Leasing Myths, Partnership, and More

Five Common Leasing Myths

Leasing a car doesn’t need to be closed-ended, stressful and confusing. In fact, leasing is by far and away the most cost-effective way to own more car with more benefits for less money, both up front and during your term of ownership. Here are five common leasing myths debunked.

Myth: Leasing means you can’t (and don’t) "own" your car.

Fact: Whether leased or financed, your vehicle is owned by a bank, and you won’t receive the title until it’s paid off. Most leases nowadays aren’t closed-ended, meaning you’ll have the option to purchase your car at any time for a predetermined ‘buyout’ amount during your lease contract. This amount can oftentimes be much lower than the car’s actual market value.

Myth: Leasing is like renting - it’s just throwing money away.

Fact: Your lease payments are applied towards your vehicle’s depreciation, and typically much less interest than a traditional finance contract. In other words, you’ll only pay for the portion of your vehicle’s value which you use - nothing more, and often less! The depreciation is calculated up front with a pre-determined lease-end buyout price, as well as clear "money factor" (interest rate) and lease terms.

Myth: I can’t be tied to mileage restrictions.

Fact: Standard leasing is offered anywhere from 10,000 to 15,000 miles per year. More miles are available for purchase from the manufacturer, generally throughout the first ? of your term. If you’re way over on miles, you can always trade in (versus turning in), or buy out your lease.

Myth: I’m stuck in the car for a few years, and then have to get something new.

Fact: You can trade in a leased vehicle in much the same way as a financed or owned vehicle. You’ll have a "buyout" price available throughout your ownership, which can sometimes be even less than you owe. In the last few months of your term, you’ll explore options for taking full ownership, returning the vehicle or, sometimes, even pulling ahead early into something new.

Myth: You get less breaks on taxes and incentives.

Fact: Manufacturers typically incent leases more heavily than finance or cash deals. Plus, both individuals and companies can typically apply to have their payments on a company vehicle deducted in part on their tax return.

Schomp Corporate Partnership

The path to new car ownership is best traveled through corporate partner benefits

As the Schomp Automotive Group has grown over the past 75 years, we’ve realized the success of our partnerships relies solely upon the strength of the relationships we build. We’re grateful for you, our partners, who have been the foundation of our many successes. As the evolution of our Corporate Partnership program continues, our team has accordingly expanded our focus and invested resources to enhance your experiences with the Schomp Automotive Group.

Our longstanding commitment to community enrichment remains, ensuring a positive footprint, unmatched by anyone else in the industry, leaves its impact throughout our state. Through this monthly newsletter, we invite you to learn more about who we are and how our program supports you.

Corporate Partner Benefits

 We understand the challenges of purchasing and owning a vehicle, both from a business and personal perspective. When we built the foundation of our partnership program, we stressed the importance of agility, service, cost and time, regardless of purchasing terms. Our dedicated Corporate Partnership team takes a consultative approach towards each client in order to best understand your needs and exceed your expectations. From the initial point of contact to complimentary valet service pick-up and delivery, your schedule becomes our priority. We’re here to save you time and money, and to represent the truest definition yet of worry-free vehicle ownership.

 High-level Overview of Benefits

• Extension of Corporate Fleet pricing to all employees within your organization
• Dedicated sales and service contacts to assist with vehicle purchase and ownership
• Purchase, service and insure, all in one centralized location

Does your car need servicing, but you can’t break away?

Let our team deliver a service vehicle to you, bring your car back to our dealership, and return it to you upon completion, all at no charge.

Coming Soon - Mercedes-Benz of Farmington

 With vehicle ordering now available, our dealer group has officially brought "One Price. One Person. One Hour." and our Corporate Partnership Program to Utah. Opening this October, Mercedes-Benz of Farmington incorporates the town's "Pioneer Spirit" as the state's largest Mercedes-Benz dealership and only AMG-Certified Performance Center, offering a large inventory of cars, SUVs and commercial vans.

Our 63,000-square-foot facility will offer an encompassing ownership experience for both our individual and commercial clients. Built around our innovative philosophies and commitment to transparency, Mercedes-Benz of Farmington brings a suite of never-before-seen benefits to the Salt Lake City area. From complimentary service appointment pick-up and drop-off with Mercedes-Benz and Sprinter loaner vehicles to a dedicated commercial van sales and service team, rapid service turnaround and more, we're the engine that drives your business.

Mercedes-Benz, Sprinter and Metris vehicles can be ordered and upfitted from us and shipped anywhere in the United States. Click here to learn more, and receive your exclusive Corporate Partner pricing today.