From a Honda lease disposition fee to GAP insurance, understanding the costs associated with the leasing process can feel overwhelming. Hall Honda Virginia Beach is here to help every step of the way. Learn about common leasing fees, and take the first test drive, right here at our dealership.
Acquisitions Fee
One of the first fees you’ll come across is the Acquisitions Fee. This fee typically covers the cost of paperwork and filing and will vary from one dealership to the next. On average, it’s usually a few hundred dollars.
Security Fee
Many leases also come with security fees, as with apartments or homes. It helps to protect both the dealership and the driver in the event of damage. If there is no damage when you return the car, the security deposit will be returned. Most of the time, these deposits are equal to about one month’s payments.
Disposition Fee
The disposition fee will come when you return the car. These fees cover the cost of vehicle turnover, including any necessary cleaning or repairs, to make it more enticing to potential buyers. Most disposition fees are around the cost of one month’s lease payment, but it’s common to waive them if you choose to buy the vehicle at lease end.
Wear and Tear Expenses
In the two months leading up to the end of your lease, you’ll need to schedule a vehicle inspection. During this inspection, they’ll make note of any damage or wear incurred. After this inspection, you’ll have the opportunity to either address the repairs or to be billed for damage or wear considered “beyond normal use.”
Early Termination
Most vehicle leases last 24 to 36 months, but you should carefully consider your term length. That’s because the cost of terminating the lease early can be significant. The average cost will vary, but it is often at least several months’ payment in value.
Lease and Finance Your Next Vehicle in Virginia Beach, VA
No matter what your leasing needs might be, you’ll find the right car at the right price at Hall Honda Virginia Beach. We offer the financing tools you need to feel confident along the way. Visit our dealership for the first test drive.
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