Frequently Asked Questions
Got a question?
We have an answer.
At Mek Auto Group, we know leasing or financing a new car can be stressful and intimidating; especially with dealerships. Our mission is clear: to empower you with the insights and information you need to make an informed, confident decision about your next vehicle. We don’t just sell cars; we educate our clients.
FAQs
What is an auto broker?
An auto broker is a professional who acts as an intermediary between car buyers and dealerships. At Mek Auto Group, we leverage our industry expertise and dealer relationships to negotiate the best possible deals on leases and purchases for our clients. We handle the entire process from vehicle selection to paperwork, saving you time and money.
Why should I use an auto broker?
Using Mek Auto Group as your auto broker offers several advantages:
- We save you time by handling negotiations and paperwork
- Our industry connections allow us to secure better pricing and terms
- We provide unbiased advice on vehicle selection based on your needs
- Our expertise helps you avoid common pitfalls in the car buying/leasing process
- We offer a stress-free, convenient experience from start to finish
- We offer home delivery or pick-ups from our office, ensuring you never have to step foot into a dealership and deal with pushy salesmen
Simply put, we know how to deal with dealerships and salesmen. By using our services, you avoid wasting your weekend sitting in a dealership for hours at the mercy of the salesmen. And in the end, they give you numbers that are way too high because they know the average customer isn’t well-versed in the industry. The worst part is, most people don’t know any better and end up getting taken advantage of. That’s where we come in. We’ve been negotiating lease deals for decades and we promise to provide fairness, honesty and the best customer service you’ve experienced while leasing or purchasing a new car.
What if I have bad credit?
At Mek Auto Group, we work with clients across the credit spectrum. Even if you have bad credit, we have relationships with lenders and dealerships who specialize in subprime auto loans. We'll work to find the best possible financing options given your credit situation. Our goal is to help every client drive away in their desired vehicle.
Do you work with all brands?
Yes, Mek Auto Group works with all major automotive manufacturers. Whether you're interested in a luxury vehicle or an economy car, we can help you find and secure the best deal. Our extensive network allows us to source virtually any make and model you desire.
How much does your service cost?
Our services are typically free to the client. We are compensated by the dealerships we work with, similar to how real estate agents are paid. In some cases, we may charge a small fee for our services, but this will always be disclosed upfront and is often offset by the savings we secure for you.
How long does the process take?
The timeline can vary depending on factors like vehicle availability and financing or credit approval. However, we pride ourselves on efficiency. In many cases, we can complete the entire process within one day to a week. We'll keep you updated throughout and work to meet any time constraints you may have. Learn more about how using an auto brokers works.
Am I financing or leasing directly from Mek Auto Group?
No, Mek Auto Group is not a lender or lessor. We facilitate deals between our clients and dealerships or financial institutions. We use our expertise to negotiate the best terms on your behalf, but the actual financing or leasing agreement will be with the dealership or a third-party lender.
What separates Mek Auto Group from other auto brokerages?
At Mek Auto Group, we prioritize transparency, personalized service, and client education. Our team has extensive industry experience and a proven track record of securing exceptional deals. We also offer ongoing support after the sale, including assistance with lease-end options and vehicle modifications. Our commitment to client satisfaction sets us apart.
Is it cheaper working with you?
In most cases, yes. Our negotiating power and industry relationships allow us to secure better pricing than most individuals can achieve on their own. We also save you valuable time and potential frustration. While we can't guarantee savings in every situation, our goal is always to provide the best possible value for our clients.
How do I know Mek Auto Group will get me a better deal?
We encourage our clients to shop around and compare offers. Our confidence comes from years of experience and a track record of satisfied clients. We're often able to secure deals that aren't publicly advertised. Additionally, we provide a comprehensive service that goes beyond just price negotiation, including unbiased advice and ongoing support. Our transparent approach means we'll always be upfront about the value we're providing.
Can you help me get out of an existing lease?
Absolutely! Navigating your way out of a lease can feel overwhelming, but that’s where we come in.We have a wide network of dealerships and independent buyers who specialize in lease buyouts. Thanks to our deep relationships in the industry, we’re often able to secure positive equity for our clients, which means you could actually walk away with money in your pocket, rather than owing fees.
