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Residual Value: -${{(((msrp*((rprice||0)/100)| ceil)|number)||0)}}

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Total Amount Borrowed ${{(((msrp-(msrp*((rprice||0)/100))-downpay-tradeval)| ceil)|number)||0}}

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Estimated Monthly Fees: +${{(((((msrp-downpay-tradeval)+(msrp*((rprice||0)/100)))*((intrate||0)/2400))| ceil)|number)||0}}

Total Monthly Payment: ${{(((((msrp-(msrp*((rprice||0)/100))-downpay-tradeval)/selectedterm)+(((msrp-downpay-tradeval)+(msrp*((rprice||0)/100)))* (((intrate||0)/2400))))| ceil)|number)||0 }}

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8 Things You Must Know Before Leasing Your Next Car

Leasing a car can be a great option for those who want a new vehicle without the long-term commitment of buying. However, it's essential to understand the ins and outs of leasing before signing on the dotted line. Here are some key things to consider before leasing your next car:

1. Leasing Terminology

Before you start shopping for a lease, it's crucial to understand the terminology used in the leasing industry. Here are some key terms to know:

Lease term: The length of time you'll be leasing the vehicle, typically 2-3 years.
Monthly payment: The amount you'll pay each month to use the vehicle.
Cap cost: The purchase price of the vehicle minus any down payment or trade-in.
Residual value: The estimated value of the vehicle at the end of the lease term.
Mileage allowance: The number of miles you're allowed to drive per year without incurring additional fees.

2. Types of Leases

There are several types of leases to consider, including:

Closed-end lease: A lease where the lessee is not responsible for the vehicle's depreciation.
Open-end lease: A lease where the lessee is responsible for the vehicle's depreciation.
Subvented lease: A lease where the manufacturer subsidizes the lease payments to make the vehicle more affordable.
Short-term lease: A lease with a shorter term, typically 12-24 months.

3. Lease Incentives and Rebates

Lease incentives and rebates can help reduce your monthly payments or lower the overall cost of the lease. Here are some things to look for:

Manufacturer rebates: Rebates offered by the manufacturer to reduce the lease payments.
Dealer incentives: Incentives offered by the dealer to reduce the lease payments.
Low-interest rates: Special interest rates offered for leasing certain vehicles.

4. Lease Requirements

Before leasing a car, you'll typically need to meet certain requirements, including:

Good credit: A good credit score is usually required to qualify for a lease.
Down payment: A down payment is usually required to secure the lease.
Insurance: You'll need to have insurance to cover the vehicle during the lease term.
Maintenance: You'll be responsible for maintaining the vehicle during the lease term.

5. Lease End Options

At the end of the lease term, you'll have several options, including:

Returning the vehicle: You can return the vehicle to the dealer without penalty.
Purchasing the vehicle: You can purchase the vehicle at a predetermined price.
Extending the lease: You can extend the lease for an additional term.

6. Lease Penalties

Breaking a lease can result in penalties, including:

Early termination fees: Fees for terminating the lease early.
Excessive mileage fees: Fees for exceeding the mileage allowance.
Wear and tear fees: Fees for excessive wear and tear on the vehicle.

7. Lease Insurance

Lease insurance can provide protection in case you're involved in an accident or the vehicle is stolen. Here are some things to consider:

Gap insurance: Insurance that covers the difference between the vehicle's value and the lease balance.
Comprehensive insurance: Insurance that covers damage to the vehicle from non-collision events.
Collision insurance: Insurance that covers damage to the vehicle from collisions.

8. Lease Review

Before signing the lease, review the contract carefully to ensure you understand all the terms and conditions. Here are some things to look for:

Lease term: Make sure you understand the length of the lease.
Monthly payment: Make sure you understand the monthly payment and any fees.
Mileage allowance: Make sure you understand the mileage allowance and any excessive mileage fees.
Wear and tear: Make sure you understand the wear and tear policy and any fees.

By understanding these key things, you can make an informed decision when leasing your next car. Remember to carefully review the lease contract and ask questions before signing.

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