Honda Dealer Burlington, MA
Car-Leasing Terminology You Should Know Before Going to the Honda Dealer in Burlington, MA
Are you interested in leasing a car from a Honda dealer in Burlington, MA? We have created a list of basic car-leasing terms and their explanations so that you have all the tools you need to comprehend your leasing agreement.
If you have any questions or concerns, you can give us a call or stop by our dealership. We are very close to Burlington, MA, and will gladly assist you with any questions you may have.
Cap Cost Reduction
When you lease a car from a Honda dealer, the cap cost reduction is the amount that you will pay when you sign the lease, in addition to any extra fees or payments that the dealer assesses. You can compare the cap cost reduction to a down payment when you purchase a car from a Honda dealer. The higher the sum of the cap cost reduction, the lower the monthly payments will be. The smaller the sum of the cap cost reduction, the higher your monthly payments will be.
Getting a closed-end lease from a Honda dealer basically means that you get a lease that fixed the car’s residual value initially. Most car leases are this type. It basically means that you won’t have to owe an extra sum at the end of the contract if the car ends up being worth less than the sellers had anticipated.
Early Termination Fee
If you decide to end your contract with the Honda dealer prematurely, you will have to pay a penalty that the lessor assesses. The main reason buyers have to pay an early termination fee is because depreciation tends to be higher in the early stages of the car’s life, so ending a lease early can cut heavily into the lessors’ earnings.
Every Honda dealer will include a disposition fee when you sign a lease deal. This is the amount that you must pay at the end of the leasing contract to cover all the costs that come with preparing the returned car for sale.
If you are looking for a reliable and efficient Honda dealer near Burlington, MA, you have come to the right place. At Boch Honda West, we offer over 1,000 Honda vehicles for sale, and our dedicated team will help you find the car that best fits your needs. You can look at our new models on our website if you are interested in a new Honda, but you will also find pre-owned vehicles, as well as information on financing, specials, services, and more.