Here at Orlando MINI, we want to offer the best car leasing experience to our Orlando area customers. That’s why we’re passionate about addressing all of your concerns before they become issues. Before you sign the leasing paperwork, here are some important FAQs to consider.
What Are Some of the Terms I Should Know?
In order to be the most informed you can be about leasing a MINI Clubman, you should know some basic car leasing terminology. These terms include:
- MSRP: This is the manufacturer’s suggested retail price set by a car dealership and typically posted in the window of a new vehicle.
- Money factor: Also known as a “lease factor,” the lower this number is, the better. You can multiply the money factor amount by 2,400 to get an estimated interest rate.
- Residual value: This is the value of your MINI Clubman at the end of your lease term. A decreased residual value will make your monthly payments lower.
What Type of Lease Should I Sign?
Our financial experts highly recommend only signing closed-end leases. In this type of lease, if the vehicle is worth less at the end of the lease life cycle than what a dealership estimated when you sign, they will absorb the additional cost, and not you. Be sure to always read the fine print before you sign any documents.
What Maintenance Expenses Am I Responsible For?
Generally, a car lessee is responsible for covering the maintenance costs of the car during the entire leasing term. This includes oil changes, brake pad replacements, and mechanical maintenance repairs.
If you are interested in leasing a MINI Clubman in the Orlando area, be sure to stop by our dealership today!