If your dream is to always drive the newest, most advanced car on the market, then a Nissan lease may be the best way to finance your new vehicle. The vocabulary can seem dense, but once you understand these key terms, you’ll be ready to get behind of the wheel of Nissan’s latest models available at Bedford Nissan.
Financing Agreement Terms
When leasing a vehicle, the most important number is the base monthly payment. This is the total amount you will be paying each month to continue leasing, combining depreciation costs, finance charges, and any other charges. Depreciation refers to the value the vehicle will lose by being driven and is the main expense associated with leasing.
As the lessee, you will also have to pay an acquisition fee, which covers the cost of starting a lease. You may have to pay an additional mileage charge for any driving over the mileage allowance, which limits your monthly mileage. Make sure to read your lease carefully so you understand what fees you are and are not responsible for.
Types of Leases
Leases fall into two categories: open-ended and closed-ended. Closed-end leases are the simpler of the two: when your lease ends, it’s time to return your new Nissan vehicle to the dealership, and your mileage allowance is set by the dealership. Open-end leases offer more flexible mileage allowances and end dates for your lease, but you are responsible for the difference between the residual value of the vehicle and its actual value, meaning you may have to pay extra when you return it.
Learn More About Leasing a New Nissan Car at Bedford Nissan
Leasing isn’t complicated, and it’s an excellent way to get behind the wheel of the latest Nissan vehicles. Come down to Bedford Nissan and find out how you can apply for a Nissan lease today!
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