Mazda leasing is an appealing option for car shoppers of all types. If you've never leased a car before, it can be a great way to get to know a vehicle without making a long-term commitment. Plus, there are other benefits, such as lower monthly payments and less money spent on maintenance and parts replacements.
When preparing to sign a Mazda lease, it's important to know and understand all of the terminology involved. Learn all about it in this guide, courtesy of Joe Myers Mazda.
Lessee/Lessor
The lessee is the party who leases the vehicle - i.e. you, the customer. The lessor is the party leasing the vehicle to you - in this case, our Mazda dealership. You'll see these terms a lot in your leasing contract.
Lease Term
This is the length of the lease agreement. Most leases run for three years, or 36 months. At the end of your term, you can extend the lease on your current car, lease another car, or simply hand us the keys and walk away.
Open-End and Closed-End Lease
With an open-end lease, you won't have many restrictions on how you can use your new Mazda car. However, at the end of the lease, you will be responsible for any additional wear and tear beyond the depreciation calculated by the company. On the other hand, with a closed-end lease, you will have to stay under a mileage limit, but any extra depreciation won't be charged to you.
Monthly Payment
Just like when you buy a car, a lease has a monthly payment. The biggest difference, though, is that with a lease, you're only financing the value of the car during the time you lease it. This makes for a lower monthly payment than you'd have if you had financed the vehicle. Plus, the taxes are lower.
These are reasons why leasing makes it easier to drive off our lot in a higher-end version of your favorite model, be it a Mazda CX-50 or Mazda CX-90.
Mileage Limit
This is the number of miles you're allowed to drive over the term of the lease. 10,000 to 12,000 miles a year is where most limits fall. If you exceed the mileage limit, you'll have to pay a penalty in the range of 12 to 15 cents per mile. One way to avoid this is to explore a high-mileage lease with our Houston, TX Mazda dealers.
Lease Buyout
It's not uncommon for a lessee to want to purchase the car outright once their lease expires; this is called a lease buyout. Several factors influence the buyout amount, including the car's residual value and its depreciation. You can pay the amount in full, or you can switch to a financing program.
Ending the Lease Early
It can be tough to end a lease early, as it often requires you to make a balloon payment for the remaining monthly charges. However, you may still be able to negotiate an early return for your car. This depends on a number of market factors, like how many models are available, so talk to our team to find out more.
Learn More About MAZDA Leasing in Houston, TX Today
With a great selection of vehicles to choose from and an experienced Mazda finance team working for you, leasing a vehicle from Joe Myers Mazda is a can't-lose proposition. Visit our online new car inventory today for inspiration, and then stop in for a test drive.
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- Tuesday 9:00 am - 9:00 pm
- Wednesday 9:00 am - 9:00 pm
- Thursday 9:00 am - 9:00 pm
- Friday 9:00 am - 9:00 pm
- Saturday 9:00 am - 9:00 pm
- Sunday Closed
