Best Lease Deals For October 2020

Many manufacturers are offering low monthly lease deals this month on 2019 and 2020 models for well qualified buyers.

In addition to offers with low monthly payments, there are a few deals with no or low down payments. By paying a lower amount at signing, drivers can save money on many of today's popular models from manufacturers like Ford, Toyota, and Chevrolet.

Below we break down lease offers by category and highlight some of the best lease deals right now.

Best Lease Deals Right Now

Here's our picks for the best lease deals for the month of October.

#1 Deal: 2020 Honda Accord Hybrid

Lease Deal: $350/month for 36 months, $0 due at signing

Check Accord Hybrid Prices

#2 Deal: 2020 Nissan Leaf

Lease Deal: $199/month for 36 months, $199 due at signing

Check Nissan Leaf Prices

#3 Deal: 2021 Jeep Gladiator

Lease Deal: $251/month for 36 months, $3,799 due at signing

Check Jeep Gladiator Prices

#4 Deal: 2020 Ford F-150

Lease Deal: $199/month for 24 months, $3,979 due at signing

Check Ford F-150 Prices

#5 Deal: 2020 Hyundai Venue

Lease Deal: $119/month for 36 months, $3,832 due at signing

Check Hyundai Venue Prices

#6 Deal: 2020 Honda HR-V

Lease Deal: $250/month for 36 months, $0 due at signing

Check Honda HR-V Prices

#7 Deal: 2021 Volvo XC60

Lease Deal: $415/month for 36 months, $4,165 due at signing

Check Volvo XC60 Prices

#8 Deal: 2020 Nissan Armada

Lease Deal: $690/month for 36 months, $690 due at signing

Check Nissan Armada Prices

#9 Deal: 2021 Toyota Corolla

Lease Deal: $179/month for 36 months, $2,999 due at signing

Check Toyota Corolla Prices

#10 Deal: 2021 Kia Soul

Lease Deal: $179/month for 36 months, $2,699 due at signing

Check Kia Soul Prices

Best Lease Deals (Video)

Frequently Asked Questions

Can you lease without a down payment?

Yes, some car brands advertise zero down leases.  Here’s the full list of zero down offers right now.

Even if it’s not advertised, some dealers make the down payment optional if you meet their credit requirements.  Keep in mind that a zero down lease will raise your monthly payment since you are not pre-paying some of the lease obligation.

Is it cheaper to buy or lease a car?

Monthly payments are cheaper when leasing a car.  But if you buy and keep a car after it’s paid off, it’s cheaper in the long run. Here are some of the cheapest lease offers with monthly payments under $200.

Does leasing a car build credit?

Yes, leasing a car builds credits in the same way that buying a car does.  You just need to show a history of paying in full and on time.

What credit score do I need to lease a car?

With some exceptions, the typical minimum credit score to lease a car is 620. However, unless your credit score is over 680, you will not qualify for the best lease deals.

What is capitalized cost in a car lease?

Capitalized cost is the total amount being financed with a lease.  This is the price of the vehicle and all associated fees, minus whatever you pay in cash for your down payment and your trade-in.

What is the money factor in a car lease?

The money factor is the financing rate on a lease, similar to interest paid on a loan, but expressed a little differently.  The lower the money factor, the less your monthly payment will be.

Is it better to buy or lease a car?

Leasing a car does result in lower monthly car payments.  But for most car buyers, it makes more financial sense to buy a car outright than to lease.  The exceptions are if you are deducting the car as a business expense or you want to replace your car every 2-3 years.  Learn more about the reasons to buy or lease a car.

Why do dealers want you to lease?

Dealers love to offer leases because they will make more profit than a typical car sale.  And consumers are less likely to negotiate a lease due to seemingly low payments and confusing financial terms like money factor and capitalized cost.