FAQs
Find answers to commonly-asked leasing, financing and payment questions.
New Customer
General Information
Once you decide on a vehicle, you can apply for credit (click here or entering Shopping Tools>Apply For Credit in the upper Menu). Once your application is submitted, notification will be sent to your preferred Mercedes-Benz dealer, who you can then contact to arrange the last details. You can also apply for credit in person at your preferred dealer.
At Mercedes-Benz Financial Services, we are as concerned about the safety of your data as you are. We safeguard your personal information with industry-standard security technology. In order to make sure you are receiving all the benefits of our safety and security procedures, we suggest you upgrade to the latest version of your Web browser.
Yes. Mercedes-Benz Financial Services also offers competitive financing programs customized specifically for pre-owned vehicles. Please inquire with your local dealer.
To fit the varied driving habits and preferences of our customers, Mercedes-Benz Financial Services offers several different lease programs. For Mercedes-Benz vehicles, our standard lease allows for 24,000 kilometers per year, and our low-kilometre lease allows for 18,000 kilometers per year. In addition, we offer an extra-kilometre lease if you drive more than 24,000 kilometers per year.
Existing Customer
Register and Manage my MBFS Account
By registering your MBFS account, you will be able to conveniently and securely manage your account 24/7. Register today to receive access to a selection of account management tools, including the ability to view account details, review transaction history, quote payoff information and access contract documents.
There is a simple two step registration process.
Step 1: Create a User Account. You will be required to provide your e-mail address, first name, last name and set a password. A confirmation code will be e-mailed to you for the purpose of verification.
Step 2: Link your MBFS contract to your user account. You will be required to enter the following information:
Click here to begin the registration process.
Step 1: Create a User Account. You will be required to provide your e-mail address, first name, last name and set a password. A confirmation code will be e-mailed to you for the purpose of verification.
Step 2: Link your MBFS contract to your user account. You will be required to enter the following information:
- Last Name
- Postal Code
- Account Number
Click here to begin the registration process.
Banking and Personal Information
To update your banking information, there are two options:
1) Self-Serve Online:
If you have a registered MBFS account through mbfs.ca
To create your personalized MBFS account please enter here. You will need your Mercedes-Benz Financial Services account number, last name, and postal code to register.
2) Provide Banking Information via Email:
Send an email to mbf@mercedes-benz.com with a void cheque or pre-authorized payment form from your bank that has been pre-printed (or handwritten with a bank stamp) from our account holder and we will update your banking information.
Handwritten Banking:
In order to accept this document, please have the handwritten banking stamped by your financial institution (or provide pre-printed banking)
Corporate Banking:
In order to accept this document, please provide the articles of incorporation for the business. This allows MBFS to verify that our account holder is listed on the articles as having signing authority.
Blank VOID Cheques:
We DO NOT accept Blank VOID cheques, all VOID cheques should have the account holders name pre-printed.
Family Member Banking:
The banking provided is for family members living under the same household. MBFS can only accept this if: a signed authorization letter is received, along with a copy of the Utility Bill to ensure the members live in the same household as the account holder.[1]
1) Self-Serve Online:
If you have a registered MBFS account through mbfs.ca
To create your personalized MBFS account please enter here. You will need your Mercedes-Benz Financial Services account number, last name, and postal code to register.
2) Provide Banking Information via Email:
Send an email to mbf@mercedes-benz.com with a void cheque or pre-authorized payment form from your bank that has been pre-printed (or handwritten with a bank stamp) from our account holder and we will update your banking information.
Handwritten Banking:
In order to accept this document, please have the handwritten banking stamped by your financial institution (or provide pre-printed banking)
Corporate Banking:
In order to accept this document, please provide the articles of incorporation for the business. This allows MBFS to verify that our account holder is listed on the articles as having signing authority.
Blank VOID Cheques:
We DO NOT accept Blank VOID cheques, all VOID cheques should have the account holders name pre-printed.
Family Member Banking:
The banking provided is for family members living under the same household. MBFS can only accept this if: a signed authorization letter is received, along with a copy of the Utility Bill to ensure the members live in the same household as the account holder.[1]
Finding your payoff amount is simple. Just go to My Account and log in. After you have logged in, at the bottom of your account summary select Request Payoff Amount.
Log in to My Account and then select Update Profile. There you have the opportunity to update your personal information or account preferences. Simply select the Personal Information tab, update your information as necessary and click Submit when finished. Your information will be updated for the account you accessed.
