Leasing at Gates Nissan of Richmond in Richmond, KY

Wanting the latest model of a Nissan every so often or maybe you do not drive a lot and want the best financial option for you. Read about what great features come with leasing a Nissan at Gates Nissan of Richmond.

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Thinking about leasing a vehicle from Gates Nissan of Richmond in Richmond, KY? You got questions; we go answers about leasing at our Nissan dealership. When it comes time to get a new vehicle it can be hard to decide whether it is easier to buy or lease a vehicle. See which option is right for you! Our finance department is ready to help you with any questions and get the plan that is right for you in Richmond, KY.

Leasing FAQ's:

Q: What is the difference between leasing and buying?

A: Buying a vehicle is when you own all rights and future needs of the vehicle to your name. Leasing is a unique experience because it allows for driver to only have a vehicle for a certain amount of time but allows for more flexibility and lease overhead worries. If you like getting a new vehicle a lot leasing allows for you to get a new vehicle every couple of years. However, there are limitations on mileage abilities and other factors that restrict freedom for drivers to have when leasing.

Q: What happens if I move?

A: Our finance department will be happy to go through the moving process for needs. We will need a new address as soon as possible. Please see section in your leasing agreement for information about the complete process.

Q: What if I miss a payment?

A: If you miss a payment, there will be a fee associated with missing a payment and could negatively affect your credit score.

Q: Do I need to keep my lease serviced?

A: Yes, it is important to keep your vehicle well serviced not only do to leasing this vehicle but for your safety as well. Our service technicians are trained to help with all service needs. We make it a breeze to get your vehicle serviced at Gates Nissan of Richmond.

Q: I like a used vehicle on your lot, can I lease it?

A: At Gates Nissan of Richmond, we are happy to offer leasing options for used vehicles on our lot. Speak to a finance team member today to get more information.

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: Of course, if you fell in love with your Nissan make it yours! There will be a vehicle inspection and then a purchasing procedure to follow that will outline fees and costs.

Q: Can I extend my lease?

A: Yes, after your lease contract is up come into Gates Nissan of Richmond to extend your lease and follow end of lease protocols.

Q: Can I end my lease early?

A: In most situations you are not allowed to end the lease agreement early. Please contact our finance department for further assistance.

Q: What happens at the end of my lease contract?

A: There are four options to choose from at Gates Nissan of Richmond!

Get a new Nissan to lease

Keep your current Nissan lease

Buy your current Nissan lease

Return your old Nissan and either lease a new one or purchase a vehicle on our lot.

Whatever your decision is, our finance department is ready to assist you! Call us to learn more today.

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.

Contact Us Today with Any Further Questions in Richmond, KY

Deciding what options is best for your needs both physically and financially can be stressful. Come visit Gates Nissan of Richmond finance team to learn more about the options you have in Richmond, KY. We proudly serve the Lexington-Fayette area drivers with great Nissan vehicles and service. Each driver is different, that is why we treat each of our customers like so. Leasing is a great option for flexibility and control over your driving habits. Look through our inventory today to find the right lease for you!