Leasing a car can be exciting — but signing a Mercedes-Benz lease can also be stressful. Not everyone may be familiar with typical lease terms and might find the process confusing. We at Mercedes-Benz of Jacksonville understand this problem, and that’s why we’ve listed some lease terms you want to be familiar with before signing.
Base Monthly Payment
Your Mercedes-Benz lease includes a minimum monthly payment, which covers several different fees and costs. This can include figures like financing charges, depreciation, and other monthly taxes and fees. The expenses that go into your base monthly payment should be listed on your lease.
Mileage Restrictions
The terms of your lease include a limit on the mileage you’re allowed each month. Your lease should cover how the dealer determines and tracks your monthly mileage. It will also include fees and penalties that result from exceeding your mileage limit.
GAP Coverage
GAP coverage, or guaranteed auto protection coverage, will cover your lease in case your car is stolen or destroyed. Specific GAP coverage terms will differ from lease to lease, but generally, it covers the difference between what is owed to the lease and what your insurance company will pay.
Early Termination Terms
In some circumstances, you may need to terminate your lease earlier than anticipated. You’ll be subject to termination fees and other potential penalties when this happens. These penalties should be laid out in detail in your lease terms.
Discuss Mercedes-Benz Lease Terms with Mercedes-Benz of Jacksonville
If you’re still unsure about a specific lease term, the experts at Mercedes-Benz of Jacksonville can help you. Our finance team can thoroughly review each lease term with you, so you understand what you’re signing. Visit us today!
