1. Who is LowerMyLease.com?
2. How does this service work?
3. Where is this service available?
4. Why are your quotes higher than what I'm paying now?
5. Do I have to have good credit?
6. Are these quotes for real?
7. How long are the quotes good for?
8. Do I keep my same vehicle?
9. Do the miles on my car count towards my new allotment?
10. How long does the process take?
11. Why can't I re-lease through my local bank?
12. Can I lease a car I am currently financing?
13. Why is there an acquisition and disposition fee?
14. Where do I return my vehicle at the end of the lease?
15. Is the money factor negotiable?
16. How do you convert a money factor to a comparable interest rate?
17. How is the residual percentage calculated?
18. What is an MRM?
19. How does credit score affect my payment?
20. Why does the credit score default to 730?
21. Does a good credit score guarantee approval?
22. Can I get a lower residual value for business purposes or for a low end of lease purchase option?
23. What is a disposition fee?
24. How is the sales tax calculated?
25. Do I get the same quote from you over the phone versus what I see on the website?
26. What credit bureau do you use to determine my score?

Answers

1. Who is LowerMyLease.com?
   
   LowerMyLease.com is a service of Automobile Consumer Services, Inc. (ACS). Founded in 1989, ACS's mission is to create services that enhance the experience of buying or leasing a car. This service was created because of the number of re-leases we were writing through our LeaseCompare.com website. We achieve this by leading the industry with innovative proprietary technology, excellent customer service and years of industry experience.ACS holds a license to lease new and used motor vehicles and a license to buy and sell used motor vehicles. ACS is also an active member of the Ohio Vehicle Leasing Association (OVLA), National Vehicle Leasing Association (NVLA) and the Cincinnati Better Business Bureau.
2. How does this service work?
   
   If you got a bad deal on your current lease then we may be able to help. Select your vehicle and enter your current payoff to see what your re-lease payments will be. Simply select a lease program and apply for credit. Once approved, you receive your new lease documents by overnight mail to review at your leisure. Sign and return them in the envelope provided. We then payoff your old lease and you've just lowered your payment! It's very similar to refinancing a mortgage, but easier!
3. Where is this service available?
   
   Currently the service is available in most states in the continental United States. Quotes are based on the zip code you provide.
4. Why are your quotes higher than what I'm paying now?
   
   Our lease programs are often more competitive than what you are paying right now. There are instances where your current lease may be a subsidized program (financed) by the vehicle manufacturer.
5. Do I have to have good credit?
   
   Each lender has it's own set of rates for each credit tier and require some type of previous good auto credit history.
6. Are these quotes for real?
   
   Yes, the quotes you see are from real lending sources, provided that the lease payoff you provide is accurate. Rates are locked in the day you submit your credit application.
7. How long are the quotes good for?
   
   Once you have submitted a credit application and we have approval, quotes are good at least until the end of the current month. Money factors (lease rates) can be “locked in” for 30 days from your approval date. Residual values cannot be “locked in” but are normally good through the current month.
8. Do I keep my same vehicle?
   
   Yes, nothing changes but your lease agreement.
9. Do the miles on my car count towards my new allotment?
   
   No, the mileage allowance of the new lease are added to our current mileage.
10. How long does the process take?
    
    Usually, from start to finish, it’s three to four business days. Even though the process is similar to a conventional auto loan, leasing requires an agent, ACS, to originate the paperwork for the lender.
11. Why can't I re-lease through my local bank?
    
    Most banks do not offer leases directly to the consumer. They offer their programs indirectly through dealers and independent leasing companies, like ACS.
12. Can I lease a car I am currently financing?
    
    Yes, we will buy your vehicle from you at your determined selling price and lease it to you.
13. Why is there an acquisition and disposition fee?
    
    Most lending institutions charge an acquisition fee that may cover things like, GAP insurance, residual insurance and contingent liability insurance. A disposition fee is usually charged if you decide to turn the vehicle in at the end of the lease. These fees are determined by each lender and ACS has no control over them.
14. Where do I return my vehicle at the end of the lease?
    
    In most cases there is a drop off point in your local area. This could be at a local dealership, bank branch or auction company. The lender will provide this information prior to when you turn the vehicle in.
15. Is the money factor negotiable?
    
    We quote our best payments and money factors up front. The rate quoted on the website is the rate you will receive on your lease contracts, pending verification of your credit score.
16. How do you convert a money factor to a comparable interest rate?
    
    You multiply the money factor by 2400 to get a comparable interest rate.
17. How is the residual percentage calculated?
    
    It is alwayIt is always calculated on the MSRP, unless the lender has an MRM. (Maximum Residualized MSRP) For used cars it is based on a pre-determined market value.
18. What is an MRM?
    
    This is the Maximum Residualized MSRP that a vehicle can have that is used to calculate depreciation.
19. How does credit score affect my payment?
    
    A higher credit score results in a lower money factor which lowers your payment.
20. Why does the credit score default to 730?
    
    A score of 730 and above qualify for our lender’s top tier rates.
21. Does a good credit score guarantee approval?
    
    No. There are factors such as previous auto credit, debt-to-income, payment history, income/monthly payment ratios that can determine credit approval. Your credit score simply determines what tier you qualify for.
22. Can I get a lower residual value for business purposes or for a low end of lease purchase option?
    
    Yes, residuals can be as low as 2% of the MSRP (new cars) or Current Retail Value (used cars). It will vary by lender.
23. What is a disposition fee?
    
    A fee paid at the end of the lease if you turn your vehicle in. It covers the expense of inspecting, prepping, and selling the vehicle by the lender.
24. How is the sales tax calculated?
    
    It varies from state to state. In most states it is paid on the monthly payment while in others it is based on the purchase price.
25. Do I get the same quote from you over the phone versus what I see on the website?
    
    Yes, our lease consultants use the same system to quote payments over the telephone.
26. What credit bureau do you use to determine my score?
    
    Typically, our lenders use Equifax, but if needed, they may use the higher of three bureaus.