For further assistance with your Mercedes-Benz Financial Services account, please contact The Customer Service Department 1-888-532-7362 (Monday to Thursday 8:30 am to 7:00 pm (EST) and Friday 8:30 am to 5:15pm (EST)).
For assistance regarding your vehicle, visit the Mercedes-Benz website, or contact your local Mercedes-Benz dealer for the latest vehicle information.
For assistance regarding your vehicle, visit the Mercedes-Benz website, or contact your local Mercedes-Benz dealer for the latest vehicle information.
Accidents and Collisions
Finance Contract
The account holder is listed as the owner of the vehicle and is responsible for negotiating the settlement with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the Finance Contract is terminated, and these proceeds are applied to the balance due under the loan. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is responsible (unless they purchased standalone First Class Gap Protection)
Lease Contract
Mercedes-Benz Financial Services is listed as the owner of the vehicle and is responsible for negotiating the settlement directly with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the lease contract is terminated, and these proceeds are applied to the balance due under the lease. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is protected and the only amounts the customer is responsible to pay are:
(a) The deductible portion under the insurance policy; and
(b) Any Monthly Payments and fees, taxes, charges and other expenses that are due and unpaid at the time of receipt of the insurance proceeds; and
(c) Any other amounts which are payable to MBFS as a result of any breach by the account holder or any of the obligations under the Lease (i.e. amounts needed to release liens; repossession expenses; etc.); and
(d) Any Excess Kilometre charges calculated on a pro rata basis. [2] [3] [4]
The account holder is listed as the owner of the vehicle and is responsible for negotiating the settlement with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the Finance Contract is terminated, and these proceeds are applied to the balance due under the loan. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is responsible (unless they purchased standalone First Class Gap Protection)
Lease Contract
Mercedes-Benz Financial Services is listed as the owner of the vehicle and is responsible for negotiating the settlement directly with the insurance company. Once settled the insurance company will issue the settlement cheque co-payable to Mercedes-Benz Financial Services and the insured. Once the insurance proceeds are received by MBFS, the lease contract is terminated, and these proceeds are applied to the balance due under the lease. If there is a surplus it will be paid to the customer. If there is a deficiency or gap, the customer is protected and the only amounts the customer is responsible to pay are:
(a) The deductible portion under the insurance policy; and
(b) Any Monthly Payments and fees, taxes, charges and other expenses that are due and unpaid at the time of receipt of the insurance proceeds; and
(c) Any other amounts which are payable to MBFS as a result of any breach by the account holder or any of the obligations under the Lease (i.e. amounts needed to release liens; repossession expenses; etc.); and
(d) Any Excess Kilometre charges calculated on a pro rata basis. [2] [3] [4]
End of Contract
When to transfer?
Any time that is not within the first or last 6-months of the lease/loan contract.
How to initiate a transfer?
Please contact the Financial Sales Manager (FSM) at any Mercedes-Benz dealer as the Lease Transfer process is completed at a Mercedes-Benz Dealership.
Any time that is not within the first or last 6-months of the lease/loan contract.
How to initiate a transfer?
Please contact the Financial Sales Manager (FSM) at any Mercedes-Benz dealer as the Lease Transfer process is completed at a Mercedes-Benz Dealership.
You may have the option of extending your lease. Please contact a Program Advisor to review your Lease End Options at: 1-866-202-6969.
Take advantage of our Payment Calculator. Here you can do everything from calculating your overall budget to comparing monthly payments for the various Mercedes-Benz Financial Services programs. The Planning Centre will help you research not only what vehicles you can afford, but also move along the process at the dealer by allowing you to complete your credit application online.
You may, in fact, have various options available to end your lease early, as per the terms of your lease agreement. To inquire about your available options, please contact the Customer Service Department by e-mail or by phone (see below).
Mercedes-Benz Financial Services Toll Free: 1-888-LEASE MB (1-888-532-7362)
Email:mbf@mercedes-benz.com
Mercedes-Benz Financial Services Toll Free: 1-888-LEASE MB (1-888-532-7362)
Email:mbf@mercedes-benz.com
Your vehicle may be purchased at the end of your term by contacting a Program Advisor at: 1-866-202-6969.
A Release of Lien document will be made available on your MBFS online account 14 days after the balance of the loan is paid in full. It will also be mailed out to the account holder. This document will confirm that Mercedes-Benz Financial Services, no longer holds any interest in the vehicle.
