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What is a proprietary lease

what is a proprietary lease

Frequently Asked Questions

Listed below are the most commonly asked questions, if your question has not been answered below, please contact us .

    Who is 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. 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. How does this service work?

This is not just a lease calculator. The quotes provided are actual payments from national lenders based upon a vehicle that you have located and negotiated a price for. Simply select a lender program and apply for credit. Once approved, you receive your lease documents by overnight mail to review at your leisure. Sign and return them in the envelope provided and you are ready to pick up your car! It's very similar to getting a conventional auto loan. 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. 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. Are these quotes for real?

Yes, the quotes you see are from real lending sources, provided that the vehicle pricing (MSRP and purchase price) you provide is accurate. We do not guarantee vehicle pricing. We offer assistance for getting a vehicle at a competitive price. Rates are locked in the day you submit your credit application. 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. Who supplies the vehicle and pricing?

You can lease through us if you have found the car on your own or we offer a service where we will locate the vehicle and negotiate a competitive purchase price. 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. Why can't I 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. Why are your quotes higher than my local dealer?

In most cases, our lease programs are much more competitive than your local dealer. There are instances where a dealer will quote a lease program that is subsidized (financed) by the vehicle manufacturer. Although these programs usually have lower payments, they are not necessarily the best lease deal, especially if you intend to turn the vehicle in early or purchase the vehicle at the end of the lease. Does my dealer care if I lease through you?

In most cases no. Leasing through an independent leasing company is the same as if you financed through your local bank or credit union. If they do give you a hard time, then they usually have something to hide. You can elect to get your vehicle at another dealership or threaten to give them a bad survey. This usually changes their attitude. As a consumer, you must stick up for your rights! 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. 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. 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. 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. Why are your residuals lower than my dealers?

Independent lenders are usually more conservative, or realistic, with residual values. This makes it more economical to purchase your vehicle at the end of the lease or it may help if you need to get out of your lease early. You’ll also pay less interest over the term. How is the residual percentage calculated?

It 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. What is an MRM?

This is the Maximum Residualized MSRP that a vehicle can have that is used to calculate depreciation. How does Gas Guzzler Tax affect my payment?

Gas Guzzler tax can be rolled into the lease payment but must be subtracted from the total sticker price. The lender will not residualize Gas Guzzler tax. How does credit score affect my payment?

A higher credit score results in a lower money factor which lowers your payment. Why does the credit score default to 730?

A score of 730 and above qualify for our lender’s top tier rates. 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. 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. 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. What if the dealer won’t hold the car while I’m working out the financing?

You can pay them a deposit and that amount will be deducted from your total amount due at lease signing. We will send the dealer a check for the agreed-to selling price less the deposit. 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. If my tax is due on the purchase price, can it be rolled into the lease?

Yes, as long as the capitalized cost does does not exceed the lender’s maxium advance. 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. 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. Can I lease from a private party?

Yes, we will buy the vehicle from the seller and lease it to you.

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