MAZDA Lease Terms You Should Know

Are you considering starting a Mazda lease at Med Center Mazda? Leasing a car in Pelham, AL is a great way to get behind the wheel of a new Mazda model with less commitment and lower monthly payments. Before you sign your lease, it’s important that you understand the key leasing terms that you’re likely to encounter.

Common Leasing Terms

When you’re taking on a car lease, you will come across the following terms on your contract or in discussions with our friendly Mazda dealers:

• Residual value: The residual value is the estimated worth of the Mazda vehicle when your lease term comes to an end. A higher residual value can lead to lower monthly payments.
• Lease term: The lease term is the length of your lease agreement. It is typically 24, 36, or 48 months.
• Mileage allowance: Mazda leases come with a predetermined mileage limit, such as 10,000, 12,000, or 15,000 miles per year. If you exceed this number, you may be subject to additional fees.
• Money factor: The money factor refers to the interest rate on your lease. A lower money factor means lower overall lease costs.
• Excess wear and tear: Lessees are responsible for any excessive wear and tear on their Mazda car.
• Gap insurance: Mazda lease agreements sometimes include gap insurance, which covers the difference between the vehicle’s value and what you owe in case of vehicle loss or theft.
• Capitalized expense: The capitalized expense is the initial price of the Mazda car, including any fees, taxes, etc.

Start Your MAZDA Lease in Pelham, AL

Here at Med Center Mazda, our friendly dealers and finance experts will help you get the ball rolling on your Mazda lease. Learn more by visiting our Pelham, AL Mazda dealership today!