Living
Vehicle Leasing
There are advantages and disadvantages to both buying and leasing a car for new citizens or long-term visitors to the United States. Buying a car means better prices and ownership of your car at the end of your payments. However, it also means that those monthly payments will be higher and that you will be required to complete them before you leave the country.
Depending on the length of your stay, leasing a car might be a more flexible option. It is like renting an apartment – you can just give it up and move out when you are through. Talk honestly, however, to any car dealer and they will tell you that leasing a car is almost never the smart choice. Monthly payments are lower than when buying, but at the end you do not own the car and it must be given back to the dealer.
Whichever option you choose, both require a passport with a valid United States work visa along with proof of employment. You will also need to be credit approved, which car companies can do to a certain degree even if you are not an American citizen. Finance and loan options for buying can be for as little as one year. Leasing can also be for 12 months, although monthly payments will be higher with this option.
Short-Term Lease Programmes
More and more car companies are initiating short-term lease programmes. Many foreign car companies operating within the US (such as Audi or Volkswagen) have a Foreign Business Professional programme, that allows customers to lease a vehicle for exactly the amount of time they will be in the country. To register for this programme you will need several things. Firstly, you need a letter from your employer stating your position, hire date, income and length of stay in the United States, as well as a copy of your United States social security card or documentation from the Social Security Administration confirming your social security number. To determine your specific finance terms, you will need a copy of your visa with expiration date (or for extended stays, the date on your employment letter), with your employment contract, your permanent resident card, or your I-94 form. You’ll also need three personal references from individuals residing in the United States, and verification of your residence and phone number. Finally, your monthly payment must not exceed 25% of your gross monthly income – and your minimum gross income must be at least $45,000 per year. These requirements can be transferred to any other car company.
Depending on the length of your stay, leasing a car might be a more flexible option. It is like renting an apartment – you can just give it up and move out when you are through. Talk honestly, however, to any car dealer and they will tell you that leasing a car is almost never the smart choice. Monthly payments are lower than when buying, but at the end you do not own the car and it must be given back to the dealer.
Whichever option you choose, both require a passport with a valid United States work visa along with proof of employment. You will also need to be credit approved, which car companies can do to a certain degree even if you are not an American citizen. Finance and loan options for buying can be for as little as one year. Leasing can also be for 12 months, although monthly payments will be higher with this option.
Short-Term Lease Programmes
More and more car companies are initiating short-term lease programmes. Many foreign car companies operating within the US (such as Audi or Volkswagen) have a Foreign Business Professional programme, that allows customers to lease a vehicle for exactly the amount of time they will be in the country. To register for this programme you will need several things. Firstly, you need a letter from your employer stating your position, hire date, income and length of stay in the United States, as well as a copy of your United States social security card or documentation from the Social Security Administration confirming your social security number. To determine your specific finance terms, you will need a copy of your visa with expiration date (or for extended stays, the date on your employment letter), with your employment contract, your permanent resident card, or your I-94 form. You’ll also need three personal references from individuals residing in the United States, and verification of your residence and phone number. Finally, your monthly payment must not exceed 25% of your gross monthly income – and your minimum gross income must be at least $45,000 per year. These requirements can be transferred to any other car company.
