How Do You Lease Cars From Costco?
To lease a car from Costco, the customer must first purchase a Costco membership and then sign up for the Costco Auto Program, according to the company website. Costco does not lease or sell cars directly, as of 2015. The company partners with dealerships to offer lower rates to mutual customers, whether leasing or buying a vehicle. Affiliated dealerships also pay Costco a fee for each car purchased through this program, notes RealCarTips.
Leasing a car through Costco allows the customer to use the vehicle for a specific period of time that averages between 24 and 48 months, states Costco. Customers who lease through Costco have the option of either getting a new car and renewing the lease once the original agreement ends, returning the car, or buying the car outright. Customers are required to pay a percentage of the car’s original value over the period of the lease, and the price can vary depending upon the car’s value at the end of the lease. Credit requirements may increase with leasing a vehicle from Costco versus buying a vehicle, and a security deposit may also be required.
Costco members who sign up for the Costco Auto Program and lease a car also have access to car maintenance services at discounted rates, according to Costco. Along with cars, Costco also leases mobility vehicles, motorcycles, recreational vehicles and powersports vehicles.