An acquisition fee, also known as a bank fee or lease initiation fee, is a one-time charge imposed by the leasing company to cover the administrative costs of setting up your lease. It's essentially the price you pay to start the lease contract. This fee is typically non-negotiable and can range from $395 to $895 or more, depending on the lender and the vehicle. You will usually see this cost listed separately on your lease agreement, and it's often due at signing, though it can sometimes be rolled into your monthly payments.
This fee is standard across the industry and is charged by major financial institutions like Ally Financial, Chase, and manufacturers' own credit arms (e.g., Toyota Financial Services, GM Financial). It compensates the lender for tasks like processing your credit application, running a credit check, and preparing the lease documentation. While you can't typically waive the fee, you can and should ask about it upfront to understand the total cost of your lease.
Here is a sample of acquisition fees from various lenders to give you an idea of the range:
| Leasing Company / Lender | Typical Acquisition Fee Range | Notes |
|---|
| Ally Financial | $595 - $895 | Common for many non-captive lenders. |
| Toyota Financial Services | $650 | Often a fixed amount for their leases. |
| Honda Financial Services | $595 | Generally consistent across models. |
| Mercedes-Benz Financial | $1,095 | Luxury brands often have higher fees. |
| Ford Credit | $645 | Can vary slightly by model and region. |
When you're comparing lease deals, always factor in the acquisition fee to understand the true total cost. A deal with a lower monthly payment might have a higher acquisition fee, making it more expensive in the long run than a lease with a slightly higher payment but a lower upfront cost.
