Affordable and Flexible Financing
There’s another way to pay for your new car

Cars can be expensive to buy and maintain. Leasing is a financing alternative to traditional vehicle loans. Leasing offers flexibility, affordable payments, and shorter commitments that can be beneficial and sometimes less costly for people who want to drive a new vehicle.

Does TEG Federal Credit Union offer auto leasing? Yes, we do! Some of our dealers in our preferred dealer network have leasing options available and even offer special incentives to make leasing more affordable. These specially selected dealers will assist you from start to finish.

Many car shoppers like the ability to afford the latest and greatest models without a big cash down payment. So, if you like to drive a new car every few years and drive less than 15,000 miles per year, then leasing may be a great car-buying option for you. With a lease, you are essentially renting the car for a fixed amount of time (typically 36 to 60 months). Monthly payments are typically lower, so people can stay within their budget and enjoy their new car without breaking the bank.

Auto leasing benefits:

No or low down payment

Lower monthly payments

Lower maintenance and repair costs

Lower sales tax (applies only to lease term)

Manufacturer’s warranty (for lease term)

Upgrade to a newer model every few years

No concerns about depreciation or losing value

Auto Leasing FAQs

Is leasing a good auto finance option for you? Weigh these key considerations before you decide.

How much do you drive?

If you drive long distances on a regular basis, a lease may not be your best option. Most lease agreements allow for 12,000-15,000 miles per year. Go over the limit, and you’ll pay an excess mileage fee when the lease period ends.

What’s more important – monthly payments or the total cost?

Auto leasing can be more cost-effective because you’re only paying a percentage of the total cost based on the length of the lease. Typically, that means a lower monthly payment than with an auto loan. However, you’ll have that payment for the duration of the lease, which means you’ll pay more in the long run for a leased vehicle versus one you buy and keep for years.

How long would you like to have the vehicle?

It’s important to think about the length of the lease term upfront. With an auto lease versus purchase, you get to enjoy clear advantages. But if you decide to turn in your vehicle before the lease agreement ends, you may have to pay an early termination fee.

Do you mind the hassle of selling a car?

With auto leasing, you never have to sell or trade-in your vehicle. Instead, the dealership will take it back from you. You may even have the option to buy it at the end of the lease.

Talk with a Preferred Dealership to find out if auto leasing is right for you.

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Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY. A $5 minimum deposit opens the door to all the benefits of being a valued TEGFCU member.

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Auto Leasing