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Car Lease and Customer Preference

Car Lease and Customer Preference

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Published by Shahid Mehmood

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Published by: Shahid Mehmood on Oct 21, 2009
Copyright:Attribution Non-commercial

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08/15/2013

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CHAPTER 1
 
Car Lease Selection with respect to Customer Preferences in Islamabad 
1.1INTRODUCTION
 
2
 
Car Lease Selection with respect to Customer Preferences in Islamabad 
1.1. INTRODUCTION
A lease is a private contract between the leaseholder and the landlord. When acar changes hands, the seller assigns all the rights and responsibilities of the lease tothe purchaser, including any future service charges that have not yet been identified. Itis an important document and leaseholders must ensure that they have a copy and thatthey understand it. The wording of leases is usually in legal language and can varyfrom asset to asset. Leaseholders who cannot understand their lease should get advice.Technically, a lease is a legal agreement between two parties that specifies theterms and conditions for the rental of an asset, which, in this case is a car. In general,the agreement is not between you and the car dealer, rather it is between you and aleasing company chosen by the dealer. In other words, the car is actually sold to theleasing company who, in turn, rents the car to you. The dealer simply acts as an agentfor the leasing company and negotiates the terms under which you will rent the car from the leasing company.When you lease, you pay a significant amount of interest on the transaction.And there are tax and license fees. And all cars don't depreciate evenly. But still, the basic concept of leasing is that you pay for the depreciation of the car 
(Edgerton,2001).
Signing a leasing contract means that “you agree to make regular monthly payments, keep appropriate insurance, pay any vehicle taxes and licensing fees, andtake good care of the vehicle”
(Kay, 1997)
. Further, you agree that you'll keep the car for a specified number of months and you're expected to stick it out to the end.3

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