If you’re considering a BMW lease from Fields BMW Northfield, it’s important to learn the language of auto financing in advance so you know what to expect. Here’s what you need to know to prepare for leasing a new BMW luxury car.
How BMW Leases Work
Taking out a lease is one financing option for getting behind the wheel of a luxury BMW car. When you lease a car, you get to drive it for a fixed period of time while making monthly payments. At the end of your lease period, you can either buy the car or lease another one. Many people choose to lease rather than buy with a loan because monthly payments on leases are typically lower.
Essential BMW Lease Terms
When outlining your BMW lease, you might come across some unfamiliar language. Here are five essential lease terms you should know.
These are charged as part of your monthly payment to cover the vehicle’s decline in value over time.
Excessive Wear-and-Tear Fee
This is a fee you may incur if the vehicle is damaged beyond reasonable wear and tear at the end of your lease term.
Lessee and Lessor
The lessee is the party that leases the car, and the lessor is the party that offers the lease. If you take out a lease from Fields BMW Northfield, you will be the lessee and we will be the lessors.
There is a limit to how many miles you can put on a leased vehicle. This limit is called “mileage allowance” and will be specified in your lease agreement. If you exceed your mileage allowance, you may be charged additional fees.
This refers to your right to purchase the car during the lease or when it ends.
Learn More at Fields BMW Northfield
You can learn more about negotiating a BMW lease agreement by speaking with the finance center at Fields BMW Northfield. Our helpful representatives will go over everything with you to arrange a financing option that meets your needs. Visit us today to find out how we can help!