What's an acquisition fee? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct your own research and evaluate information for no cost - so that you can make financial decisions with confidence. 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 deals that are displayed on this site are from companies who pay us. This compensation can affect the way and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our loan products, such as mortgages and home equity, and other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offerings that could be available to you. SHARE: Nejron Photo/Shutterstock
2 min read Published 26 February 2022
Writer: Zina Kumok. Written by Contributing writer Zina Kumok is a full-time writer for personal finance 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 has been with Bankrate since the beginning of 2020. She's dedicated to helping students navigate the high cost of college as well as simplifying the complex world of student loans. The Bankrate guarantee
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We receive compensation for placement of sponsored products andservices or by you clicking on specific links on our site. So, this compensation can impact how, where and in what order products appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own proprietary website rules and whether the product is available within the area you reside in or is within your self-selected credit score range can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include details about every credit or financial products or services. An acquisition fee is a fee you pay when you purchase other types of vehicles . It could be called the administrative fee, the assignment fee, or origination fee. The fee is generally a few hundred dollars, therefore it is important to include this cost in your spending plan when looking for a car to lease. What is an acquisition cost? Almost any time you take out a loan it is necessary to pay some sort of origination fee to the lender. The fee typically covers the cost of initiating the loan and also running the credit report on a consumer. In the case of auto leases, this is known as an acquisition fee and is also sometimes labeled an administrative fee or bank fee. The acquisition cost can be paid upfront or added into your monthly lease payments. What's the average acquisition fee? A fee for acquisition on an auto lease typically can range from $395 to $895 but may vary depending on the vehicle in question along with the company leasing you're working with, according to Edmunds. Typically, the more expensive the vehicle, the more expensive the acquisition fee. A luxury vehicle will almost always come with an acquisition cost that is higher than a sedan that is mid-range. Contrary to interest rates, an acquisition fee doesn't affect the borrower's financial situation, credit score, or any other personal variables. How can I tell if my loan includes an acquisition fee? The most effective way to find out whether your lease is subject to an acquisition charge is to inquire with the lender or dealer directly. If you already have the paperwork, read carefully to find out if there is the mention of an acquisition fee. The lenders are adept at concealing fees in fine print, so it can be hard to identify. Acquisition fees can also be included in your monthly lease payments. It doesn't matter if it's paid upfront or part of your monthly lease installments, legally, lenders have to make clear any fees or extra charges in the event that you inquire. Are acquisition fees negotiable? Like buying cars and a home, you must at least try to negotiate. The acquisition cost and other lease features, such as the trade-in value or interest rate, as well as loan length can be negotiated. If this doesn't work, you can always look for a different lease that doesn't require the acquisition cost. There are usually lease deals that are offered by dealers and manufacturers which could offer better alternatives and it's important to research. It's also worth noting that in the rare cases where you're able to negotiate a lower cost for your acquisition with the lender and they might increase your money factor in response. Be sure to read the lease agreement prior to signing it. How do you pay an acquisition cost If your leasing company has the acquisition cost, the expense can either be paid in advance or rolled to the cost total that is incurred by the loan. If you select the alternative, the acquisition fee is included in the total for the lease. This will increase the monthly lease payments , and will cost you more in the long haul because of compound interest. The addition of the acquisition fee to the loan could be beneficial, but in the event that you do end up destroying the vehicle. If you pay the acquisition fee upfront and the car is in an accident, you will not receive the entire acquisition cost back from your lender. If you'd rolled an acquisition cost into the loan and then refinanced the loan, you'd be able to recuperate a portion of the money. The bottom line: Acquisition fees can only be avoided if you know about 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. Don't be pressured to accept the lease conditions. Before finalizing a lease agreement make contact with several companies to find out what they offer . Doing some research is the best method to reduce or eliminate the acquisition fee. 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Written by the contributing writer Zina Kumok, who 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 Editor: student loans editor Chelsea has been working at 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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