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What is an acquisition cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering financial calculators and interactive tools that provide objective and unique content. This allows you to conduct research and compare information for free – so that you can make informed financial decisions. 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 deals that are displayed on this site are from companies who pay us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they be listed within the categories of listing, except where prohibited by law for our loan products, such as mortgages and home equity and other home lending products. However, this compensation will affect the information we publish, or the reviews you read on this site. We do not include the vast array of companies or financial offers that may be accessible to you. SHARE Nejron Photo/Shutterstock
2 minutes read. Published 26 February 2022
Written by Zina Kumok. Contributing writer Zina Kumok has been 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 Chelsea Wing Editor: Student loans editor Chelsea has been working at Bankrate since early 2020. She is invested in helping students to navigate the steep costs of college and breaking down the complexities in student loans. The Bankrate promise
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We receive compensation for the promotion of sponsored goods andservices or by you clicking on certain hyperlinks on our website. So, this compensation can impact how, where and when products are listed in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own proprietary website rules and whether the product is available in the area you reside in or is within your own personal credit score could also affect how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit product or service. An acquisition fee is a cost you pay when you purchase other kinds of vehicles . It could be called the assignment fee, administrative fee, or origination fee. The fee is generally a few hundred dollars, which is why it’s important to consider the cost into your budget when looking for a car to lease. What is an acquisition fee? Almost any time you apply for an loan you’ll have to pay some sort of origination fee to the lender. This fee generally is used to fund the process of establishing the loan and also running a credit check on consumers. For auto leases, this is known as an acquisition fee . It is also sometimes labeled an administrative fee or bank fee. The acquisition fee could be paid upfront or added into your monthly lease payments. How much is an acquisition fee? An acquisition fee for an auto lease typically ranges from $395 to $895 but can differ based on the car you’re leasing and the leasing company you’re dealing with, according to Edmunds. In general, the more costly the car, the higher the cost of acquisition. A luxury vehicle will almost always come with a higher acquisition fee than a sedan that is mid-range. In contrast to interest rates, the acquisition cost isn’t affected by the borrower’s income, credit score or any other personal variables. How do I know if my loan has 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 it through carefully to see if there is any mention of an acquisition fee. Lenders are good at concealing fees in fine print, and it may be difficult to find. Acquisition fees are also added to your monthly lease payments. Whether it’s paid upfront or as a part of your monthly lease installments, legally, lenders have to disclose any fees or extra charges in the event that you inquire. Are acquisition fees negotiable? Similar to purchasing a car it is recommended to at least attempt to discuss. The acquisition fee as well as other lease terms, such as trade-in value as well as the interest rate and loan duration may be negotiable. If the deal doesn’t work then you could always search for a different lease which doesn’t have an acquisition fee. There are usually lease deals offered by manufacturers and dealers that could provide better choices and it’s important to research. It’s also worth noting that in the very rare occasions when you can negotiate a lower cost for your acquisition with a lender and they might increase the amount of money you pay in response. Pay careful attention to the lease contract before you sign it. How to pay an acquisition cost If your leasing company has fees for acquisition, this cost can be paid out in advance or added to the cost total of the loan. If you opt for the alternative, the acquisition fee will be included in the total that the loan is financed. This can increase your monthly lease payment and cost you more in the long term due to the compound interest. The addition of the acquisition fee to the loan can help, however, if you end up totaling the vehicle. When you have paid the purchase cost prior to the time of accident and the vehicle is damaged in an accident, you will not get any of the cost back from your lender. But if you had rolled this acquisition charge into your loan and then refinanced the loan, you’d be able to recover a portion of the amount. The bottom line Acquisition fees are only able to be avoided if you notice them before you officially sign the contract. If you try to negotiate the purchase fee with the leasing firm and are unsuccessful, think about making a fresh offer. Beware of being pressured into accepting the lease agreement. Before you sign a lease contract make contact with several companies to determine what type of . Doing some research is the best way to minimize or avoid the cost of the acquisition. Find out more:
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Written by Contributing writer Zina Kumok, who has been a full-time personal financial writer 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 early 2020. She is invested in helping students manage the steep costs of college , and breaking down the complexities in student loans.
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