Buying vs Leasing


Taking out an Auto Loan vs. Leasing Your Next New Car--We Discuss the Benefits of Both

There are a lot of decisions to be made throughout the entirety of your car shopping saga. Choices like, where will you go to find your next vehicle? What make and model is the right fit for you? And perhaps most importantly, how will you finance the car in question? This last decision is often one that many drivers in the Brooklyn, and Bay Ridge area get hung up on: whether to take out an auto loan or simply lease the car they're interested in driving home in.

As is the case with all the decisions to be made when car shopping, the financial debate is largely a matter of preferences. If you're wondering which route might be advantageous for you, feel free to come by our finance center here at BMW of Brooklyn; or, read on to learn a little more about the benefits of buying your next car as compared to those of leasing it.

Benefits of Taking Out a Loan

  • When you're financing the purchase of a car, that car is  yours when the payments are completed. Therefore, you can modify it as you'd like; the same cannot be said when leasing.
  • Typically, there's a cap on the number of miles you can driver each year when leasing; when you've taken out a loan, the car can be driven as much or as little as you see fit--it's solely up to you.
  • Typically, leasing is more expensive in the long-run, as opposed to buying your car and driving it for the entirety of its lifespan.

Benefits of Leasing

  • You can typically drive a better car for the same or a lower monthly payment you would be making if you had taken out a loan.
  • If you like to always have the latest and greatest, leasing allows you to more easily drive a new, updated car every two years or so.
  • No need to worry about the hassle of trading in when your lease is up--simply return the car to the dealership.

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Privacy Statement

As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

Collection of Information
The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

Some of the information we obtain from you may be required by state of federal agencies, such as the Department of Motor Vehicles or the Internal Revenue Service. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

Protecting Your Information
We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with state and federal law. We restrict access to nonpublic personal information about you to those employees and outside contractors who need to know the information to provide product or service to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

Information Sharing
Unless we have indicated our desire to share your nonpublic personal information with non-affiliated third parties (by checking the box in the section below), we share information:

A) For everyday business purposes, such as to process transactions, maintain account(s), respond to court orders and legal investigations, or report to credit bureaus.

B) For purposes of processing a sale or lease transaction as your request or authorize, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract or verifying insurance coverage information.

C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose it was disclosed.

D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company we control, or any company under common control with us.

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I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.