When car shopping at Fields Volvo Cars Northfield, you have the option of applying for an auto loan or signing up for a Volvo lease. If you opt for a lease, there are a few terms that you should know in order to ensure you are making the best decision for yourself. Explore these Volvo terms with the financing experts at Fields Volvo Cars Northfield.
Mileage Limitation
Many Volvo lease agreements have some things in common with one another. One important term is mileage limitation. Every lease comes with a limit on your annual mileage, typically between 8,000-10,000 miles. If you exceed the number within a year, you may incur extra fees.
GAP Coverage and Disposition Fees
Two more terms you should know are GAP coverage and disposition fee. GAP, or Guaranteed Auto Protection coverage, provides peace of mind if your leased Volvo car is ever involved in an accident.
A disposition fee is an end-of-lease charge that covers any expenses for preparing your Volvo vehicle for resale. This includes costs for tasks like fixing minor paint scuffs, detailing the interior, and inspections, and the price is typically around $300-$400.
Once your lease agreement comes to an end, you have some options. You can choose to lease another Volvo vehicle, or, if you’ve fallen in love with your current Volvo, you can ask us about our Lease-to-Own Program.
Lease-to-Own Program
The last term we’ll cover is our Lease-to-Own Program. Our program has the perks of avoiding excess mileage fees and potentially cutting back on costs — plus, you’ll own your Volvo car at the lease end. Now that you own your vehicle, you can customize it to your heart’s desire and rack up as many miles as you’d like.
Learn More About Volvo Lease Options in Northfield, IL
Whether you decide to lease a new Volvo car or buy it through financing, Fields Volvo Cars Northfield is here to help you navigate the possibilities to arrive at the best outcome for your lifestyle. Contact us today for more information!