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Oliver C. Joseph

3795 West State Route 15
Directions Belleville, IL 62226

  • Sales: (877) 215-4650
  • Service: (888) 762-4086
  • Parts: (888) 713-5788

Buy or Lease

BUYING

Who Owns the Car?

Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing your vehicle, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.


Up-Front Costs?

If you're financing the vehicle, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit history.


Future Value?

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)


End of Payments?

Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)




Maintenance Requirements?

When you buy a car, you are only required to do the Factory required maintenance to maintain your Factory Warranty; however, you do have payments to make and studies show customers are more likely to make timely payments on well running cars. After the expiration of Factory Warranty, the full cost of repairs falls to you.   We do offer and recommend Vehicle Service Contracts covering items similar to the coverage of Factory 3 year/36,000 miles warranties. To reduce stress and to help you plan for future issues with your vehicle, your Finance Manager here at Oliver C. Joseph can help you find the right coverage for your needs





When it comes to buying or leasing a car the options can be confusing. To help you make an informed decision we have provided the information below. We hope you find it informative and useful.

When you buy a car you, pay for the entire cost of the vehicle.

When you lease a car, you pay for only a portion of the vehicle's cost, which is the part you use during the time you are driving it.


Important Questions to decide if leasing or buying is better for you:


Do I want to trade in my car?

Any amount you own, and the value you receive for your trade will effect your monthly payments. The value for your trade will also offset the amount of taxes due on the new vehicle for purchase or a lease.

Because a lease is typically over a shorter period of time, Negative equity as well as making an initial investment in your vehicle lease will have a greater impact on the monthly payment. $1,000 over 27 months is $37.03 or $13,33 over 75 months.


How many miles do I drive a year?

If you drive an average number of miles (15,000) a year or less, a lease may be a good idea for you.      If you drive more, there are options to pre-pay for miles as well. If you buy a car, you have no mileage limitations from your lender.


For what activities will I be using this car?

Leases are required to be turned in with no more than "average wear and tear." Though we do offer protection against excessive ware to help you avoid end of lease fees, you will want to think about how you will be using your new car, truck, van or SUV. Are you an avid landscaper or just a weekend warrior?


How often do I want to get a newer or different car?

When you turn in your vehicle at the end of the lease, you don't owe anything (unless you have excessive ware or disposition fees). This means there is no negative equity to raise the payment of your next vehicle. This makes leasing an attractive option for those who prefer to drive new vehicles.

Buying a car allows you to finish payments and continue to drive a vehicle as long as you like. With options for extended coverage for 120,000 miles or 10 years, our customers can drive the same vehicle for years with confidence!


What maintenance and repairs am I willing to pay for and over what timeframe?

Not servicing the car in accordance with the factory required maintenance schedule in your vehicle's manual will void the factory warranty 

We do offer a number of maintenance contracts to make your service visits hassle free and to save you money.

After the expiration of your Factory Warranty , the full cost of repairs falls to you.   We do offer and recommend Vehicle Service Contracts covering items similar to the coverage of Factory 3 year/36,000 miles warranties to reduce stress and to help you plan for future issues with your vehicle whether if your lease is for 15,000 a year for 36 months (45,000 at turn in) or for long-term owners.


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LEASING

Who Owns the Car?

You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy/finance the car.



Up-Front Costs?

Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee, and other fees and taxes. As with a purchase, if you want to lower your monthly payments, you can always pay more upfront.


Future Value?

In most leases, you don't end up owning the vehicle, so you don't end up selling it. That's the bank's job. Although, you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.


End of Payments?

Most people return the vehicle at the end of their lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.


Maintenance Requirements?

When you lease a vehicle, you must do the Factory required maintenance for the duration of your contract.  

We do offer maintenance contracts to make your service visits hassle free.

If your lease term includes mileage beyond the Factory 3 year/36,000 miles, We also offer lease wrap extensions to make sure the vehicle is covered so that you can return the car of proper mechanical condition in accordance with your lease terms. make sure to work with your Business Manager here at Oliver C. Joseph to select the right protections for your lease

Below are some common words/phrases associated with financing and leasing and how they may effect you. 

Rate; typically the APR from the lender effecting the interest paid over the duration "term" of payments. Some leases are based on Money Factor, to calculate the interest due. These figures are based on the lender and your credit history.

Initial Investment is the total sum of your down payment (liquid cash paid at time of purchase, "cash down"), any Partial Initial Payment (earnest money) and equity (the difference between the amount the dealership is paying to buy your vehicles you are trading in and any amount still owe on those vehicles, "pay off"). 

Money down will lower payments when buying a car. Because a lease is typically over a shorter period of time, making an initial investment in your vehicle lease will have a greater impact on the monthly payment.

Residual Value is the percentage of a car's MSRP the lender expects a leased vehicle to be worth at the end of the contract. This rate is determined by the bank and varies based on the number of months, "term," of the lease and the number of miles per year (10,000 - 12,000 or 15,000) selected. This is the amount for which the customer is NOT responsible. This rate is also used to calculate the predetermined amount for which the customer may chose to purchase the vehicle at the end of the lease.

 If a car's residual value is 60%, the lease payments will be based on 40% of the MSRP, whereas when buying a car the payments are on 100%. This is why some leases result in a lower payment the buying the same car.

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