Leasing a vehicle can be an excellent option for many drivers, offering the opportunity to drive a brand-new Ram truck without the commitment of ownership. However, before heading to Ram dealers in Deming, NM, you must familiarize yourself with key lease terms to make an informed decision. Here are five crucial lease terms to know.
Capitalized Cost: Understanding the Initial Price
The capitalized cost, or “cap cost,” is the initial price of the Ram truck you wish to lease. It includes the vehicle’s selling price, optional add-ons, and fees. Negotiating a fair capitalized cost is essential for getting a favorable lease deal.
Residual Value: The Vehicle’s Projected Worth
The residual value indicates how much the truck will be worth after your lease concludes. A higher projected residual value often reduces your monthly payments. Before visiting a Ram dealer, research the expected residual value for the specific model you’re interested in.
Lease Term: Duration of the Agreement
The lease term refers to the length of the lease agreement. Standard lease terms are 24, 36, or 48 months. Consider how many miles you drive and how long you want to keep the Ram truck when choosing the lease term.
Acquisition Fee: Cost of Starting the Lease
The acquisition fee is a one-time charge you’ll encounter at the beginning of the lease. It covers administrative expenses and is typically non-negotiable. When discussing lease terms with Ram dealers in Deming, NM, inquire about the acquisition fee.
Disposition Fee: End-of-Lease Charge
The disposition fee is charged after the lease when you return the Ram truck. It covers the cost of inspecting and preparing the vehicle for resale. Understanding this fee will help you plan for lease-end expenses.
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