What’s an acquisition fee? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content. This allows you to conduct your own research and evaluate information for no cost to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this website are provided by companies who pay us. This compensation can affect the way and where products are displayed on this website, for example for instance, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. However, this compensation will not influence the information we provide, or the reviews that appear on this website. We do not include the vast array of companies or financial offers that may be accessible to you. SHARE: Nejron Photo/Shutterstock
2 min read Published 26 February 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 Chelsea Wing Edited by student loans editor Chelsea has been with Bankrate since early 2020. She’s dedicated to helping students navigate the daunting costs of college , and breaking down the complexities that are associated with student loans. The Bankrate promises
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We receive compensation for placement of sponsored products andservices or when you click on certain links posted on our website. This compensation could impact how, where and when products are listed, except where prohibited by law for our mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether a product is offered in the area you reside in or is within your own personal credit score could also affect the manner in which products are featured on this site. Although we try to offer the most diverse selection of products, Bankrate does not include information about every credit or financial item or product. A acquisition fee is a fee you pay when you purchase other kinds of vehicles . It could also be referred to as the assignment fee, administrative fee or origination fee. The typical fee is about a couple hundred dollars, therefore it is important to include this cost into your budget when looking for a vehicle to lease. How do you calculate an acquisition charge? Almost any time you get a loan you’ll have to pay some sort of initial fee or charge back to your lender. The fee typically covers the cost of initiating the loan and also running a credit check on consumers. For auto leases, this is known as an acquisition cost and can also be referred to as a bank fee or administrative fee. The acquisition cost can be billed upfront or rolled into your monthly lease payments. What is the cost of an acquisition fee? An acquisition fee for an auto lease generally can range from $395 to $895, but it can vary based on the vehicle in question as well as the lease company that you’re dealing with, according to Edmunds. Typically, the more expensive the car, the higher the acquisition fee. A luxurious car is almost always accompanied by more expensive acquisition fees than a mid-range sedan. Unlike interest rates, the acquisition cost isn’t affected by the individual’s financial situation, credit score, or other personal aspects. How do I know whether my loan includes an acquisition fee? The easiest method to figure out whether your lease is subject to an acquisition charge is to ask the lender or the dealer directly. If you already have the paperwork, read carefully to find out if there is any mention of an acquisition fee. They are skilled at concealing fees in fine print, and it can be hard to find. Acquisition fees can also be bundled into the monthly lease payment. It doesn’t matter if it’s paid upfront or part of your monthly lease installments legally, lenders are required to inform you of additional charges or fees if you ask. Are acquisition fees negotiable? Like buying cars, you should at least try to negotiate. The acquisition cost and other lease terms, such as the trade-in value or interest rate, as well as loan duration can be discussed. If it doesn’t work out, you can always look for a new lease that doesn’t require an acquisition fee. There are usually lease deals that are offered by dealers and manufacturers that could provide better choices and it’s important to look around. It’s important to note that in the very rare occasions where you are able to negotiate a lower cost for your acquisition with an lender and they might increase your money factor in response. Be sure to read the conditions of your lease contract before you sign it. What is the best way to pay for an acquisition fee If your leasing company charges an acquisition fee, this expense could be paid out in advance or added to the cost total that is incurred by the loan. If you select the latter option, the acquisition fee is included in the total for the lease. This increases your monthly lease payment and cost you more over the long run due to compound interest. Adding the acquisition fee to the loan will help, however it is a risk if you do end up destroying the car. If you pay the acquisition cost upfront and the car is damaged in an accident, you will not receive the entire acquisition fees back from the lender. If you’d rolled an acquisition cost into the loan, you’d be able to recover a portion of the amount. The bottom line is that acquisition fees can be avoided if they are discovered the fees before signing the contract. If you attempt to negotiate the purchase fee with the leasing company but fail, you should consider seeking a new deal. Do not be compelled to agree to the lease terms. Before finalizing a lease agreement take a look at several companies and see what kind of . Doing some research is the best way to cut down or eliminate the cost of acquisition. Learn moreabout:
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Written by Contributing writer Zina Kumok, who has been a full-time personal finance writer since the year. 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 Editor: student loans editor Chelsea is with Bankrate since the beginning of 2020. She is invested in helping students navigate the high cost of college as well as breaking down the complexities in student loans.
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