The lure of low monthly payments leads many automotive consumers to lease when its not right for them. By the time they discover the error of their ways, its too late.

Its not possible to cancel a lease deal after the contract has been signed and the car driven off the lot. Its also not possible to swap for another vehicle, as it might be if renting. Furthermore, most finance companies and banks prohibit ending a lease in the first 12 months or so.

Even when the lease can be ended, the cost will be surprisingly high. Its not a simple matter of returning the vehicle and walking away, as many leasers think.

Therefore, you shouldnt enter into a car lease if theres any chance that youll want out early. Heres how to stay out of trouble with leasing.

The Eight Rules

1. Dont lease on impulse or on a dealers recommendation. Many people who have no intention of leasing become mesmerized by the apparent bargain payments and make a decision for which they have not properly prepared. Lease only when you know what you are doing and why youre doing it.

2. Dont lease without understanding how leasing works and how payments are determined. Obtain your knowledge independently from a source such as LeaseGuide.com. Car sales people often dont really understand leasing and are not good sources of objective advice.

3. Dont lease if you drive more than 15,000 miles a year. Leasing is based on the concept that, if you only use a car an average amount, you should only pay for what you use, not for the entire value of the car. This is the reason that lease payments are always lower than loan payments, for the same car. If you drive more than 15,000 a year, its usually better to buy.

4. Dont lease to buy making low lease payments for a couple of years, then higher loan payments later when it can be afforded. The overall cost of leasing and then buying at lease-end with a loan is always higher than simply buying in the beginning.

5. Dont lease for more than three years, or the length of your vehicles bumper-to-bumper general warranty. You dont want to pay for expensive repairs after the warranty expires on a vehicle that doesnt belong to you. Most automobile makes have 36 month general warranties, some have 48 months, and a couple have 60 months.

6. Dont lease if you typically do not properly maintain, insure, and care for your cars. Lease companies require customers, by contract, to follow recommended maintenance schedules, keep a specified amount of insurance, and repair any damages beyond normal wear and tear. Failure to do so can be costly when the vehicle is returned at lease-end.

7. Dont lease if you want to customize your car. When you lease, the vehicle doesnt belong to you and the owner (the lease company) prefers that you not make modifications to their property. If you do make changes, make sure that it can be reversed before your lease-end return.

8. Dont lease if you expect significant life changes or changes in your car tastes in the near future. Leases are very troublesome and expensive to terminate early. If your job or marriage is in jeopardy, your health is suffering, or your wife is expecting triplets, the car you lease today may not be a car youll want tomorrow. Lease contracts do not make provisions even for death or serious illness, much less for other personal problems.