Taking out a Jeep® lease is a smart way to get behind the wheel of a new vehicle without the type of long-term commitment that comes with buying. Here at Blaise Alexander Chrysler Dodge Jeep RAM of Mansfield, our friendly Jeep finance professionals are happy to walk you through the process of leasing, but we also recommend familiarizing yourself with these Jeep leasing terms.
Lease Term
The lease term is the time you agree to lease the car. This is usually 24 or 36 months.
Capitalized Cost
Also known as cap cost, the capitalized cost is the price of the car you’re leasing. It can be negotiated with the dealer.
Residual Value
The estimated value of the car at the end of the lease term is known as the residual value. This number is determined by the leasing company and is used to calculate your monthly lease payments.
Money Factor
Whether you’re leasing a Jeep Cherokee, Jeep Grand Cherokee, or a different Jeep SUV, the money factor is the interest rate on your lease. It’s a decimal number that is multiplied by the capitalized cost to determine the finance charge for the lease.
Mileage Allowance
The mileage allowance is the number of miles that you’re allowed to drive the car during the lease term. If you exceed this number, you’ll be charged a per-mile fee.
Early Termination Fee
If you decide to end your lease before the date stated on your lease contract, you will be charged an early termination fee.
Begin Your Jeep Lease Today at Blaise Alexander Chrysler Dodge Jeep RAM of Mansfield
Now that you know a few lease-related terms, head over to Blaise Alexander Chrysler Dodge Jeep RAM of Mansfield to test-drive a few different Jeep models. We look forward to walking you through the lease process and getting you behind the wheel!
Categories:
Finance