Does Costco Lease Cars in 2024? Everything You Need to Know

Costco is beloved for offering wholesale pricing on everything from jumbo packs of paper towels to high-end electronics. With consumers looking to stretch their dollars further amid rising prices, Costco’s affordable approach to so many household items prompts the question – can you lease a car through Costco too?

The short answer is yes, Costco does provide an avenue for members to score discounted pricing on leased vehicles. Through the Costco Auto Program, over 3,000 participating dealerships across the U.S. offer specially negotiated lease rates to Costco members.

This article will explain exactly how the Costco leasing process works, what‘s included, average pricing, and ultimately help you decide if it’s a smart money move.

A Complete Guide to Leasing Cars through Costco

Here is a comprehensive overview of everything you need to know about leasing cars through the Costco Auto Program.

Do You Qualify? Costco Auto Program Eligibility

To lease a car through the Costco Auto Program, you must:

• Be a current Costco member
• Have a valid driver’s license
• Meet minimum credit score requirements (typically 610 – 650 FICO or higher)
• Meet income requirements set by the dealer

As long as you meet these standards, you can proceed with the Costco leasing process.

Step-by-Step Process to Lease through Costco

Follow this 10-step guide to lease your next car through the Costco Auto Program:

1. Get paired with a participating dealership – Call 1-866-861-0450 or visit CostcoAuto.com and enter your zip code. Costco will match you with a certified, local dealership.

2. Schedule an appointment – Costco will provide contact info for the dedicated representative who will handle your lease. Schedule a visit at your convenience.

3. Get pre-approved – To save time, ask about completing credit application paperwork online in advance. This pre-approval will show your maximum leasing budget.

4. Discuss terms and eligibility – Verify your driver‘s license, insurance, income docs. Review mileage limits, lease lengths, disposition fees.

5. Select your car – Choose from a wide range of makes/models equipped to your specs. Consult Costco‘s new car buying tips.

6. Negotiate pricing – Leverage Costco’s discounted pre-set pricing. No need to haggle! Dealer fees are capped at $75 in most states.

7. Calculate monthly payments – Factor in taxes, acquisition fees, down payment amount, trade-in value, and other costs to determine monthly lease payment.

8. Submit credit application – Supply income verification, insurance, and other financial details if you didn‘t pre-apply. Get approval.

9. Sign paperwork – Review all terms of the lease agreement carefully. All pricing should align with Costco’s guaranteed discounted rates.

10. Drive away! – Take delivery of your new leased car! Schedule any additional inspections or registrations.

And remember, Costco’s Member Advocate team is available to support you when leasing through the program.

What Dealerships Participate in the Costco Auto Program?

Costco currently has 3,000 participating auto dealers across the U.S. and Puerto Rico. This extensive network allows Costco to offer a variety of makes and models at discounted rates around the country.

You can lease any vehicles available at your paired local dealership’s lot. The most common brands offered through the program include:

• Toyota
• Honda
• Nissan
• Ford
• Chevrolet
• Hyundai
• Kia
• Subaru
• BMW
• Audi
• Mazda
• Dodge

Key Benefits of Leasing Cars through Costco

Costco certainly makes the car shopping and leasing experience more affordable. Beyond the obvious pricing perks, leasing through Costco offers a few additional advantages:

Savings – Models are offered at pre-arranged pricing discounted off MSRP. Save an average of $1,200 compared to negotiating prices at a standard dealership.

Efficiency – The single point-of-contact makes selecting your car and finalizing paperwork much easier.

Reliability – Your authorized representative will provide transparent, consistent guidance through every step.

Assurance – Costco’s Member Advocacy Group adds an extra layer of reassurance and accountability.

Flexibility – Lease terms of 24 – 48 months allow members to always drive newer model vehicles.

What Are the Average Lease Terms and Monthly Payments?

According to Costco and participating dealerships, here are the typical lease agreements members can expect:

To give a sense of actual pricing, here is an estimated monthly lease breakdown for a 2023 Toyota Camry SE through Costco:

The $1,445 discount off MSRP provides real savings that add up over the life of the 36-month lease in this scenario.

How Does Costco Car Lease Pricing Compare?

On average, Costco members save between $1,000 – $1,500 compared to negotiating lease rates independently through a dealership and up to $100 per month on lease payments.

According to third-party car shopping site Edmunds, the average monthly new car lease across all brands was $528 as of November 2022, making Costco‘s range of $150 – $500 very competitive.

Additionally, Costco ranked highest in auto buying service satisfaction according to Consumer Reports’ 2022 dealer survey. So you can feel confident their pre-arranged pricing matches or beats most other leasing options.

The Bottom Line – Is Leasing Through Costco Worth It?

At the end of the day, the Costco Auto Program makes leasing a car significantly cheaper compared to leasing on your own. Between the guaranteed discounted pricing, saved time shopping, and exceptional service, there are plenty of good reasons to lease your next car through Costco.

Just be sure to verify eligibility, connect with your designated rep, and review all lease terms closely before signing an agreement. Anyone looking to lease an affordable, high-quality new car should strongly consider utilizing this valuable Costco member benefit. The savings speak for themselves!