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

It's not possible to cancel a lease deal after the contract has been signed and the car driven off the lot. It's 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. It's not a simple matter of returning the vehicle and walking away, as many leasers think.

Therefore, you shouldn't enter into a car lease if there's any chance that you'll want out early. Here's how to stay out of trouble with leasing.

The Eight Rules

1. Don't lease on impulse or on a dealer's 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 you're doing it.

2. Don't 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 don't really understand leasing and are not good sources of objective advice.

3. Don't 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, it's usually better to buy.

4. Don't 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. Don't lease for more than three years, or the length of your vehicle's bumper-to-bumper general warranty. You don't want to pay for expensive repairs after the warranty expires on a vehicle that doesn't belong to you. Most automobile makes have 36 month general warranties, some have 48 months, and a couple have 60 months.

6. Don't 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. Don't lease if you want to customize your car. When you lease, the vehicle doesn't 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. Don't 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 you'll want tomorrow. Lease contracts do not make provisions even for death or serious illness, much less for other personal problems.