When you peruse the stunning luxury models and consider which one you want to drive home, you should also familiarize yourself with key BMW lease terms. This will help you prepare and make the leasing process go more quickly. Here are a few important terms to know when you lease a new or pre-owned vehicle with Fields BMW Northfield.
Lease Payment
This term actually encompasses a few different phrases. Overall, this is how much you’ll pay for the lease, including:
- First month’s payment
- Down payment
- Security deposit
- Acquisition fee
The lease payment varies by each vehicle’s year and model and is often based on the Manufacturer Suggested Retail Price (MSRP) and additional factors like the vehicle’s mileage and accident or maintenance history.
Residual Value
We estimate how much your BMW model will be worth at the end of the lease term, and the result is the residual value. This is partially based on the expected depreciation (in other words, how much the vehicle’s value will decrease during your lease). Residual value is also affected by the MSRP and the mileage you expect to put on the car while it’s in your possession.
Purchase Option
Normally, when a lease ends after a few years, the lessor brings the car back to our dealership and trades it in for a new one under a fresh lease. However, it’s common for BMW drivers to fall in love with their models and want to purchase the vehicle instead of trading it in. That’s where the purchase option comes in: it allows you to buy the vehicle from us at the residual value after the lease ends.
Get Great BMW Lease Terms Near Chicago, IL
You deserve to drive the luxury model of your dreams. Come by our BMW dealership near Chicago, IL today. We’ll teach you the terms you need to know and set you up with a great custom lease package!