Although there are many different types of consumer leases available, we don’t recommend leasing unless you have done your homework and know what you’re getting into.
Before entering into an agreement, you should compare the total cost of the lease/rental with what it would cost to purchase the same product outright.
Don’t be pressured. Shop around. Do your calculations and compare with other options such as paying in cash once you’ve saved the money or getting a personal loan.
A consumer lease is a contract that lets you rent an item for a period of time, usually one to four years.
You make regular rental payments (weekly, fortnightly or monthly) until the term of the lease finishes. Then, there’s a payout figure if you want to buy it instead of returning it.
Lots of stores allow you to lease or rent electrical appliances, computers and household goods. Leasing goods is often marketed as a cheaper option to buying them, but it can end up being a lot more expensive.n fact, most products and services purchased after 1 January 2011 come with automatic consumer guarantees that the product or service you purchased will work and do what you asked for.
Although there are many different types of consumer leases available, we don’t recommend leasing unless you have done your homework and know what you’re getting into.
Before entering into an agreement, you should compare the total cost of the lease/rental with what it would cost to purchase the same product outright.