If you’ll soon be leasing a Jeep®, it’s important to understand that this leasing is slightly different from buying. The main thing to remember is that you won’t own the car, as it still belongs to the dealership. However, a Jeep® lease can eventually turn into ownership.
How Do Lease-to-Own Agreements Work?
When you lease a car, the payments you agree to pay every month allow you to rent the vehicle for an extended period of time. They are not going towards the purchase of the vehicle. With that being said, if you love the vehicle and want to keep it permanently, there are things you can do when your lease ends.
The wisest thing you can do if you want to own your car is to wait for the end of your lease. At this point, you can either just pay whatever the dealership is asking for it or finance the purchase. This will involve taking out a loan and making monthly payments.
You may not have to wait for the end of your lease to end to buy your car. You’ll need to talk to our dealership to see if there's any room for an early buyout. However, there may be an early termination fee that could be high. Be sure to find out what this is before making any decisions.
If you have questions about leasing, financing, or anything else, visit Fields Chrysler Jeep® Dodge RAM Glenview. We also have remote options in which you can buy or lease a vehicle online or over the phone and then have it delivered right to your home.