Understanding Your Lease Contract: A Basic Guide

Navigating through a lease contract can sometimes feel overwhelming with its unique terminology and details. At Benchmark Auto Sales, we believe in transparency and customer education, and we're committed to helping you understand the ins and outs of your lease contract. Here's a basic guide to help you better understand your lease contract.

Understanding the terminology in a lease contract can help you navigate the agreement more confidently. Here are some key terms you'll encounter:

1. Lease Term: This is the duration of the lease, typically expressed in months or weeks at Benchmark Auto Sales. Our standard lease plans range from 57-260 weeks, while our 3-year lease plan is 156 weeks.
2. Monthly Payment: This is the amount you'll pay each month or week for the lease of the vehicle. Our payments are typically more affordable than traditional buy here pay here and approvals are based on 20% of a customer's net income.
3. Cap Cost Reduction: This is the initial payment made at the start of the lease, commonly referred to as a down payment. At Benchmark Auto Sales, our down payments are out-the-door, meaning they include tax, DMV fees, and more.
4. Mileage Restrictions: Some lease contracts include limits on how many miles the vehicle can be driven during the lease term. It's important to be aware of these restrictions to avoid potential additional charges. At Benchmark Auto Sales, we limit mileage to 21,600 (1,800/mo) miles per year.

At Benchmark Auto Sales, we understand that life can be unpredictable. If you need to end your lease early, our contracts allow for early termination with a termination fee. This provides you with the flexibility to adapt to changing circumstances.