What's an acquisition cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and unique content, by enabling you to conduct your own research and analyze data for free and help you make financial decisions with confidence. 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 offers that appear on this site are from companies that pay us. This compensation could affect how and when products are featured on this website, for example such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity, and other home loan products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not include the universe of companies or financial offers that may be open to you. SHARE: Nejron Photo/Shutterstock
2 min read Published 26 February 2022
Writer: Zina Kumok. a contributing writer Zina Kumok is 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 Editor: Student loans editor Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students navigate the daunting costs of college , and breaking down the complexities in student loans. The Bankrate promise
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If you have questions about money. Bankrate has the answers. Our experts have been helping you manage your money for over four years. We are constantly striving to provide our readers with the professional advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct standard of conduct, so you can rest assured that our information is trustworthy and accurate. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial decisions. The content we create by our editorial staff is objective, truthful and is not influenced through our sponsors. We're transparent about how we are capable of bringing high-quality content, competitive rates, and helpful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our website. Therefore, this compensation may affect the way, location and in what order items are listed and categories, unless it is prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, such as our own rules for our website and whether or not a product is offered in your region or within your own personal credit score may also influence the way and place products are listed on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial products or services. An acquisition fee is the cost you pay when or other types of vehicles . It can also be referred to as the administrative fee, the assignment fee or origination fee. The cost is usually a few hundred dollars, therefore it is important to include this cost into your budget when shopping for a vehicle to lease. What is an acquisition fee? Almost any time you take out a loan you'll have to pay an initial fee or charge back to your lender. The fee typically 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 cost and is also sometimes labeled an administrative or bank fee. The acquisition fee can be charged upfront or rolled into the monthly lease payment. What's the average acquisition fee? An acquisition fee for an auto lease typically can range from $395 to $895 but may vary depending on the car in question along with the company leasing you're dealing with, according to Edmunds. The more expensive the car, the greater the cost of acquisition. A luxurious car is almost always accompanied by an acquisition cost that is higher than a mid-range sedan. In contrast to interest rates, the acquisition cost 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 method to figure out whether your lease has an acquisition cost is to ask the lender or dealer directly. If you have the documents, go through carefully to find out if there is any mention of an acquisition fee. Lenders are good in hiding fees in the small print, which is why it could be difficult to identify. The acquisition fees could also be added to your 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 inform you of any fees or extra charges in the event that you inquire. Are acquisition fees negotiable? Like buying cars, you should at least attempt to negotiate. The acquisition cost and other lease-related features such as trade-in value as well as the interest rate and loan duration can be discussed. If the deal doesn't work, you can always look for a different lease that doesn't include an acquisition fee. There are often lease specials provided by both dealers and manufacturers which could offer better alternatives and it's important to shop around. It's also worth noting that in rare instances when you can negotiate a lower cost for your acquisition with a lender and they might increase your money factor in response. Make sure you are aware of the lease agreement before signing on. What is the best way to pay for an acquisition fee If the leasing company has an acquisition fee, this expense could be paid upfront or rolled into the total cost that is incurred by the loan. If you choose the latter option, the acquisition fee is paid in addition to the principle amount for the lease. This increases monthly lease payments and costs you more over the long term due to the compound interest. In addition, adding the acquisition fee the loan can help, however, if you end up totaling the vehicle. If you pay the acquisition fee upfront and the car is in an accident, you'll not get any of the fee back from the lender. But if you had rolled this acquisition charge into your loan and then refinanced the loan, you'd be able to recuperate a portion of the cost. The bottom line: Acquisition fees are only able to be avoided if they are discovered them before you officially sign the contract. If you try to negotiate the cost with the leasing company but are unsuccessful, think about finding a new offer. Do not be compelled to agree to the lease agreement. Before you sign a lease contract make contact with several companies to see what kind of . It is the most effective way to cut down or eliminate the cost of the acquisition. Find out more:
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Written by the contributing writer Zina Kumok has been a full-time financial writer since the year. 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 Edited by Student loans editor Chelsea has been with Bankrate since early 2020. She's committed to helping students manage the steep cost of college as well as dissecting the complexity in student loans.
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