Leasing at Gates Ford Lincoln in Richmond, KY

Not sure if buying a vehicle is the right option for you or are you wanting to learn more about leasing? Read all about leasing at Gates Ford Lincoln in Richmond, KY.

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Are you a driver in the Lexington-Fayette area looking to lease a vehicle? Or maybe you are unsure if buying or leasing is the right option for you. Below we have provided you some helpful FAQs and terminology to help you better understand the leasing option at our Ford dealership. No matter if you are looking for a new or used vehicle, we got you covered. Our finance department is ready to help you get your leasing process started. If you have any remaining question, give us a call today!

Gates Ford Lincoln Leasing FAQ's:

Q: What is a lease?

A: A lease is simply a rental of a vehicle for a fixed amount of time.

Q: How do I know a lease is the right option for me?

A: Like each vehicle, each driver is different. Figuring out if buying or leasing is the right options comes down to your financial and personal priorities. Do you like getting a new vehicle every couple of years? Travel less than the average driver? Maybe you are just not interested in having a vehicle of your own with 100% of the responsibilities. These are the key questions to decide that leasing is the better option for your habits. See our Buy vs. Lease calculator to see what the best option for you is.

Q: Do I need to have a Good Credit Score?

A: At Gates Ford Lincoln, our finance department looks for a credit score of 630 or higher to get a lease.

Q: What are the leasing options at Gates Ford Lincoln?

A: 24 months, 36 months, 72 months.

Q: Do I need to pay for auto service with my lease?

A: Yes, visit our service center to get great service done.

Q: What happens if I exceed my mileage allowance?

A: If you exceed your mileage that was set in your contract there will be an additional charge at the end of your lease. However, if you want to purchase your vehicle, there will be no additional charge per mile over.

Q: How do I purchase my leased vehicle?

A: You can purchase the lease vehicle at the end of your lease term for the price stated in your lease agreement along with other fees. If you have questions, feel free to contact the finance department at Gates Ford Lincoln.

Q: Can I extend my lease?

A: Yes, call our finance department when your lease expires.

Q: Can I end my lease early?

A: If you choose to terminate the lease agreement early read the Early termination section of the leasing contract to learn more. If you need further help, call Gates Ford Lincoln.

Q: What are my options when it is time to renew my lease?

A: At the end of your lease, you have your choice of three different options:

Purchase or lease a new vehicle

Purchase your leased vehicle for the price stated in your Lease Agreement (plus any applicable taxes and/or fees)

Return your leased vehicle (after satisfying any lease-end obligations, such as mileage, wear and use charges and any applicable lease Disposition Fee)

Leasing Terms To Know

Term: The length of the lease.

Lessor: The business financing the lease.

Lessee: The individual leasing the car.

Acquisition Fee: This is a fee a lessor charges for setting up the lease. This fee varies greatly and can be as much as $1,000. Ask before signing any lease what fees get included in the acquisition fee. Fees you might see could include destination charges and documentation fees for processing the lease title, license plates, and car registration. It is firm and can’t be negotiated away. However, it can be folded into monthly payments.

Disposition Charge: This is a charge to clean and dispose of your car at the end of the lease. You may be able to negotiate it away if you buy the car or lease another from the same agency.

Drive-Off Fees: Any fees and deposits due to begin the lease. Don’t forget that sales tax will be due for your lease transaction. Ask the lessor what fees are included in the drive-off fees. You may be able to negotiate some of the lessor’s tacked-on fees.

Allowable Mileage: Also called the “mileage cap,” it is the average number of miles per year you can drive the car. The lessor will penalize you for every mile above that number.

Capitalized Cost: This is the agreed-on selling price of the vehicle plus any fees to be included in the monthly payments.

Capitalized Cost Reduction: Also called cap reduction, it is any element lowering the capitalized cost. It usually takes the form of a down payment or trade-in allowance.

Depreciation: The lost value of the vehicle over the course of the lease is the depreciation.

Gap Insurance: Some leases automatically include gap insurance in the capitalized cost. If the car is a total loss through theft or collision, your insurance may not cover the entire loss. Gap insurance pays for what your car insurance doesn’t pay.

Money Factor: In financing, this is called the interest rate, but it looks markedly different. As with financing, though, the higher the money factor, the larger the monthly payment.

Early Termination: Breaking a lease contract before the end of the leasing period. If you want out of your lease early, it will cost you dearly. You may need to come up with a sum of money equal to the remaining payments.

Payoff Amount: This is what it will cost you to buy the car at the end of the lease. It should be roughly the residual amount minus any security deposit.

Lease maturity date: This is the date when your lease agreement ends.

Your Trusted Ford Dealer in Richmond, KY

No matter what choice you choose either to lease or buy, we got your dream vehicle waiting for you at our Ford dealership. Come test drive a Ford or used vehicle today. We look forward to seeing you at Gates Ford Lincoln soon in Richmond, KY soon!