Glossary of Nissan Lease Terms
Getting a Nissan lease on your next brand-new Nissan SUV, truck, or car is a great way to get a new vehicle without the hassle and extra cost of purchasing. While you don’t end up with ownership of the car, you can stay up to date with the latest car models without having the stress of ownership. For those who prioritize driving a great car every day, leasing is the way to go. Here’s a quick rundown of common lease terms to get you up-to-speed on how a Nissan car lease works.
Important Lease Terminology
Acquisition Fees cover expenses such as credit history and insurance coverage verification.
Adjusted/Net Capitalized Cost is the agreed-upon market price used to calculate monthly lease payments for your new Nissan SUV or car. It also includes any down payment towards the price of the vehicle and incentives that may lower the total cost.
Depreciation is an amount that illustrates the vehicle’s decline in value during the term of the lease. Most monthly payments are based on the vehicle’s estimated depreciation over the lease term.
Disposition Fees are charged at the end of the lease to cover the cost of preparing and selling the vehicle at the end of the lease term.
GAP (Guaranteed Auto Protection) Coverage will ensure that you never owe more on the lease than what your insurance company will reimburse in case your vehicle is stolen or damaged. Our Nissan financing department can help you determine which protection plan is best for your needs.
Mileage Allowance is the agreed-upon fixed mileage limit for the term of the lease.
Excess Mileage Charges are fee-per-mile charges for every mile driven over the mileage allowance.
Excessive Wear-and-Tear Fees cover damage or wear beyond what is agreed upon as typical in the terms of the lease.
Purchase Option is the option to purchase the leased vehicle during or at the end of the lease term. At our Nissan dealership near North Haven, CT, leasing is a great way to find out which Nissan vehicle works best for you before purchasing it.
Security Deposit is an amount sometimes required to offset a potential default in lease payments.
Nissan Leasing at Barberino Nissan
If you’re considering a Nissan lease as a way of getting your next brand-new vehicle, come see us at Barberino Nissan to explore all the new Nissan models, leasing and purchasing options, and incentives we have that will make your dealership experience a great one.