--- title: The 3 Myths of Car Leasing description: There’s a lot of misinformation about car leasing, so don’t just take your neighbor’s word for it. Here are three common myths of car leasing. image: https://go.hfcu.org/hubfs/The%203%20Myths%20of%20Car%20Leasing.png --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - 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[Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # The 3 Myths of Car Leasing ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Jun 28, 2022 ![A close-up shot of a curly-haired woman signing for a new car lease. The top half of the woman's face is cropped out, but you can see her smile. Only the salesperson's hands are visible, holding the clipboard and car keys.](https://go.hfcu.org/hubfs/The%203%20Myths%20of%20Car%20Leasing.png) There’s a lot of misinformation about car leasing that floats around, so don’t take your neighbor’s or your cousin’s word for it. Get the facts from a reliable source. Here are three common misconceptions: - **Anyone can lease a car.** Incorrect! [You have to have an excellent credit score](https://www.hfcu.org/credit-report-and-score.html) in order to qualify for a lease, especially for the best new car lease deals on the market. In some cases, it’s more difficult to qualify for a lease than for a car loan. If your [score is low](https://go.hfcu.org/blog/3-tricks-to-boost-your-credit-score), you may want to buy an inexpensive used car or wait until your credit history is in tip-top shape before you attempt to lease the vehicle of your dreams. - **You can walk away from a lease.** Not always. You can only walk away if it’s a closed-ended lease. If it’s an open-ended lease, you're obligated to purchase the car at the end of your lease. [Don’t sign any paperwork](https://go.hfcu.org/blog/bid/186068/leasing-fees-for-dummies-understanding-your-lease-agreement) without knowing which type of lease you’re getting. - **You'll pay the same insurance rate whether you buy or lease**. Nope! Leasing companies usually require you to have more than the state-required minimum liability coverage, which costs more. You may also be required to carry [GAP (Guaranteed Asset Protection) insurance](https://hfcu.iqq.alliedsolutions.net/iqq/consumerwebsite/home), insurance that covers the difference between the actual value of the car and the balance owed owed on it.   [![](https://cta-image-cms2.hubspot.com/ctas/v2/public/cs/il/?pg=905572ac-7ef7-4b0a-b7bd-7df258a01556&pid=118438&hs_preview=true&_=1557258620587)](https://www.hfcu.org/loans-and-credit-cards/better-than-a-lease.html) *Others are reading:* - [The Only Way To Remove Accurate Negative Items On Your Credit Report](https://go.hfcu.org/blog/the-only-way-to-remove-accurate-negative-items-on-your-credit-report) - [The Top 3 Questions We Get About Credit Reports And Scores](https://go.hfcu.org/blog/the-top-3-questions-with-answers-we-get-on-credit-scores) - [4 Ways Your Car's Color Can Save You Money](https://go.hfcu.org/blog/4-factors-for-saving-green-with-your-car-color) - [How to Avoid an Auto Loan Deficiency](https://go.hfcu.org/blog/bid/149652/i-crashed-my-car-into-the-bridge-i-don-t-care-i-love-it) - [The Difference Between Good Debt and Bad Debt](https://go.hfcu.org/blog/the-difference-between-good-debt-and-bad-debt) ** [Auto](https://go.hfcu.org/blog/topic/auto), [Credit Score](https://go.hfcu.org/blog/topic/credit-score) [** How To Protect Your Newborn From Identity Theft ](https://go.hfcu.org/blog/how-to-protect-your-newborn-from-identity-theft) [** Make Your Summer Vacation Plans Inflation-Proof ](https://go.hfcu.org/blog/dont-let-inflation-spoil-your-summer-vacation-plans) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![What's the Best Credit Score for a Mortgage?](https://go.hfcu.org/hubfs/couple%20on%20couch.png) What's the Best Credit Score for a Mortgage? ](https://go.hfcu.org/blog/whats-the-best-credit-score-for-a-mortgage) [![5 Surprising Ways You Overshare Your Personal Information](https://go.hfcu.org/hubfs/Protect%20Your%20Privacy%205%20Surprising%20Ways%20You%20Overshare%20Your%20Personal%20Information.png) 5 Surprising Ways You Overshare Your Personal Information ](https://go.hfcu.org/blog/protect-your-privacy-5-surprising-ways-you-overshare-your-personal-information) [![6 Reasons Store Credit Cards Can Cost You Money](https://go.hfcu.org/hubfs/6%20Reasons%20Store%20Credit%20Cards%20Can%20Cost%20You%20Money.png) 6 Reasons Store Credit Cards Can Cost You Money ](https://go.hfcu.org/blog/6-reasons-store-credit-cards-can-cost-you-money) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/3-myths-of-car-leasing/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/3-myths-of-car-leasing/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/3-myths-of-car-leasing/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. 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Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. 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The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. 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