Looking to take out an Acura lease from Acura of Peabody? You might be unfamiliar with this process, but the team at Acura of Peabody is here to help. Here’s what you need to know, including a list of terms that might come up during your lease agreement.
What Is a Car Lease?
At Acura of Peabody, leasing is one option you have for Acura financing. When you lease a vehicle, you are allowed to drive it for a fixed amount of time or miles, during which you make monthly payments. Because these payments are typically lower than monthly auto loan payments, leases can often help drivers stay within their budgets. Let’s demystify some of the most important terms to know before you lease your Acura.
Acura Lease Glossary
Default charge: A penalty you must pay if one of your monthly payments is late
Depreciation: The difference between a car’s MSRP and its value when the lease is up. A monthly lease payment may incorporate a depreciation fee to account for this.
Inception: The start of the lease agreement. Some leases include inception fees due at this time, such as down payments, security deposits, acquisition fees, first monthly payments, taxes, or title fees.
Lessee: The person who leases the car — in this case, you.
Lessor: The entity that grants that lease — in this case, Acura of Peabody.
Mileage allowance: The maximum number of files you can put on the car during your lease without incurring any penalties. If you exceed this number, you may need to pay a mileage charge.
Purchase option: The lessee’s option to buy the car at the end of the lease agreement. If you chose to do this, you will likely have to pay the car’s residual value, which is the car’s estimated value when the lease is up.
Wear-and-tear charges: Fees you may incur if your car suffers a lot of damage during your lease. Your lease agreement should specify what kind of damage counts as “reasonable wear-and-tear” and what kind results in additional charges.
Learn More at Acura of Peabody
Does leasing an Acura vehicle sound right for you? You’re always welcome to get in touch with Acura of Peabody and fill out an application online to pre-qualify. We can’t wait to help you get behind the wheel of the perfect car for you!