Frequently Asked Questions About Leasing

Q: What happens if I want to change vehicles during the term of my lease with The Urban Garage™?
A: No problem. No penalties apply. Simply let us know you would like to change and we can transfer your lease to the new vehicle. There usually will be a nominal fee to change legal registration and re-register security against the new vehicle.

Q: Are there mileage restrictions leasing with The Urban Garage™?
A: In most cases, no. In some cases, where the buyout, or residual value of your car is guaranteed by us (closed lease) there may be some mileage restrictions.

Q: Can I lease a pre-owned or older vehicle? I thought it was only possible to lease new vehicles?
A: Yes, you can. We understand, probably better than most, the value in some older pre-owned cars. Ask us about the model you are interested in. Don’t forget we lease all makes of brand new vehicles too.

Q: What happens to my car at the end of my lease?
A: You have the option to purchase your car at the end of your lease for the residual, or buyout amount, plus taxes. If you would like to change vehicles, we would be pleased to assist you in finding a new vehicle, and you may “trade in” your old vehicle with us.

Q: What happens if I want to terminate my lease early?
A: If you wish to terminate your lease prior to the end of the term, contact us and we will make arrangements to assess your vehicle and end your lease. Your outstanding balance owing on the lease will be determined, and any excess equity determined to have built up in the lease will be paid to you when you drop the vehicle off at The Urban Garage.

Q: Am I responsible for maintenance of my vehicle during the term of my lease?
A: Yes, you are. You are expected to maintain your vehicle in good working and cosmetic order until the end of your lease. You are also likely to benefit by keeping your vehicle in good shape, as it will likely have a higher market value at the end of your lease.

Q: Is downpayment and cash due at inception the same thing?
A: Your downpayment is the amount of money applied against the cost of the car prior to taxes. Cash Due at Inception of your lease is the downpayment, plus PST and GST, plus registration fees, plus your first monthly payment, as lease payments are typically collected in advance.