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 choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct research and analyze data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on this website, for example for instance, the order in which they may appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. This compensation, however, does have no impact on the content we publish or the reviews you see on this site. We do not include the universe of companies or financial offerings that could be accessible to you. SHARE: Nejron Photo/Shutterstock
2 min read Published on February 26, 2022.
Written by Zina Kumok. Contributing writer Zina Kumok is a full-time personal finance journalist 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 Editor: Student loans editor Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the daunting cost of college as well as breaking down the complexities that are associated with student loans. The Bankrate promises
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We receive compensation for the promotion of sponsored goods or services, or through you clicking certain hyperlinks on our site. Therefore, this compensation may influence the manner, place and when products are listed, except where prohibited by law. We also offer mortgage home equity, mortgage and other products for home loans. Other factors, such as our own website rules and whether the product is available within your region or within your own personal credit score may also influence how and where products appear on this site. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on each credit or financial product or service. A acquisition fee is the cost you pay when or other kinds of vehicles . It may be called the administration fee, assignment fee or origination fee. The typical fee is a few hundred dollars, which is why it’s important to consider this expense into your budget when looking for a vehicle to lease. How do you calculate an acquisition charge? Nearly every time you apply for a loan, you will have to pay some sort of initial fee or charge back to your lender. The fee typically is used to fund the process of establishing the loan and conducting an credit check on consumers. In the case of auto leases the fee is called an acquisition cost and can also be referred to as an administrative or bank fee. The acquisition fee could be billed upfront or rolled into the monthly lease payment. What is the cost of an acquisition fee? An acquisition fee for an auto lease generally ranges from $395 to $895 but may vary depending on the car in question along with the company leasing you’re working with, as per Edmunds. Typically, the more expensive the car, the higher the acquisition fee. A luxury vehicle usually comes with more expensive acquisition fees than a sedan that is mid-range. In contrast to interest rates, the acquisition fee isn’t affected by the person who is borrowing the money’s financial situation, credit score, or any other personal variables. How can I tell whether my loan comes with an acquisition cost? 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 it through carefully to see if there is any mention of an acquisition fee. Lenders are good at hiding fees within the fine print, so it may be difficult to identify. Acquisition fees are also bundled into your monthly lease payments. It doesn’t matter if it’s paid upfront or as a part of your monthly lease installments, legally, lenders are required to make clear additional charges or fees when you inquire. Are acquisition fees negotiable? Similar to purchasing automobiles it is recommended to at least try to bargain. The acquisition cost and other lease features, like the value of trade-in as well as the interest rate and loan duration can be discussed. If it doesn’t work out, you can always look for a lease somewhere else that doesn’t require the acquisition cost. There are typically lease specials that are offered by dealers and manufacturers that might offer better options, so it’s always important to research. It’s also worth noting that in the very rare occasions where you’re able to negotiate a lower cost for your acquisition with a lender, they may raise your money factor in response. Make sure you are aware of the lease agreement before signing on. How to pay an acquisition fee If your leasing company charges an acquisition fee, this expense can either be paid in advance or rolled into the total cost for the loan. If you select the second option, the fee is included in the total amount for the lease. This will increase the your monthly lease payment and cost you more over the long haul because of compound interest. The addition of the acquisition fee to the loan can help, however in the event that you do end up destroying the car. In the event that you are paying the acquisition cost in advance and your car ends up damaged in an accident, you will not get any of the fees back from the lender. However, if you’d had the option of rolling the acquisition fee into the loan, you’d be able to recuperate a portion of the cost. The bottom line Acquisition fees are only able to be avoided if you know about the fees before signing the contract. If you attempt to negotiate the fee with the leasing firm and have no luck, consider finding a new offer. Beware of being pressured into accepting the lease terms. Before signing a lease agreement make contact with several companies to determine what type of . Doing some research is the best way to minimize or avoid the cost of acquisition. 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Written by the contributing writer Zina Kumok. Kumok has been a full-time personal financial 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 Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and simplifying the complex world in student loans.
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