What's an acquisition fee? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and analyze data for free to help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this site come from companies that compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our loan products, such as mortgages and home equity, and other home lending products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial deals that might be accessible to you. SHARE: Nejron Photo/Shutterstock
2 min read Published February 26, 2022
Written by Zina Kumok Written by a contributing writer Zina Kumok has been a full-time personal finance journalist 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 is invested in helping students to navigate the steep cost of college as well as simplifying the complex world of student loans. The Bankrate guarantee
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So, this compensation can impact how, where and in what order items are listed and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other elements, such as our own website rules and whether the product is offered in your region or within your personal credit score may also influence the manner in which products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every financial or credit products or services. An acquisition fee is a cost you pay when you purchase other types of vehicles . It may be called the administrative fee, the assignment fee or origination fee. The cost is usually a few hundred dollars, which is why it's important to consider this expense in your spending plan when searching for a vehicle to lease. What is an acquisition charge? Almost any time you apply for a loan you'll have to pay an charge to initiate the loan with the lender. The fee typically is used to fund the process of establishing the loan and also running a credit check on a consumer. For auto leases it is referred to as an acquisition cost and can also be referred to as an administrative fee or bank fee. The acquisition cost can be charged upfront or rolled into monthly lease payments. How much is an acquisition fee? The acquisition cost for an auto lease typically can range from $395 to $895 but may vary depending on the car you're leasing as well as the lease company that you're dealing with, according to Edmunds. The more expensive the car, the greater the cost of acquisition. A luxurious car usually comes with an acquisition cost that is higher than a mid-priced sedan. Unlike interest rates, the acquisition fee doesn't affect the borrower's financial situation, credit score, or any other personal variables. How do I know if my loan has an acquisition fee? The easiest method to figure out whether your lease is subject to an acquisition fee is to ask the lender or dealer directly. If you have the lease, you should read it through carefully to see if there's anything mentioning an acquisition cost. Lenders are good in hiding fees in the fine print, and it could be difficult to spot. Acquisition fees are also added to the monthly lease payment. It doesn't matter if it's paid upfront or as a part of the monthly lease installments, legally, lenders have to make clear any fees or extra charges when you inquire. Are acquisition fees negotiable? Like buying cars, you should at least attempt 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 this doesn't work it's possible to search for a lease somewhere else that doesn't include the acquisition cost. There are often lease specials offered by manufacturers and dealers which could offer better alternatives, so it's always important to look around. It's important to note that in rare instances when you can negotiate a lower acquisition fee with an lender, they may raise your money factor in response. Make sure you are aware of the terms of your lease agreement before signing on. How to pay an acquisition fee If the leasing company has an acquisition fee, this expense can either be paid upfront or rolled to the cost total of the loan. If you choose the second option, the fee will be added to the principal amount for the lease. This will increase the monthly lease payments , and will cost you more in the long run because of compound interest. Adding the acquisition fee to the loan will help, however in the event that you end up totaling the car. If you pay the acquisition fee in advance and your car ends up involved in an accident, you won't receive the entire acquisition cost back from your lender. However, if you'd had the option of rolling this acquisition charge into your loan and then refinanced the loan, you'd be able to recuperate a portion of the amount. The bottom line Acquisition fees are only able to be avoided if they are discovered they are there prior to signing the contract. If you attempt to negotiate the fee with the leasing company but are unsuccessful, think about making a fresh offer. Don't be pressured to accept the lease agreement. Before you sign a lease contract, contact several companies to find out what they offer . Doing some research is the best way to cut down or eliminate the cost of acquisition. Learn moreabout:
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Written by the contributing writer Zina Kumok. 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 Chelsea Wing Editor: student loans editor Chelsea is with Bankrate since the beginning of 2020. She is invested in helping students to navigate the daunting costs of college and dissecting the complexity in student loans.
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