Leasing at Gates Honda in Richmond, KY

Thinking about leasing your next vehicle in Richmond, KY? Look no further then at Gates Honda in Richmond, KY.

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Time to get a new vehicle for driving needs in the Lexington-Fayette area? Come to Gates Honda in Richmond, KY to buy or lease a Honda today. Hondas are a great vehicle that have the performance and technology features you are looking for. Not sure if buying or leasing is the right choice for you? Use our buy vs. lease calculator to see what the best option is depending on your driving habits and finances. If you are ready to lease a vehicle learn more about some of the leasing FAQs that most driver have. If you still have questions, come into our finance department to learn more about the leasing process.

Honda Leasing FAQ's:

Q: What are the benefits of leasing?

A: There are many great benefits of leasing a Honda instead of purchasing a vehicle. There are different things to keep in mind if you are thinking about leasing. There is a restriction on how many miles you can drive and if you are a drive that likes to put your vehicle through rougher experiences this might not be the right choice for you. How every if you love flexibility this is the best car option for you:

Reasons to lease:

You get a vehicle that is new or almost like new

A new vehicle every couple of years

Lower monthly payments then getting an auto loan

Less cost up front

Flexibility

And so much more

Q: How long are leases usually?

A: 24 months, 36 months and 72 months.

Q: Do I have to have good credit to lease?

A: Yes, you need to have a credit score of 650 or higher.

Q: What are the insurance requirements for a lease vehicle?

A: You are required to maintain physical damage, comprehensive, and collision insurance coverage for the duration of your contract for the minimum coverages required by the laws of the state in which you reside. If you have any other questions, please speak with Gates Honda finance department to learn more.

Q: Do I need to perform maintenance on a leased vehicle?

A: Yes, you are responsible to keep up the maintenance on your leased Honda. Luckily at Gates Honda in Richmond, KY we have a trusted Honda service center you can come to for all your service needs. If you need help with service give out service department a call.

Q: What are my after-lease options?

A: When it comes to the end of your lease you have many options. First, you need to schedule an inspection of your lease so it can be looked over. After your lease inspection you then will have the option to either continue leasing this vehicle, get a new lease or purchase a vehicle. Whatever you choose, our finance department is ready to help you.

Q: What are some fees that I could see?

A:

Going over your mileage allowance

Excessive wear and tear when turning in your Honda lease

Turning a lease with missing keys, objects etc.

Outstanding payments

Breaking your lease agreement early

Fees and taxes

*There may be other fees, check your lease agreement for more information.

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.

Get Your Dream Honda at Gates Honda in Richmond, KY

Are you ready to start leasing your dream Honda? Gates Honda in Richmond, KY is ready for you! Come test drive our Honda inventory to find the right one for you. Once you found the perfect Honda car, truck, or SUV for your lease, visit our finance department. Trade in your current vehicle to help bring your monthly cost and to learn more about the leasing process today. Call us today if you have immediate questions or come get your lease agreement start.