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In 1987, the federal government enacted tax laws that make it less favorable for consumers to buy a vehicle. As a result, leasing an automobile has become a viable option for a greater number of consumers. While selecting the right car for your needs is very important, selecting the right type of lease agreement is probably even more important. This legal document defines your rights and liabilities in connection with using and paying for the vehicle. Be certain that you fully understand all terms of the lease before you sign it. There are two basic types of leases: CLOSED-END LEASES (also known as 'walk-away' leases and OPEN-END LEASES (also known as 'finance' leases). Regardless of the type of lease you select, you will be required to pay certain up-front initial costs. These costs are normally lower than what is required as a down payment when you purchase a car and thus, is one reason some consumers choose to lease rather than buy. Federal law requires the lessor (dealer) to clearly disclose all initial costs prior to the time you sign the lease. These initial costs usually include: Security Deposits; Advance Lease Payments; Insurance; Sales Tax and License Fees; and Capitalized Cost Reduction.

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