You own the vehicle and get to keep it at the end of the
financing term. (If you financed it, the bank or financial
institution will have a lien on it until you've paid it
off.)
You do own the vehicle. (Just like in
traditional financing, the bank or financial institution
will have a lien on it until you've paid it off.) At the
end of the Smart Buy term however, you have options: you
can choose to return it with no further obligation or
you can choose to keep the vehicle and make arrangements
on the final payment.
Up-Front
Costs
Up-front
costs include the cash price or a down payment, taxes,
registration fees and other charges.
Up-front
costs may include the first month's payment, a refundable
security deposit, a capitalized cost reduction (like a
down payment), taxes, registration fees and other charges.
Monthly
Payments
Monthly
loan payments are usually higher than monthly Smart Buy payments
because you are paying for the entire purchase price of
the vehicle, plus interest and other finance charges,
taxes and fees.
Monthly
Smart Buy payments are usually lower than monthly loan payments
because you are paying only for the vehicle's depreciation
during the Smart Buy term, plus rent charges (like interest),
taxes and fees.
Mileage
You
may drive as many miles as you want, however higher mileage
will lower the vehicle's trade-in or resale value.
Most
Smart Buys limit the number of miles you may drive (often
12,000-15,000 per year). You can negotiate a higher mileage
limit and pay a higher monthly payment. You will likely
have to pay charges for exceeding those limits if you
return the vehicle.
Excess
Wear
There
are no limits or charges for excessive wear to the vehicle,
however excessive wear will lower the vehicle's trade-in or
resale value.
Most
Smart Buys limit wear to the vehicle during the Smart Buy term.
You will likely have to pay extra charges for exceeding
those limits if you return the vehicle.
Saturn of Rochester -- 770 Panorama Trail, Rochester NY (585) 586-6959
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Saturn of West Ridge -- 4692 Ridge Road West, Spencerport, NY (585) 352-5995
