Frequently Asked Questions About Car Leasing
Leasing a new Mercedes-Benz car or SUV is a great option that many of our Houston area drivers choose. If you've been considering leasing a new Mercedes-Benz, you may have a few questions or concerns. To help, here are a few answers to some of the most frequently asked car leasing questions.
What's The Difference Between A New Car Lease And Loan?
Perhaps the biggest difference is that leases are a short-term commitment while loans are long-term. You'll also most likely spend less upfront on a lease but more over time than you would with a loan. A lease also includes the new car warranty for the life of the lease.
How Do New Car Leases Work?
When you lease a car, it's like you're renting it for a short amount of time. You'll agree to a set monthly payment, time frame, and final overall price and will settle on any warranties, fees, and limits that may apply to your lease.
How Are Leases Calculated?
There are three main parts to a lease payment: depreciation, sales tax, and financing. The total for the lease is calculated by adding the financing fee, depreciation fee, and monthly sales tax into one total monthly lease payment.
What Are My Options When The Lease Ends?
Most leases come with three end of lease options that include trading it in for another lease, buying the lease outright, or returning it and walking away.
What Is Lease Equity?
When your vehicle is worth more at the end of the lease than the amount you agreed upon beforehand for the buyout.
What Is My Lease Buyout?
A lease buyout is the agreed-upon price that you could pay to buy your lease at the end of the leasing term.
What Are Lease Termination Charges?
If you end your lease early, you most likely will have to pay a lease termination fee. The fee normally depends on the remaining depreciation cost and what's left to pay on the lease.
What Are Lease Mileage Charges?
Most leases include a set mileage limit per year, and if you go over this limit, you'll receive a fee.
How Is Mileage Calculated On A Lease?
The dealership will look at your odometer to see how many miles you have driven. If you're over the set amount, they will take the overage and multiply it by the agreed-upon mileage charge. This will create the mileage fee that is owed.
Do I need To Replace Tires Before Turning Lease In?
It depends on your lease. Many leases require you to have a specific tread depth at the end of your lease term. Check your tires and have them replaced before turning your lease in or face a fine.
Do I Need To Turn My Lease In At The Store I Leased It Through?
Where do I turn in my lease? This depends on your leasing contract. Some dealerships allow you to return it to one of their other affiliated locations.
Where Does My Leased Car Go After I return It?
Your leased car will most likely be processed, inspected, and cleaned, and then placed in the used car inventory for sale.
Can I Extend My Lease?
In some cases, you can. Talk with the finance team to see what your options are.
How To Get Out Of A Lease Early?
There are many different ways you can get out of a lease early, including transferring the lease, selling it, or trading your vehicle in at the dealership. If you want to end the lease early, contact the dealership to see what your options are.
How To Refinance A Lease?
Refinancing a lease means that you want to become the owner of the car. When you begin your lease, you'll agree upon a buyout amount. In order to purchase your leased vehicle, you'll need to pay off that amount with either cash or a new loan.
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Mercedes-Benz of West Houston
1025 Highway 6 North
Houston, TX 77079
- Sales: (281) 492-5800
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