992 —- North Shore News ERC Eee AUT Co. pushing for full information disclosure From page 33 leases; closed-ended and open- ended, A closed-ended lease is like ren- ting a car: you pay a monthly fee for operating the vehicle and at the end of the set term, you drop it off at the point-of-lease. At that time you pay a to-be-deter- mined commission to the leasing sompany for things like wear- and-tear and mileage. Maguire said that this is where most of the horror stories begin. “A lot of peopie just assume that they have things like a buyout clause in their lease, but when they try and do that a host of hidden cosis appear,’’ he explain- ed. An open-ended iease -—- the kind offered at Custom Lease — works like a bank loan except no money needs tc be put down at the front end (beginning) of the deal. When the term of the lease is up — usually four years — you take the vehicle back to the leas- ing company and have four op- tions to pay off the balance owed (a value that is set in writing when you signed the lease}: sell the vehicle privately, buy the vehicle from the leasing company, trade the car in towards a new lease, or continue payments on the vehicie till the balance is paid. This full disclosure of informa- tion is what Custom Lease is pushing for as an industry stand- ard, but so far the eld way of do- ing leasing business is stil! around. When Custom Lease came to 44 Leasing has been abused (because of a) lack of any kind of legislation governing it. 9F — Custom Lease director Andrew Maguire Canada four years ago from Bri- tain, they created their own con- tractual document so that their clients would have all the infor- mation regarding the terms of their lease: the cost of the vehicle, its depreciation month to month, and interest rates. ‘Leasing can be a minefield, so be sure and shop around and get all the information pertinent to ‘the lease,"’ added Custom Lease director of sales and marketing George Aboussafy. Custom Lease recently was awarded a New-Canadian En- trepreneur award from the Federal Business Development Bank for business management excellence. The company was the sole North Shore business to receive one of the yearly awards. Fourth-generation updates style and technical features From page 33 cylinder with 835 horses and a 2.3-litre, 16-valve DOHC four- banger with irapressive 160 horse- power. The top-of-the-line SR model also offered the second generation, much improved four-wheel-steering system and three-channel anti-lock brakes. With a smoother, beefier engine, stiffer body, and better suspension setup, the already rimble Prelude became even more in to drive for the 92 model. As if 160 horses weren’t trough, Honda has just introduc- « @ new top model for 93 — ubbed the SR-V — which boasts i whopping 190 hp. Using Honda’s Variable Valve ".ming and Lift Electronic Con- trol (VTEC) technology first seen in Acura’s NSX sports machine, the high-output 2.2-litre engine squeezes out an amazing amount of power without using a turbo or super-charged system. The engine cries out to be revved high, and produces that unmistakable VTEC ‘“whine’’ sound. The SR-V_ model, equipped with a host of other features in- cluding dual airbags and ABS, is also the most expensive Prelude yet, with a price tag of $26,995. Having driven every generation of the Preludes, it’s still difficult to believe how much the car has changed in the past 14 years. I’m still not sure if [ like the styling of the new Prelude, but I can say confidently that even 20 years from now I won't forget my im- pression of the wonderfully designed, engineered and executed VTEC engine. We found the gene responsible for one form of muscular dystrophy... Help us lind the cure. Please give to the Muscular Dystrophy Association of Canada. @ Various 4 cylinder models to choose from i IT JUST FEELS RIGHT Starting from UNBUER 987-4458 Peon fet | The Nath | Kinga hl Grn Unbiased safety, performance and reliability information on any make or model of new or used vehicle. Trades always welcome. Unbiased information on the depreciation rates of any new vehicle. Do you know what the future vaJue of your new vehicle will be? You should. The most flexible finance & lease options in the industry that can be tailored to meet your specific needs. Free no obligation pre-approved financing for the purchase of a new or used Custom Lease believes you should enjoy the experience of acquiring your new or used vehicle. We provide. comprehensive information and a professional, simple and straightforward approach to make it enjoyable for you. '93 MAZDA 626 CRONOS DX] [95 NISSAN PATHFINDER XE ‘93 JEEP GRAND CHEROKE! PE oie \ NS a ~ 54 Vimo. 5454 /mo. Alr conitioning, 4x4, 4 door, 3.0 Litre V6, 7 passenger, 4x4, 4 door, 5 speed. . auto. aulo. $21,246 ueasepnce $16,597] [icasepnce $22,540 ALL MONTHLY PAYMENTS BASED ON 48 MONTH OPEN EHDED LEAZE, PLUS TAX. 16 Valve engine, airbag, ANUEM cassette. CUSTOM ci vensermice $15,940] | eassiei.