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 offering financial calculators and interactive tools, publishing original and objective content. We also allow you to conduct research and evaluate information for no cost - so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited 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 that pay us. This compensation could affect how and where products are displayed on this site, including, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our loans, mortgage, and other home loan products. However, this compensation will affect the information we provide, or the reviews you read on this site. We do not cover the universe of companies or financial deals that might be available to you. SHARE Nejron Photo/Shutterstock
2 min read published February 26, 2022
Writer: Zina Kumok Written by a contributing writer Zina Kumok has been a full-time writer for personal finance since 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 working at Bankrate since early 2020. She's committed to helping students navigate the high cost of college as well as breaking down the complexities that are associated with student loans. The Bankrate guarantee
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Therefore, this compensation may influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own rules for our website and whether the product is available within the area you reside in or is within your self-selected credit score range can also impact how and where products appear on this website. We strive to offer an array of offers, Bankrate does not include information about every credit or financial item or product. A acquisition fee is a fee that you pay for acquisitions, as well as other types of vehicles . It can be called the administration fee, assignment fee, or origination fee. The typical fee is around a few hundred dollars therefore it is important to include the cost into your budget when shopping for a vehicle to lease. How do you calculate an acquisition cost? Nearly every time you take out an loan you'll have to pay some sort of initial fee or charge back to your lender. This fee generally covers the cost of initiating the loan and running the credit report on the consumer. In the case of auto leases it is referred to as an acquisition fee . It is also sometimes labeled an administrative or bank fee. The acquisition fee could be charged upfront or rolled into monthly lease payments. How much is an acquisition fee? An acquisition fee for an auto lease generally ranges from $395 to $895 but can differ based on the vehicle in question as well as the lease company that you're working with, as per Edmunds. The more expensive the car, the greater the acquisition fee. A luxury vehicle usually comes with more expensive acquisition fees than a sedan that is mid-range. Contrary to interest rates, an acquisition fee isn't affected by the person who is borrowing the money's credit score, income or any other personal variables. How do I know if my loan includes an acquisition fee? The easiest way to figure out whether your lease has an acquisition cost is to ask the lender or the dealer directly. If you have the paperwork, read it carefully to determine whether there's any mention of an acquisition fee. They are skilled at concealing fees in fine print, and it can be hard to spot. Acquisition fees can also be added to the monthly lease payment. Whether it's paid upfront or as 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? Similar to purchasing cars, you should at a minimum try to discuss. The acquisition fee as well as other lease terms, like the value of trade-in or interest rate, as well as loan duration may be negotiable. If this doesn't work then you could always search for a new lease that doesn't include the acquisition cost. There are often lease specials offered by manufacturers and dealers that could provide better choices which is why it's essential to look around. It's also important to remember that in the very rare occasions where you are able to bargain a lower purchase price with an lender and they might increase your money factor in response. Be sure to read the conditions of your lease agreement before signing on. How do you pay an acquisition cost If your leasing company has the acquisition cost, this cost can be paid in advance or rolled into the total cost of the loan. If you select the latter option, the acquisition fee is included in the total for the lease. This can increase monthly lease payments and costs you more over the long term because of compound interest. The addition of the acquisition fee to the loan will help, however in the event that you end up totaling the car. In the event that you are paying the acquisition fee prior to the time of accident and the vehicle is in an accident, you won't get any of the cost back from your lender. But if you had rolled the acquisition fee into the loan it would be possible to recoup part of the money. The bottom line Acquisition fees are only able to be avoided if you know about them before you officially sign the contract. If you try to negotiate the acquisition cost with the leasing firm and have no luck, consider finding a new offer. Don't be pressured to accept the lease agreement. Before signing a lease agreement make contact with several companies to determine what type of . Shopping around is the best way to cut down or eliminate the cost of the acquisition. Learn more:
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Written by the contributing writer Zina Kumok has been a full-time personal finance writer since 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 Edited by student loans editor Chelsea has been working at Bankrate since early 2020. She's committed to helping students manage the steep costs of college , and breaking down the complexities that are associated with student loans.
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