Terminology
Acquisition Fee
An upfront charge by the lessor to cover administrative costs of setting up the lease. It’s essentially a processing fee by the dealership for initiating the lease agreement. In most cases, this is rolled into the vehicle’s monthly payments.
Annual Percentage Rate (APR)
The yearly cost of borrowing money, including fees, expressed as a percentage. It provides a more comprehensive view of the total cost of financing compared to the interest rate alone.
Capitalized Cost (Cap Cost)
The negotiated price of the leased vehicle plus any additional fees or charges included in the lease. This is the total amount being financed through the lease.
Capitalized Cost Reduction (Cap Cost Reduction)
Any down payment, trade-in value, or rebates that reduce the capitalized cost. This lowers the amount being financed, resulting in lower monthly payments.
Co-signer
Someone who signs the loan or lease agreement with the primary borrower, taking on equal responsibility for payments. This is often used when the primary borrower has limited credit history or a low credit score.
Disposition Fee (Dispo)
A charge for returning the vehicle at the end of the lease. This fee covers the lessor's costs associated with preparing the returned vehicle for sale. However, when working with us, we collaborate with dealers to waive the disposition fee, potentially saving you hundreds of dollars at the end of your lease term.
Down Payment
An initial upfront payment made when financing or leasing a vehicle. A larger down payment typically results in lower monthly payments and potentially better loan terms.
Drive-offs
The total amount due at lease signing, which typically includes the first month's payment, registration fees, and other upfront costs. When working with us, the down payment is the only thing a client will pay at signing. We ensure there are no hidden fees or additional drive-off costs, providing transparency and helping our clients budget accurately for their new lease. This approach simplifies the leasing process and eliminates surprise expenses, making your lease initiation as straightforward and economical as possible.
Gap Insurance
Coverage that pays the difference between the lease payoff and the vehicle's value if it's totaled or stolen. This protects the lessee from owing money on a vehicle they no longer possess. When working with us, we do our best to work gap insurance as part of your deal, costing little to no additional money for our clients.
Incentives
Financial promotions offered by manufacturers or dealerships to make leasing or purchasing a vehicle more attractive. These can include lease cash (cash rebates applied to leases), loyalty discounts for returning customers, conquest rebates for switching from a competitor's brand, and other promotional offers. Working with us ensures you'll have access to all available incentives, potentially lowering your overall lease costs significantly.
Lease Term
The length of the lease agreement, usually expressed in months. Common lease terms are 24, 36, or 48 months.
Lessee
The person who leases the vehicle. They have the right to use the vehicle for the duration of the lease term in exchange for regular payments.
Lessor
The company that owns the leased vehicle and grants the lease to the lessee. Typically, this is a financial institution or the vehicle manufacturer's financing arm.
Mileage Allowance
The maximum number of miles allowed during the lease term without incurring penalties. Exceeding this limit results in additional charges at lease-end. Common mileage allowances are 7,500, 10,000 and 12,000 annual miles. Charges for over-mileage varies by manufacturer, however the most common charges are $0.25 per mile.
Money Factor
Represents the interest rate on a lease, usually expressed as a small decimal number. To convert to an approximate APR, multiply the money factor by 2400.
MSD (Multiple Security Deposit)
An option in some lease agreements where the lessee can make multiple refundable security deposits upfront to reduce the money factor (interest rate) on the lease. Each deposit, typically equal to the monthly payment rounded to the nearest $50, can lower the money factor by a small amount. This can result in significant savings over the lease term for those who can afford the initial outlay. The deposits are fully refundable at the end of the lease if there are no excessive wear or mileage charges.
MSRP/Sticker Price
The Manufacturer's Suggested Retail Price, also known as the sticker price, is the recommended selling price set by the manufacturer for a vehicle. It's typically displayed on the window sticker of new cars at dealerships. However, the actual selling or leasing price is often negotiable and can be lower than the MSRP, especially when working with the experienced professionals at Mek Auto Group who can leverage market knowledge and volume discounts.
Residual Value
The estimated value of the vehicle at the end of the lease term. A higher residual value generally results in lower monthly lease payments.
