7 GMC Lease Terms to Familiarize Yourself With
Before you apply for a GMC lease, it’s important to understand the terminology you’ll be looking at. What are the key leasing and financing terms that every driver should understand? The McGuire Buick GMC team is here to answer this question by explaining seven important lease terms.
Monthly Payment
This is what you’ll pay each month for the vehicle. It’s a fixed amount over a set period of time known as the term length.
Term Length
Every lease is active for a specific length of time. Make sure you know how many months your lease runs for.
Mileage Limit and Penalties
Every GMC lease restricts how many miles you can drive each year before you incur a penalty. You need to know how many miles you’re allowed to drive and your expected overage fees. If you anticipate going over your mileage limit, talk to our team about getting a high-mileage lease.
Down Payment
You may put a down payment or security deposit on the vehicle at signing. The down payment will be factored into how much you owe over the term of the lease, helping to reduce your monthly payment.
Buyout Price
The buyout price is the amount you’ll pay if you choose to purchase the vehicle after your lease term ends. You’ll know this figure at signing, so you can save towards it as your lease-end date approaches.
Wear-and-Tear Charge
It’s up to the driver to keep the vehicle in good condition during the lease. You’ll be charged an amount determined in your lease if there's excessive wear and tear.
Early Termination Fee
You may need to end your lease early if your financial or living situation changes. If you do so, you’ll have to pay the early termination fee as outlined in your lease terms.
Learn About GMC Lease Terms in Little Falls, NJ
Our dealership is here to help you understand every term in your GMC lease. Contact McGuire Buick GMC today to schedule an appointment with our leasing and financing experts.
Monthly Payment
This is what you’ll pay each month for the vehicle. It’s a fixed amount over a set period of time known as the term length.
Term Length
Every lease is active for a specific length of time. Make sure you know how many months your lease runs for.
Mileage Limit and Penalties
Every GMC lease restricts how many miles you can drive each year before you incur a penalty. You need to know how many miles you’re allowed to drive and your expected overage fees. If you anticipate going over your mileage limit, talk to our team about getting a high-mileage lease.
Down Payment
You may put a down payment or security deposit on the vehicle at signing. The down payment will be factored into how much you owe over the term of the lease, helping to reduce your monthly payment.
Buyout Price
The buyout price is the amount you’ll pay if you choose to purchase the vehicle after your lease term ends. You’ll know this figure at signing, so you can save towards it as your lease-end date approaches.
Wear-and-Tear Charge
It’s up to the driver to keep the vehicle in good condition during the lease. You’ll be charged an amount determined in your lease if there's excessive wear and tear.
Early Termination Fee
You may need to end your lease early if your financial or living situation changes. If you do so, you’ll have to pay the early termination fee as outlined in your lease terms.
Learn About GMC Lease Terms in Little Falls, NJ
Our dealership is here to help you understand every term in your GMC lease. Contact McGuire Buick GMC today to schedule an appointment with our leasing and financing experts.
