Being fully prepared for your upcoming Jeep® lease involves some research, and that includes understanding your leasing terms and the language surrounding them. Fear not, as the professionals at our finance center are here to guide you on how to navigate a Jeep Grand Cherokee lease in the future.
Once your net capitalized cost, or total leasing price, is negotiated with us at the dealership, the financial institution (your lessor) buys the car and leases it out to you while it stays in your possession.
Your base monthly payment is the amount you owe each month to drive the vehicle. A typical lease is closed-end, which means while you are responsible for any excessive vehicle wear or damage, you will not owe anything at the end of the lease if the car value is less than the residual value at the beginning.
Understanding the items that can incur fees during your leasing period can help you save money in the long term. Most car leases have limitations on mileage allowance, meaning you can be charged for every mile you go over that month.
Also, make sure your lease length is realistic for your needs financially, as you can be penalized for early termination as well. Toward the end of the lease, you may see a disposition fee. This fee is just the cost of preparing the vehicle to sell afterward.
Understanding the terminology of your leasing agreement is essential to guarantee a pleasant and surprise-free leasing experience. You’ll get to enjoy a new Jeep vehicle with peace of mind and a full understanding of how the process works. Visit our Jeep dealership to learn more about leasing.