4108 Burnet Road, Suite 120, Austin, TX 78756
Grouped by the stage you are at. If the answer you need is not here, call and ask for a lease advisor. Nobody at Current reads from a script.
How a Current payment is put together, line by line.
Two things plus tax. Depreciation is the adjusted capitalised cost minus the residual value, divided by the number of months. Rent charge is the adjusted cap plus the residual, multiplied by the money factor. Add them together and that is your payment. Texas motor vehicle tax is capitalised into the cap cost at inception rather than added monthly, which is why a Texas payment looks higher than the same deal quoted in a monthly tax state.
It is the lease equivalent of an interest rate, written as a small decimal. Multiply it by 2,400 to get the APR equivalent. A money factor of 0.00142 is roughly 3.41 percent. Every offer on this site shows both numbers. If a dealer will not tell you the money factor, that is the answer to a different question.
Because the residual is the bank's forecast of what the car will be worth at the end of the term, and it is set as a percentage of manufacturer's suggested retail price before any discount. That is why negotiating the selling price down helps your payment but does not change the residual. It is also why a car with a big discount and a low residual can still be an expensive lease.
Usually not. A capitalised cost reduction lowers the payment but it is not refundable if the car is written off or stolen early in the term, and gap cover pays the lessor, not you. We normally recommend the smallest cap reduction that gets you the tier you want, and putting the rest nowhere.
Yes, in full, as a capitalised cost reduction shown as its own line on your worksheet. Because the lessor takes the credit on a lease rather than the driver, there is no income cap and no assembly location requirement to satisfy. Talk to your own tax advisor about your circumstances; we are not tax advisors and this is a sample figure.
The two decisions that move your payment the most.
Take the band that matches what you actually drive, which is usually higher than people guess. Look up your last two Texas state inspections; they record the odometer, so the difference between them is your real annual mileage. Going over costs $0.25 a mile at turn in. Buying miles up front costs $0.16 a mile but is not refunded if you do not use them.
The residual only drops about a point and a half over those three extra months, while the depreciation you are paying gets spread over three more payments. On a Kestra Ridge Ultra the 39 month payment lands roughly $19 a month below the 36. The trade is three more months of commitment and three more months of mileage allowance to use.
Only if the lower payment matters more than the warranty. A 48 month term runs past the four year bumper to bumper cover on most cars, and at 15,000 miles a year you finish at 60,000 miles which is outside it on mileage too. Battery and powertrain cover usually runs to eight years, so the risk is trim and electronics rather than anything expensive.
Once, free, inside the first 90 days. After that a band change has to be done as a mid term amendment with the lessor and it is not always available. That is exactly why we spend so long on the band before the car.
What charging costs in Austin and what gets installed at your house.
The unit and a standard install are included on a 36 month lease or longer. Standard means up to 40 feet of conduit from your panel to the wall, plus the City of Austin permit and inspection. If your home needs a service upgrade from 100 to 200 amps, that is quoted separately and typically runs $1,450. We survey before you sign, so you know which one you are in.
On the Austin Energy EV plan overnight at $0.1175 per kWh, a car using 25 kWh per 100 miles costs about 2.9 cents a mile. The same car on public DC fast charging at $0.44 per kWh costs about 11 cents a mile. Charging at home is roughly a quarter of the price, which is the single biggest running cost decision you will make.
Expect 10 to 15 percent in genuine heat, mostly to air conditioning rather than to the battery. Winter is a smaller effect here than it is up north, and cars with a heat pump lose noticeably less. Sustained highway speed costs more than temperature does: 80 mph on I-35 will use around 20 percent more than the EPA combined figure.
Yes, but the lease should be built differently. We would size you to a smaller battery and a lower mileage band, and plan around public Level 2 where you park during the day rather than DC fast charging, which is three to four times the price. We do this regularly for customers in 78704 and 78702.
Wear standards, fees and the ways out of a lease.
The thresholds are published on our wear and tear page with photographs. In short: tyres at or above 4/32 inch, no cracks in any glass, kerb rash under an inch, dings under two inches with the paint unbroken and no more than four per panel, and every item that came with the car returned including the second key fob and the mobile connector. Missing equipment is the most common charge and the easiest to avoid.
It is the lessor's cost of getting the car ready to sell again, and it is $395. It is waived entirely if you start another Current lease within 30 days, and it does not apply if you buy the car at the residual.
There are four routes and they are not equally priced. A pull ahead in the last six months can waive up to three payments. A lease transfer after month seven costs $595 and passes the car to a new driver. An early buyout makes sense when the car is worth more than the payoff, which happens more often than people expect. Straight early termination, where you owe the payoff minus wholesale value, is the expensive last resort.
Ask the lessor for a payoff quote, then compare it with a private party valuation for your mileage and condition. If the value is higher, that difference is yours if you buy the car and sell it, or it can be used as a trade in credit on your next lease. We check this for every customer at month 30 and call if there is anything in it.
Around month 33 Daniel goes over the car against the same standards the lessor's inspector uses and gives you a written list with dollar figures. Almost everything on that list is cheaper to fix locally than to be billed for at turn in. It is free, it takes 40 minutes, and it is the reason 96 percent of our returns carry no wear invoice.
Credit, timing and paperwork.
The first check is a soft pull, which does not affect your score and tells us your tier and the money factor you qualify for. A hard pull only happens when you choose to proceed on a specific car, and you will be told before it happens.
Median decision time is eleven minutes during business hours. Applications submitted overnight are usually answered before 10 am. If something needs a manual look, Amira reviews it personally rather than sending a template decline.
A Texas driver licence, proof of insurance with the lessor named as loss payee, proof of income for the last two months, and your current vehicle's registration if you are trading in. That is it. We do not ask for anything else.
Yes, from a sole trader with one van to a forty vehicle fleet. The acquisition fee is waived above five vehicles, upfitting is coordinated by Imani, and depot charging is quoted separately after a site survey. See our business leasing page for how the job cost model works.
Phones are answered by the people named on our about page, not a call centre. If you want the money factor and residual on a specific car before you apply, ask and we will send them.
Every lease carries the Standard column at no cost. The two waivers are optional, priced separately and added to the payment rather than buried in it. Whichever you take, the six promises on the right apply.
$0included with every lease
What every Current lease carries before you add anything.
$11a month, added to the payment
The one most families add. Turn in with no wear invoice.
$29a month, added to the payment
For cars that carry tools, dogs, car seats or a ladder rack.
Package prices are sample figures added to the monthly payment. Waiver terms, limits and exclusions are set out in the waiver agreement supplied with your contract. Offers are samples, subject to credit approval.
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