If you’re looking for a premier luxury vehicle, a Land Rover model is a great choice. This doesn’t mean, however, that you need to make a purchase, as leasing could be a better option for you. During the Land Rover lease process, you will encounter several terms, and here Land Rover Waukesha defines the most important ones.
Lease Term
One of the first things to think about with your lease is how long you want it to be. This is the “lease term.” You can typically get a lease term for as short as 12 months or as long as 60 months, but 36 months is the most popular length.
Money Factor
When you finance a car, the fee for borrowing money is called interest. With leasing, it’s called the money factor. You will see this represented by a number that looks something like this: 0.0020. Multiplying that by 2,400 will let you know what the actual interest percentage is.
Cap Cost and Cap Cost Reduction
The total cost of the lease is the cap cost. This includes all expenses, including anything that may be additional, like gap insurance. The cap cost reduction refers to things that may reduce the cap costs, such as a trade-in vehicle.
Gap Insurance
Gap insurance is something that will add to your costs, but it will be worth it. This is because if your car is totaled in an accident or perhaps gets stolen, you’ll have financial protection. Gap insurance will fill in the gap between what the vehicle is worth and the money you may owe on it.
Get More Land Rover Lease Information in Waukesha, WI
At Land Rover Waukesha, we understand that leasing a vehicle can be a little confusing. This is why we aim to help simplify things as much as possible for our customers. If you have any questions or concerns, please contact us.