for the MOST cash, sell your car to Cash For Cars BC.

Our dedicated team of used vehicle buyers are available 7 days a week, from 8:00 AM-10:00 PM to answer any questions that you might have about our processes. We can even give you a rough idea of what your vehicle might be worth before seeing it.

If you want a better way to sell your car in Metro Vancouver, the Fraser Valley, or on Vancouver Island, sell your car to Cash For Cars BC today for the MOST cash. We handle all the paperwork, we come to you, and NOBODY Pays More!