What’s an acquisition fee? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with financial calculators and interactive tools, publishing original and objective content, by enabling you to conduct your own research and evaluate information for no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation could affect how and when products are featured on this site, including, for example, 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 loan products, such as mortgages and home equity and other products for home loans. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not contain the vast array of companies or financial offers that may be available to you. SHARE: Nejron Photo/Shutterstock
2 min read published February 26, 2022
written by Zina Kumok. Written by a 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 is with Bankrate since early 2020. She’s dedicated to helping students to navigate the steep costs of college and simplifying the complex world that are associated with student loans. The Bankrate promises
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Therefore, this compensation may affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, like our own proprietary website rules and whether or not a product is available within your area or at your personal credit score may also influence the manner in which products are featured on this website. We strive to offer an array of offers, Bankrate does not include details about every credit or financial products or services. An acquisition fee is a cost you pay when you purchase other kinds of vehicles . It may be called the assignment fee, administrative fee, or origination fee. The typical fee is about a couple hundred dollars, which is why it’s important to consider this cost in your spending plan when shopping for a car to lease. What is an acquisition cost? In almost all cases, when you apply for a loan, you will 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 an credit check on the consumer. In the case of auto leases the fee is called an acquisition fee and may also be called a bank fee or administrative fee. The acquisition fee can be paid upfront or added into your monthly lease payments. How much is an acquisition fee? An acquisition fee for an auto lease typically can range from $395 to $895 but may vary depending on the vehicle in question as well as the lease company that you’re dealing with, according to Edmunds. In general, the more costly the car, the greater the cost of acquisition. A luxury vehicle usually comes with a higher acquisition fee than a mid-range sedan. Contrary to interest rates, an acquisition fee isn’t affected by the person who is borrowing the money’s financial situation, credit score, or other personal aspects. What can I do to determine 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 inquire with the lender or dealer directly. If you have the documents, go through it through carefully to see if there is anything mentioning an acquisition cost. They are skilled at concealing fees in fine print, and it may be difficult to find. The acquisition fees could also be included in the monthly lease payment. It doesn’t matter if it’s paid upfront or as a part of your monthly lease installments legally, lenders are supposed to disclose the fees and charges when you inquire. Are acquisition fees negotiable? Similar to purchasing cars it is recommended to at least try to negotiate. The acquisition cost and other lease terms, such as the trade-in value, interest rate and loan duration can be discussed. If the deal doesn’t work then you could always search for a different lease that doesn’t include the acquisition cost. There are usually lease deals offered by manufacturers and dealers that could provide better choices which is why it’s essential to research. It’s important to note that in rare instances when you can bargain a lower purchase price with an lender and they might increase your cash factor to accommodate. Be sure to read the lease agreement before signing on. What is the best way to pay for an acquisition fee If your leasing company has an acquisition fee, this expense can either be paid out in advance or added in the overall cost that is incurred by the loan. If you opt for the latter option, the acquisition fee is included in the total that the loan is financed. This can increase monthly lease payments and costs you more in the long haul because of compound interest. The addition of the acquisition fee to the loan could be beneficial, but, if you end up having to pay for the car. When you have paid the purchase fee in advance and your car ends up involved in an accident, you will not receive the entire acquisition cost back from your lender. If you’d rolled this acquisition charge into your loan it would be possible to recover a portion of the cost. The bottom line is that acquisition fees can be avoided if you know about them before you officially sign the contract. If you attempt to negotiate the acquisition cost with the leasing firm and are unsuccessful, think about seeking a new deal. Do not be compelled to agree to the lease terms. Before finalizing a lease agreement, contact several companies to determine what type of . Doing some research is the best way to cut down or eliminate the cost of the acquisition. Learn moreabout:
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Written by the contributing writer Zina Kumok. 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 Editor: student loans editor Chelsea is with Bankrate since the beginning of 2020. She’s committed to helping students manage the steep cost of college as well as breaking down the complexities that are associated with student loans.
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