|Before buying your next vehicle in the Jacksonville, FL, metro area, you may want to consider leasing from the Nimnicht Family of Dealerships. More and more people are discovering the considerable advantages of leasing, rather than buying their next vehicle. Some are drawn to the appeal of lower monthly payments, while others like the idea of being able to swap into a new car, truck or SUV every few years.|
Questions About Leasing
1) What is leasing?
Leasing is a financial option that allows the customer to pay for their actual use of the vehicle, rather than for the whole vehicle. Payments are based on the estimated depreciation of the vehicle during the term of the lease, as well as some borrowing costs that are typically lower than those associated with a car purchase loan.
2) What are some of the key lease words I should know?
Capitalized cost: The vehicle selling price is known as capitalized cost.
Money factor: Also called lease factor, this number is equivalent to the interest rate of a finance loan.
Residual value: The residual value is the value of the vehicle at the end of the lease.
3) How many miles per year can I drive?
Since a vehicle's mileage affects its resale value, leases have an annual mileage limit. Generally, any mileage, up to 20,000 miles per year, can be selected.
4) Do I need good credit to lease a car?
Yes and no. While a good credit history will help, GM Financial is now offering leasing to customers with super-prime to sub-prime credit.