FAQs

Here are some of the most commonly asked questions. We’re happy to address any additional questions you might have.

lease

Is specialty leasing a viable way to finance an exotic, vintage or luxury car?
The use of “specialty” leasing of exotic, vintage and luxury cars (what we do at Premier) is a viable financing option for several reasons:
  • Make lower monthly payments
  • Drive more car for your money
  • Preserve your capital for other investments
  • Deduct payments if your car is used for business purposes
  • Pay sales tax monthly (in most states), rather than up front
  • Terminate your lease early, or switch cars within the same lease
What are the shortcomings of ‘traditional’ leasing?

Traditional closed-end leasing – offered by most car manufacturers – is based on a rental concept. A lessee pays an upfront fee and monthly payments for a fixed period of time. There are mileage limitations; hefty penalties for early termination; and the vehicle is eventually returned.

This type of rigid arrangement is unsuitable for most exotic, vintage and luxury car owners and collectors, who seek greater flexibility and lease terms suited to their own personal needs and preferences.

How is Premier’s Simple Lease different?

Specialty leasing – our business here at Premier – is far more customized and flexible than traditional leasing. Premier’s Simple Lease is designed for serious car enthusiasts and collectors who want to drive more car for their money, to end their lease at any time without penalties, and to enjoy a high level of customer service from their lease provider.

Can I lease a previously owned (used) car?

Absolutely. You can lease any new or previously owned exotic, vintage or luxury car that’s worth more than $50,000, purchased from any dealer, private seller or at auction anywhere in the world

Do I need a down payment?

Down payments for leases will vary, depending on the type of vehicle you are interested in, the price of the vehicle, and your credit rating. Click here to get a quote.

Are there mileage limitations?

The Federal government requires that all standardized lease agreements must be written to include mileage limitations. However, by satisfying the terms of the lease agreement, all mileage charges will be waived by Premier.

How does Premier’s Simple Lease work?

At the outset, we agree on a lease-end residual value for your car. While your lease is in place, you make payments based on the difference between the amount financed and that residual value. When your lease expires, you have four options:

  • Pay the residual and own the car
  • Sell the car privately, pay the residual, and keep any difference
  • Trade the car in, the dealer pays the residual, and you keep any difference
  • Refinance the residual through a new lease without a large cash outlay, and continue to own the car
How does the lease application process work?

We’ve designed a simple, fast, 4-Step Process for you to drive the car you want:

ONE: Select your car, and together we agree on its lease-end residual value. (You’ll make payments based on the difference between the amount you finance and the car’s residual value.) Click here to get a quote.

TWO: You can submit your lease application through a dealer, or click here to apply directly. We have a fast approval process, and most often it’s a same-day response.

THREE: Once approved, we expedite your car’s delivery. We send your lease electronically, and you simply e-sign. Once you add the new vehicle to your insurance policy, your part is complete.

FOUR:
We fund the transaction and pay the dealer, private seller or auction house. We also handle all vehicle documentation and registration details, regardless of where your car is purchased. Once that paperwork is in order, you can take delivery of your dream car.

Can I end my lease early, or switch cars?

These are two advantages of Premier’s Simple Lease:

ONE:  Our Early Termination Program allows you to end your lease early by paying the balance owed, which is calculated on a simple interest formula.

TWO:  You can switch cars within your lease without penalty, simply by paying any difference in value between the two cars. Your lease’s residual value and payments remain unchanged.

Are there hidden fees at the end of my lease?

Transparency is one of our hallmarks, and there are never hidden fees in our lease agreements. At the end of your lease term, the balance due consists of the agreed-upon residual value, the stated disposition fee and any applicable sales tax if you are purchasing the car. By configuring our leases this way, there are no surprises when your lease term end (or at any other time.) Right from the start, we provide an amortization schedule that shows where you stand at all times, and lets you know what’s owed at the end of the lease.

Are there tax benefits associated with leasing?

The total sales tax on any vehicle that’s purchased outright or financed through a traditional loan is due immediately, right up front. For an expensive vehicle, this can represent a substantial tax payment. With a lease, in most states, sales tax can be incorporated into the monthly payment schedule. This provides the car owner with the use of that money over the term of the lease. More significantly, if the car is leased under a business name, pre-tax dollars may be used to pay for the lease.

Will Premier report my lease transaction to credit agencies?

Premier’s clients include some of the wealthiest and most successful business people in the world, and confidentiality is extremely important to them. Our lease arrangements are private transactions, and we maintain the highest levels of security and confidentiality to safeguard our clients’ financial information. Unless you request it, we will not report any aspect of your lease transaction to an outside third party.

Are there any restrictions regarding where my car is purchased?

There are no restrictions on where you buy your car. Premier’s customers purchase cars from all over the world. They buy cars from dealers, private parties, brokers, auction houses, and even eBay. Premier is not in the business of buying, selling or trading cars. Our sole mission is to make it easy for people to own cars through our Simple Lease.

What’s the #1 myth regarding leasing?

The #1 myth regarding leasing is that it is complicated, restrictive and costly. Most people don’t understand the difference between traditional “closed-end” leasing, and the type of specialty leasing that Premier offers through our Simple Lease, which features:

  • Full disclosure with transparent lease terms, and no hidden fees
  • An early termination option with a favorable payoff
  • Monthly payments than can be lower than traditional financing
  • Potential sales tax and income tax advantages
Am I making a mistake if I don’t lease?

We don’t think leasing makes sense for every situation. We do believe, however, that you should consider all your financing options when purchasing a vehicle. And leasing is an extremely viable option for many people.

How do learn more about leasing?

We welcome the opportunity to answer any questions about leasing on a no-obligation basis. Please contact us at any time. Our Regional Sales Managers are available 24/7 to respond to calls and emails.