04/21/2021
When leasing a vehicle, your monthly payments will cover the use of a vehicle over a fixed period of time, similar to a long-term rental. These payments are calculated by the whole value of the vehicle, also known as the selling-price. After the duration of a lease, the vehicle will then be returned to the dealership with a ‘residual value’ or the estimated value of your vehicle’s worth or how much it can be sold for. You will then have the option of purchasing the vehicle for its market-value or trading it in for a new one.
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