A Lexus lease is one of your two main financing options to pick from when the time comes for the next car, and there are many benefits to leasing. Lexus of Jacksonville is here to help you feel confident on every step of the leasing process, with a closer look at common leasing terms you’ll want to know.
Credit
Your credit plays an important role in the leasing process. In fact, you may not be eligible to lease a vehicle unless you have a high credit score, so it’s a good idea to check your credit score before you apply for a lease.
Term
Term refers to the length of time that you keep the lease, which typically ranges between two and five years. You can extend your lease for a short amount of time if you like the vehicle, usually up to a year, but there are early termination fees for returning your vehicle before the term is up.
GAP Insurance
GAP insurance stands for “guaranteed asset protection” and is usually a requirement for leasing a vehicle. It closes the distance between what insurance will pay and the value of your vehicle, in the event of theft or totaling.
Mileage Allowance
Leases typically have a cap on the number of miles that you can drive each year. If you’re worried that you might go over that cap, it’s a good idea to let your team know in advance, so you can purchase more miles. The penalty for going over your mileage allowance is called the mileage charge.
Closed-End Lease
You’ll have a few options at the end of your lease, including trading in or purchasing the vehicle. With a closed-end lease, you aren’t required to purchase the vehicle or pay the difference in vehicle value. With an open-end lease, you will pay the difference between residual and actual value.
Lease a New Lexus in Jacksonville, FL
No matter what your Lexus lease needs might be, Lexus of Jacksonville is here to help. Schedule an appointment with our Lexus financing team to get started today!
