In its January 2001 issue,Consumer Reports says: “Unless you can claim tax deductions for the business use of an automobile, leasing offers no inherent financial advantages over buying.” “That's not the case,” says Randy Brown, Association of Consumer Vehicle Lessors (ACVL) President. “The total costs of leasing a vehicle for a fixed period are generally less than for financing because of savings on depreciation; gap coverage included in most leases; reduced sales/use tax in most states; and the higher investment rate or debt reduction rate for which your monthly payment savings can be used.” In 1999, lessors sold the average returned off-lease vehicle for $2,592 less than the residual value. Consumers saved at least $2,592 in depreciation costs compared to financing. By comparison, if the consumer owned the vehicle with a $14,000 loan balance and traded it, he or she would owe the full loan deficiency of $2,592. The $2,592 depreciation savings by leasing assumes that the consumer could get the same price for his or her trade-in as the leasing company could get in professionally reconditioning and selling the vehicle at auction with dozens of dealers from a radius of hundreds of miles bidding on the vehicle. In fact, most consumers are unlikely to get the full auction value for their trade-in. Consumer Reports also asserts: "A lease comes with lots of limitations on how you can use your new vehicle. Will one of your children begin driving over the coming few years? If so, leasing may not be the right choice.” "That's a misconception," responds Bernard de Souza, chairman of the ACVL Customer Satisfaction Committee. "There are no restrictions among major lessors for children driving leased vehicles." Many consumers also misconstrue the mileage and excess wear standards of leasing. In order to provide a guaranteed trade-in value and protect the consumer from excess depreciation, the lessor has to project the end-of-term mileage and condition of the vehicle. If the consumer doesn't meet the lease standards, there is a charge that reflects the reduced value of the vehicle (if the vehicle is returned). But if the consumer had purchased the vehicle and traded it with the additional wear or mileage, the trade-in would also be worth less. More importantly, the lease's guaranteed value protection (worth $2,592 on average for leases ending in 1999) doesn't end because of a $300 excess mileage or excess wear charge. The consumer still receives the savings from excess depreciation even though he or she has to pay the cost of returning the vehicle to the expected condition. Consumer Reports says: "It takes a sharp-eyed skeptic to deconstruct a lease advertisement." "Actually, lease ads do have consistent information," responds Randy Brown. "Lease advertising must follow federal requirements and therefore includes the same basic information. Most national advertisements contain additional information.