IntroductionIt all starts when I was watching an advert on TV for the car I have always dreamed of, a BMW 528 x drive. The offer was really attractive as the monthly payments indicated were actually within my budget. Even though the ad mentions leasing and not selling, I need to know: what is car leasing? How does the process work? How is it different from purchasing? Should I lease or buy my next car? How should I prepare for the lease? What is the deal I'm looking for? How to negotiate a good deal? What are the post-sale obligations? What are my end of lease options? And what happens if I decide to terminate the contract before the leasing contract expires? As in any other negotiation, I should take enough time to adequately prepare before making any decisions that I might regret in the future. What is car leasing? Leasing is paying for the use of a car for a specific period of time, in other words it is a term of financing a car. When leasing a car it is important to keep in mind that the total price of the car is important (even if I am only partially responsible for it) and can be negotiated with the dealership; the owner of the car is the leasing company and not the dealership, the dealership acts as an agent for the leasing company and once the deal is done I will deal directly with the leasing company; I agree to make regular monthly payments for the specified period, to maintain the car, to pay car insurance, local taxes and license plate fees and I am required to respect the indicated mileage until the end of the specified period lease. I will be held responsible for any damage or extra mileage beyond the specified limits. Also, in a lease the monthly payments are upfront, not like when you buy the car where you pay at the end of the month. This means that I… halfway through the document… the above and make sure that I will get a good deal. I will be reminded one month each of the length of the lease on the date I return the car and if I am exploring other options I must decide within that period. It is no coincidence that we note that “forced arbitration clauses are included in almost all car sales and leasing contracts. Franchise laws in all 50 states give car dealers a special monopoly on the sale of new cars, allowing them the power to decide what they want to include in their sales/lease agreements. As a result, consumers purchasing or leasing a new vehicle are a captive public who have no choice but to enter into the sales/lease agreement presented to the parties when they cannot be resolved on their own through arbitration.” fairarbitrationnow.org) (see Attachment 3: Example Financial Arbitration/Vehicle Purchase Agreement)