What is 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 as well as publishing objective and original content. We also allow users to conduct research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and where products appear on this site, including such things as the order in which they may be listed within the categories of listing, except where prohibited by law. Our loans, mortgage,, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offerings that could be available to you. SHARE Nejron Photo/Shutterstock
2 min read Published 26 February 2022
written by Zina Kumok. Contributing writer Zina Kumok has been a full-time personal finance writer since the year 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 early 2020. She is invested in helping students navigate the high cost of college as well as dissecting the complexity of student loans. The Bankrate promises
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We are compensated in exchange for the promotion of sponsored goods andservices or through you clicking certain links posted on our site. Therefore, this compensation may impact how, where and when products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage home equity, mortgage and other products for home loans. Other elements, such as our own proprietary website rules and whether or not a product is available in your region or within your self-selected credit score range could also affect the manner in which products are featured on this website. We strive to offer the most diverse selection of products, Bankrate does not include information about every financial or credit products or services. A acquisition fee is a cost that you pay for acquisitions, as well as other types of vehicles . It could also be referred to as the assignment fee, administrative fee or origination fee. The fee is generally about a couple hundred dollars, therefore it is important to include this cost into your budget when searching for a vehicle to lease. Is there an acquisition fee? Nearly every time you apply for an loan it is necessary to pay some sort of charge to initiate the loan with the lender. This fee generally covers the cost of initiating the loan and running a credit check on a consumer. For leases on cars, this is known as an acquisition fee . It is also sometimes labeled an administrative fee or bank fee. The acquisition fee could 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 you're leasing along with the company leasing you're dealing with, as per Edmunds. Typically, the more expensive the car, the higher the acquisition fee. A luxury car usually comes with an acquisition cost that is higher than a mid-range sedan. Unlike interest rates, the acquisition cost isn't affected by the person who is borrowing the money's income, credit score or any other personal variables. How can I tell whether my loan includes an acquisition fee? The most effective way to find out if your lease comes with an acquisition cost is to ask the lender or the dealer directly. If you have the paperwork, read it through carefully to see if there's the mention of an acquisition cost. They are skilled at concealing fees in small print, which is why it could be difficult to find. Acquisition fees can also be added to the monthly lease payment. If they are paid in advance or as a part of your monthly lease installments, legally, lenders are required to disclose additional charges or fees if you ask. Are acquisition fees negotiable? Like buying automobiles, you should at least attempt to discuss. The acquisition cost and other lease terms, such as the trade-in value, interest rate and loan duration may be negotiable. If it doesn't work out, you can always look for a different lease that doesn't include an acquisition fee. There are often lease specials offered by manufacturers and dealers that might offer better options, so it's always important to shop around. It's also worth noting that in rare instances where you're able to 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 terms of your lease contract before you sign it. How to pay an acquisition cost If your leasing company requires fees for acquisition, the cost can be paid in advance or rolled to the cost total for the loan. If you select the second option, the fee will be included in the total amount for the lease. This can increase your monthly lease payment and cost you more in the long run due to the compound interest. The addition of the acquisition fee to the loan will help, however it is a risk if you do end up destroying the car. When you have paid the purchase fee in advance and your car ends up damaged in an accident, you'll not receive any of the acquisition fees back from the lender. But if you had rolled this acquisition charge into your loan, you'd be able to recuperate a portion of the cost. The bottom line: Acquisition fees can only be avoided if they are discovered they are there prior to signing the contract. If you try to negotiate the acquisition fee with the leasing company and are unsuccessful, think about finding a new offer. Do not be compelled to agree to the lease conditions. Before you sign a lease contract make contact with several companies to see what kind of . Doing some research is the best method to reduce or eliminate the cost of acquisition. Find out more:
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Written by Contributing writer Zina Kumok has been a full-time financial writer since the year 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 is with Bankrate since early 2020. She's dedicated to helping students navigate the high cost of college as well as breaking down the complexities of student loans.
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