Terms to Know Prior to Leasing Your Next Vehicle
Whether you are coming to Faulkner Buick GMC Trevose for our Buick auto sales in Bucks County or you’re considering leasing your next vehicle, it is important you know what all the terms mean before you sign your contract — especially if you are planning on leasing your vehicle. Leases often contain a bit of technical “jargon” that can make it a bit challenging to understand the terms and conditions you’ll need to follow when you sign on the dotted line.
Reviewing a few common terms before you lease a vehicle can help you better understand if leasing is right for you. Here are five of the most important key words and phrases to know to ensure you understand your lease and that it has everything you need.
- MSRP: The Manufacturers’ Suggested Retail Price (“MSRP”) is the price the maker says the vehicle should sell or lease for.
- Residual value: This is how much your vehicle will be worth at the end of your lease term.
- Capitalized cost: Your capitalized cost is a cap on the amount that you’ll pay each month for access to your vehicle. Your capitalized cost includes both your monthly payment and your lease fees.
- Adjusted capitalized cost: This is what the final cost will be after taking out any form of deduction, such as rebates from the dealer or anything you have to put towards your total that would lower your payment each month.
- Acquisition fee: This is a fee that some dealers or lenders charge to go through and arrange the lease. It’s worth noting, however, that not all dealers or lenders include this fee.
If you want to find out more about GMC vehicle lease deals in Bucks County, now is the perfect time to contact Faulkner Buick GMC Trevose! Give our team a call today at 267-984-4658 to learn more about leasing deals or getting started on the road to the vehicle your family needs this holiday season!
