Be sure you know the stakes before you lease an auto.

If you start shopping for a new car, you are likely to run into a crucial question at the auto dealers: Should you lease, or buy? Whatever you do, "Look before you lease." Auto leases may work well for some people -- but you must know what you are doing.

Auto leases may offer lower monthly payments and lower down-payments compared to buying -- but you do not own the vehicle and will not own it when the lease ends. Hidden costs and other factors may argue against leasing. A cardinal rule: Don't walk in expecting to buy and walk out with a lease. Don't feel pressured. Study all terms carefully at home before you sign. Once you sign a lease, you likely will be firmly bound by it!

Here are some of the typical features you should know about leasing:

Approach a car lease just as you would a car purchase. Shop around, and negotiate. (You might find a car or truck with similar features for a lower cost.) Insist on negotiating your best purchase price before even talking to the dealer about a lease. Get the best deal for your trade-in. Remember that add-ons such as service contracts or rust-proofing don't make sense for most people who sign up for a short-term lease. Take your time. Read and understand all documents before you sign them.

Those are just a few of the basics. Get more detailed information about auto leasing at this federal government web site: www.federalreserve.gov/pubs/leasing.

To report a consumer complaint about a car lease or purchase, contact the Consumer Protection Division at the Hoover Building, Des Moines, Iowa 50319. The telephone number is 515-281-5926.