Considering a Jeep® lease for your next new vehicle but unfamiliar with the process? We’re tackling our most frequently asked questions at Fields Chrysler Jeep Dodge RAM Glenview to help you better understand the process.
What is a Closed-End Lease?
There are two main types of leases: an open-end lease and a closed-end lease. Your lease’s cost is dependent on your vehicle’s residual value. In an open-end lease, you will be responsible for any difference if your value ends up coming up short, but in a closed-end lease, you are not.
Does a Lease Have Interest?
Similar to financing, you will owe a direct fee to your lender. Rather than an interest rate though, leases have a money factor. This is depicted as a decimal, rather than a percentage.
Should I Buy a New Jeep SUV Instead?
Buying a Jeep SUV is typically a better option for people that want to build up equity in their purchase. Leases also include mileage restrictions, so if you typically put a lot of miles on your car, it’s best to avoid a lease. Plus, there are also excessive wear and tear fees added at the end of a lease, so keep that in mind if you’re planning on truly tearing up the place in your SUV.
How Long Can I Lease a Vehicle?
You’ll be able to set your lease parameters before you sign the contract. You’ll work with our team to determine the best lease length for you, as well as the allotted mileage. Many leases are 24 or 36 months, although it is possible to arrange a shorter or longer term.
Visit Our Glenview Auto Finance Center Today
Ready to apply for a Jeep lease? Visit our auto finance center at Fields Chrysler Jeep Dodge RAM Glenview to get approved today!