Lease a New Car in Midlothian, VA

Once you decide that you want to lease a new car rather than buying or financing a new car, there a many questions that are important to ask before signing any paperwork. Here at Richmond BMW Midlothian, your local new and used car dealer in Virginia, we like to keep our customers well informed about the car leasing process. Here are some of the most commonly asked leasing questions the are very helpful to customers. Lease a new BMW 1 Series, 3 Series, 5 Series, X Model, i3, or any BMW model of your choice today. Contact us at 855-864-8768 to begin your leasing process.

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Richmond BMW Midlothian
A BMW M Certified Dealer Certified Center

12100 Midlothian Tpk
Directions Midlothian, VA 23113

  • Sales: 804 361 8758

Hours

  • Monday 9:00 AM - 8:00 PM
  • Tuesday 9:00 AM - 8:00 PM
  • Wednesday 9:00 AM - 8:00 PM
  • Thursday 9:00 AM - 8:00 PM
  • Friday 9:00 AM - 8:00 PM
  • Saturday 9:00 AM - 6:00 PM
  • Sunday Open Last Sunday of Month 12:00 PM - 5:00 PM

Lease FAQs

1. What does it mean to lease a car?

Basically, a lease is a long-term rental agreement. If you always like to drive a new car, or if you don't want to pay for the depreciation of a new car, a lease may be a good idea for you.

2. What is the car's residual value?

The residual value is how much the car will be worth at the end of the lease. This figure is an estimate, set by the leasing company and expressed as a percentage (for example, 55 percent of the original value) or a price (the car will be worth $20,000 three years later). When you lease a car, you are paying for the amount of the car's value you use. For example, if you lease a $30,000 car for three years, it will be worth about $18,000 three years later. That means you used $12,000 of the car's value. Divide that $12,000 by 36 months and you get $333, which is approximately your monthly payment (plus interest and taxes).

3. What is the amount due when I sign the lease?

It can be made up of payments like security deposit, freight and destinations charges,processing fees, taxes, titles fees, capitalized cost reduction, monthly payments paid at signing and registration fees.

4. How long is the lease?

It's common to find 24, 36, 48 and 60 months. But you will also find odd terms -- like 39 months. Make sure you keep track of your numbers; some odd-month deals may be designed to confuse you. A 39-month lease based on the 36-month residual value of the car will give you lower payments, but you'll pay more overall. Additionally, you might be driving for three months without a factory warranty so a major breakdown could cost you big time in repairs.

5. What happens at the end of the lease?

There are two kinds of leases: open-end and closed-end. The most common is the closed-end lease in which you return the car at the end of the lease, pay any costs due and walk away or buy the car at the residual value figure stated at the start of the lease. If the car is not worth the residual value figure at that point, you're not responsible as long as the car has normal wear and you haven't exceeded the mileage limits. The dealer is guessing that he will get back a vehicle worth money to him (the residual value), so he takes the risk (and maybe loses if he guesses wrong). That means you pay more for this type of deal.

6. What is the free miles allowance and what happens after that?

Commonly, leases allow 12,000 or 15,000 miles before you trigger charges per mile (anywhere from 10 to 25 cents). Remember that the miles allowance is often negotiable so be sure to speak with your sales consultant when at our dealership to get the best allowance that fits your everyday lifestyle.

7. What maintenance expenses are your responsibility?

In general you are responsible for the costs of maintaining the vehicle during the contract period just as if you owned it. That includes paying for expenses such as insurance, oil changes, maintenance to brakes and tires, and other costs for regular upkeep. You are also responsible for all taxes that are assessed by your local government.

8. What will gap insurance cost me?

This insurance will pay the difference between what you owe on your leased vehicle and what it is worth if it is wrecked or stolen. You can get it with the lease or ask your insurance company. However, if you drive your cars hard or keep them until they fall apart, think again: leasing is not as simple as a making some payments and giving the car back.

9. How do I find out more information on leasing a new BMW?

You may find out more about BMW lease offers at our dealership, Richmond BMW Midlothian in Virginia near Richmond, Waynesboro, Staunton, Harrisonburg and Culpeper or by filling out a contact form so you may be connected with a leasing consultant.