What’s an acquisition cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with interactive financial calculators and tools that provide objective and unique content. We also allow users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies who pay us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our loans, mortgage, and other home loan products. This compensation, however, does affect the information we publish, or the reviews you read on this site. We do not include the entire universe of businesses or financial offerings that could be available to you. SHARE Nejron Photo/Shutterstock
2 minutes read. Published on February 26, 2022.
written by Zina Kumok. a contributing writer Zina Kumok has been a full-time personal finance writer since the year 2015. She’s a three-time nominee for Best Personal Finance Contributor/Freelancer at the Plutus Awards and a two-time speaker at FinCon, the premier financial media conference. Edited by Chelsea Wing Edited by Student loans editor Chelsea is with Bankrate since the beginning of 2020. She is invested in helping students navigate the high costs of college , and simplifying the complex world of student loans. The Bankrate promise
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We are compensated for the placement of sponsored products andservices or through you clicking certain links posted on our site. So, this compensation can influence the manner, place and in what order products are listed, except where prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, such as our own proprietary website rules and whether or not a product is available in your area or at your self-selected credit score range may also influence the manner in which products are featured on this website. We strive to offer a wide range offers, Bankrate does not include specific information on every credit or financial products or services. An acquisition fee is the cost you pay when or other types of vehicles . It could be called the assignment fee, administrative fee or origination fee. The typical fee is around a few hundred dollars so it’s critical to factor the cost in your spending plan when looking for a vehicle to lease. Is there an acquisition fee? Nearly every time you get a loan it is necessary to pay some sort of initial fee or charge back to your lender. This fee generally will cover the cost of launching the loan and running an credit check on consumers. For auto leases it is referred to as an acquisition fee . It may also be called a bank fee or administrative fee. The acquisition fee could be paid upfront or added into monthly lease payments. What’s the average acquisition fee? An acquisition fee for an auto lease generally is between $395 and $895 but can differ based on the car you’re leasing as well as the lease company that you’re working with, according to Edmunds. In general, the more costly the car, the greater the acquisition fee. A luxury vehicle usually comes with more expensive acquisition fees than a mid-range sedan. Unlike interest rates, the acquisition cost isn’t affected by the borrower’s income, credit score or any other personal variables. What can I do to determine if my loan has an acquisition fee? The easiest way to figure out if your lease comes with an acquisition fee is to ask the lender or dealer directly. If you have the paperwork, read it carefully to determine whether there’s the mention of an acquisition fee. Lenders are good at hiding fees within the fine print, and it can be hard to spot. Acquisition fees can also be included in your monthly lease payments. Whether it’s paid upfront or part of your monthly lease installments, legally, lenders are required to make clear any fees or extra charges if you ask. Are acquisition fees negotiable? Similar to purchasing cars, you should at least attempt to bargain. The acquisition cost and other lease features, like the value of trade-in or interest rate, as well as loan duration can be discussed. If the deal doesn’t work it’s possible to search for a new lease which doesn’t have an acquisition fee. There are usually lease deals provided by both dealers and manufacturers that could provide better choices which is why it’s essential to shop around. It’s also worth noting that in the rare cases where you are able to negotiate a lower acquisition fee with the lender, they may raise your money factor in response. Make sure you are aware of the lease agreement prior to signing it. How do you pay an acquisition fee If the leasing company charges an acquisition fee, the expense can either be paid upfront or rolled into the total cost that is incurred by the loan. If you select the alternative, the acquisition fee is paid in addition to the principle amount that the loan is financed. This increases monthly lease payments and costs you more over the long run due to compound interest. The addition of the acquisition fee to the loan will help, however in the event that you do end up destroying the vehicle. When you have paid the purchase fee prior to the time of accident and the vehicle is damaged in an accident, you will not receive the entire acquisition fees back from the lender. But if you had rolled this acquisition charge into your loan, you’d be able to recuperate a portion of the money. The bottom line is that acquisition fees are only able to be avoided if you notice they are there prior to signing the contract. If you attempt to negotiate the cost with the leasing firm and have no luck, consider seeking a new deal. Don’t be pressured to accept the lease terms. Before finalizing a lease agreement take a look at several companies and determine what type of . Shopping around is the best way to cut down or eliminate the cost of the acquisition. Find out more:
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Written by Contributing writer Zina Kumok. Kumok has been a full-time personal finance writer since 2015. She’s a three-time nominee for Best Personal Finance Contributor/Freelancer at the Plutus Awards and a two-time speaker at FinCon, the premier financial media conference. Edited by Chelsea Wing Chelsea Wing Edited by Student loans editor Chelsea is with Bankrate since the beginning of 2020. She’s committed to helping students to navigate the daunting costs of college , and simplifying the complex world in student loans.
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