FAQs

What is the difference between a closed-end lease and an open-end lease?
With a closed-end lease you are responsible for making a specified number of lease payments over a specific period of time. The amount of each payment is based on a fixed end-of-lease value (residual value) of the vehicle regardless of market conditions at the time the lease is over. If there is a loss of value from depreciation, other than from excess wear and tear or mileage, it is not your responsibility. In an open-end lease, you are responsible for any difference between the estimated residual value and the actual value of the vehicle when it is returned and resold.

Does no-money-down really mean no-money-down?
No-money-down usually means that beyond the negotiated price of the vehicle, there is no capital cost reduction requirement that would lower your monthly lease payments.  But, in most cases, at the time you sign the lease, you will still be responsible for the first month’s payment, security deposit (unless waived), any bank or acquisition fees, sales tax, registration and license fees. NOTE: Bearcat does not charge an acquisition fee and can include sales tax, registration and license fees in your lease.
How long does it usually take to process a lease at Bearcat?
We can usually have you in your new vehicle in as little as 24 hours from the time your credit and lease are approved.  This is subject to the vehicle being in stock at a dealer in your area. If it must be ordered, delivery times will vary. At Bearcat, loaner cars are always available should they be needed.

How or where do I take delivery of my new vehicle?
In most cases, if you are local, we will deliver you vehicle directly to your home or office.  Or, delivery of your new car will be arranged through a dealership in your area.

What is GAP insurance?
In the event your vehicle becomes a total loss due to an accident or theft during the term of your lease period, GAP insurance covers the difference or gap between what your insurance company will pay and what you owe on the lease.  At Bearcat, we include GAP insurance in every closed-end lease.

Why should I lease a vehicle from Bearcat instead of buying one? Because leasing offers the advantages of lower monthly payments, more vehicles for less money, little or no cash outlay, preservation of capital, possible tax benefits.  At Bearcat, we direct clients to service centers where they can save money on routine service, maintenance or tires. We also provide clients with loaner vehicles while they are having warranty or repair work completed. Free delivery and pick-up of loaners too!

What are my responsibilities during the lease?
Provide regularly scheduled service and maintenance.

What are my responsibilities at the end of a closed-end lease?
Excessive wear and tear and excessive mileage.

What constitutes excessive wear and tear?
Most companies define minor dings, scratches, paint chips and interior wear (that would typically occur over the term of a lease) as normal vehicle wear and tear. However, the cost to repair or replace cracked windows, bald tires, deep dents or other body damage (that you have not had professionally repaired) will be charged back to you at the time you turn in your vehicle.

What are my options at the end of the lease?
Extend the lease on the vehicle (lowering your monthly lease payments), return the vehicle and walk away, return the vehicle and lease a different one or purchase the vehicle.

What happens if I terminate my lease early?
Terminating your lease before the end of its term can be expensive on a closed-end lease.  Contractually, you are responsible for all lease payments.  At Bearcat, if you wish to terminate your lease early, you will be responsible for a maximum of 50% of the remaining lease payments.  Open-end leases may terminate after 12 months and the lessee is responsible for the difference in sale price and depreciated value.

What is the major disadvantage of leasing?
No equity or ownership in the vehicle on a closed-end lease.

What shouldn’t I go with the lease plan that offers the lowest monthly payments?
It really depends on your situation.  For instance, if you plan to purchase your vehicle at the end of the lease, a program with a lower residual value and higher payment level might be a better choice.  At Bearcat, we can help you choose a lease plan that is right for your specific needs.

What is a disposition fee and when does it have to be paid?
Many leases contain a disposition fee to cover the cost of retrieving your vehicle at lease end.  At Bearcat, we do not charge a disposition fee.

What special features come with a Bearcat lease?
There are no acquisition or disposition fees. You have the option of including the sales tax, registration and license fees in your lease.  We’ll direct you to service centers where you’ll save money on routine service, maintenance or tires.  With closed-end leases, free loaners are available for maintenance work. 

For any questions or information, please email us at info@bearcatleasing.com or call us at 630.833.5363.