Vehicle Ownership and Leasing Quiz

How do monthly payments for buying a vehicle compare to leasing?

• Buying payments are lower.

• Leasing payments are higher.

• Buying payments are higher.

• Both are the same.

Why are lease payments usually lower than loan payments?

• Because you're paying for the entire purchase price.

• Because you're paying only for the vehicle's depreciation.

• Because you're paying for taxes and fees.

• Because you're paying for the cash price.

What can you do with your vehicle if you buy it and want to change it?

• Return it to the dealer.

• Sell or trade it anytime.

• Keep it forever.

• Lease it to someone else.

What happens if you end a lease early?

• No charges apply.

• Charges can be as costly as sticking with the contract.

• You can sell the vehicle.

• You automatically own the vehicle.

What is a possible option if you want to end a lease early?

• Sell the vehicle.

• Trade-in with the leasing company.

• Keep the vehicle.

• Return it without any charges.

What must you do with a leased vehicle at the end of the lease?

• Sell it.

• Return it and pay any end-of-lease costs.

• Keep it without any charges.

What is a common feature of leasing a vehicle regarding ownership?

• You own the vehicle.

• You don't own the vehicle.

• You can sell the vehicle.

• You have full ownership rights.

What happens to the future value of a vehicle when you buy it?

• You have no equity in the vehicle.

• The vehicle's future value doesn't affect you financially.

• The cash value is yours to use as you like.

• You must return the vehicle in salable condition.

What is a limitation of leasing a vehicle regarding mileage?

• You can drive unlimited miles.

• You must pay charges for exceeding mileage limits.

• You can customize the vehicle as you like.

• You have no further payments at the end of the term.

What is a benefit of buying a vehicle in terms of mileage?

• You are limited to 10,000 to 12,000 miles per year.

• You can drive as many miles as you want.

• You must pay charges for exceeding mileage limits.

• You have no equity in the vehicle.