There are many reasons to consider a Lexus lease when the time comes for the next performance or luxury vehicle. Fields Lexus of Glenview is here to help you with every step of the leasing process. That’s why we provide a wide range of financing tools and resources, and why we’re sharing a closer look at some top leasing terms and what they mean.
Early Termination
Most leases last two to five years, and it’s worth it to consider how long you’ll want to keep your leased vehicle. That’s because most leases have early termination fees or fees associated with returning your vehicle before the end of the term. These early termination fees can be quite costly, so it’s useful to weigh your needs before returning your car early.
GAP Insurance
GAP insurance stands for “guaranteed auto protection”, and essentially covers the “gap” between the value of your vehicle and what traditional insurance will pay out in the event of theft or an accident. GAP insurance is a requirement for most leased vehicles.
Mileage Allowance
Most leased vehicles will have an upper limit on how many miles they can be driven. This will either be broken down by year or comprehensive of the whole length of the lease. It’s a good idea to pay close attention to the mileage allowance, as going over can be quite costly.
Depreciation
Depreciation is the rate at which a vehicle loses its value over time. Typically, this affects brand-new vehicles much more than pre-owned cars, which is why depreciation costs are factored into lease terms.
Start Your Lexus Lease at Fields Lexus of Glenview
When you lease a vehicle, you’ll see big savings and have access to the latest models on the market. Fields Lexus of Glenview makes it easy. Visit our dealership to begin the Lexus leasing process for yourself today!
