By Allen Lentsch
Lease to Own, Rent to Own, Lease Here-Pay Here, Lease Here – Buy Here ….. you’ve heard these terms floating around in many conversations lately and in many print and web articles.
The word on the street is that the leasing of used cars is taking over the industry and we believe it!
One thing to keep in mind as you begin to look into used car leasing programs is that not all programs are alike. The Lease Here-Pay Here program you saw in the latest industry publication is not like the Lease to Own program that you saw advertised on the internet. Even though the concepts are similar, the program and protection for the dealers can be very different.
You need a program with a state complaint lease contract, contingent liability insurance protection, and customer insurance status tracking.
♦ Look for a company with years of experience and a proven track record.
♦ Look for a company who stands behind their lease contract if it were ever challenged, one who provides specific training on how to complete the contract and other paperwork according to your state laws.
♦ And most importantly, choose a company who has specialized support in the areas of insurance, state statutes, tax, and has relationships with state agencies. These specialists can save your dealership a lot of money!
Don’t try to reinvent the wheel and don’t settle for an inexperienced company who is trying to catch the wave of the exciting paradigm shift we’re seeing in used car sales.
Allen Lentsch is the CEO of Northland Auto Enterprises, Inc. and founder of the original Ren’T’Own® and Lease’T’Own® business models. To learn more about Northland’s products and services, contact Allen Lentsch at firstname.lastname@example.org, 800–879-3433, or visit northlanddealers.com.