There are so many advantages to securing a Jeep® lease, rather than financing a new vehicle. However, the process can seem overwhelming if you aren’t familiar with the terminology. We’re highlighting a few of the terms we use most at Fields Chrysler Jeep Dodge RAM Glenview to help you shop with confidence.
Acquisition Fee
This fee covers the costs of obtaining your credit report, verifying your insurance info, and more.
Adjusted Capitalized Cost
Also known as net capitalized cost, this is the total amount that your lease payments are based on.
Capitalized Cost Reduction
This is the money you pay upfront (similar to a down payment).
Closed-End Lease
This is the most common type of lease, which refers to a lease where you won’t end up owing the difference between your vehicle’s actual value and its original estimated residual value.
Early Termination
If you end your lease before your agreed-upon date, it’s known as an early termination and will result in added fees.
Excess Mileage Charge
This is a fee you pay if you exceed the original agreed-upon mileage allowance.
GAP Insurance
Guaranteed Auto Protection (GAP) insurance protects you if you have a total loss and owe more on your vehicle than its current market value.
Money Factor
Also known as the “lease factor,” the money factor is similar to interest and is an added cost you owe your lender.
Residual Value
Your vehicle’s estimated value at the end of your lease is known as its residual value. It is determined when you first sign your lease.
Secure a Jeep Lease in Glenview, IL Near Chicago
Do you still have questions about the leasing process? Our financial experts are happy to help. Visit Fields Chrysler Jeep Dodge RAM Glenview near Chicago to meet with our team today!