As a Mercedes-Benz Financial Services customer, we are pleased to offer you a complimentary pre-inspection conducted by our partners at AutoVIN. We recommend completing your pre-inspection 30-45 days prior to returning your leased vehicle in order to have an opportunity to address any chargeable conditions identified prior to returning the vehicle.
To book your pre-inspection online, Click Here. If you have not done so already, you will be required to create your online profile and register your MBFS account (see “How do I register for my MBFS account” for more details). Once registered, you will be taken to your account landing page where you will find the option to schedule and manage your pre-inspection with AutoVIN. You will be able to select your preferred date, time and location for your pre-inspection and elect to receive notifications via e-mail. Upon successful booking of your appointment, an e-mail confirmation will be sent to you with your appointment details. If changes to your appointment are required, you can log back into your account and make the necessary changes. Please note, inspections are conducted Monday to Friday at your home or business location.
To book your pre-inspection online, Click Here. If you have not done so already, you will be required to create your online profile and register your MBFS account (see “How do I register for my MBFS account” for more details). Once registered, you will be taken to your account landing page where you will find the option to schedule and manage your pre-inspection with AutoVIN. You will be able to select your preferred date, time and location for your pre-inspection and elect to receive notifications via e-mail. Upon successful booking of your appointment, an e-mail confirmation will be sent to you with your appointment details. If changes to your appointment are required, you can log back into your account and make the necessary changes. Please note, inspections are conducted Monday to Friday at your home or business location.
Payments
Payment dates
Transaction History:
Reflects the breakdown between the base monthly payment and tax for each monthly payment made.
Finance Amortization Schedule:
Reflects the breakdown between the principle and interest for each monthly payment made.
To access the above payment types, you can:
Reflects the breakdown between the base monthly payment and tax for each monthly payment made.
Finance Amortization Schedule:
Reflects the breakdown between the principle and interest for each monthly payment made.
To access the above payment types, you can:
- Go to your MBFS account through mbfs.ca
- To create your personalized MBFS account please click here. You will need your Mercedes-Benz Financial Services account number, last name, and postal code to register.
You can submit a request on your MBFS account. In case you have not registered yet, please access to the following site by clicking here and provide your Mercedes-Benz Financial Services account number, last name, and postal code to register.
There is no administrative fee to request a change be made to the due date of your payment.
- For a Lease Contract: there is no fee for this request.
- For a Finance Contract: the customer is responsible to pay any outstanding amount of the accrued interest from the current due date to the new due date.
Loan Payments
Customers have the option of sending in unscheduled lump sum payments on loans.
MBFS can apply lump sum payments in one of three ways:
1) Principal Payment (to reduce loan/save on interest). If there is a balloon, the principle payment is applied initially to the regular monthly payments first to reduce the balloon, then to reduce term thereafter.
2) Reduce Payment (to reduce payment amount / save on interest)[6]
3) Pre-pay Payments (to pre-payment payments)[7]
MBFS can apply lump sum payments in one of three ways:
1) Principal Payment (to reduce loan/save on interest). If there is a balloon, the principle payment is applied initially to the regular monthly payments first to reduce the balloon, then to reduce term thereafter.
2) Reduce Payment (to reduce payment amount / save on interest)[6]
3) Pre-pay Payments (to pre-payment payments)[7]
To make a principle payment on your loan, there are two options:
Online banking:
Cheques/Bank Draft:
[8]
Online banking:
- Please log in to your bank's online banking, add a new bill, choose Mercedes-Benz Financial Services (or Mercedes-Benz Financial) as the payee, reference your Mercedes-Benz Financial Services account number, enter a $ amount, and submit the payment.
Cheques/Bank Draft:
- Please mail payment payable to Mercedes-Benz Financial Services with your Mercedes-Benz Financial Services account number or VIN of the vehicle referenced with 'Principal Payment' noted to: Mercedes-Benz Financial Services, 500-2680 Matheson Blvd. E, Mississauga, ON L4W0A5.
[8]
Pre-Authorized Payment
Pre-Authorized Payment is a free service available from Mercedes-Benz Financial Services that automatically deducts your monthly vehicle payment electronically from your chequing account.
Each month your payment is deducted from your enrolled chequing account. If the date happens to fall on a weekend or holiday, the debit is processed the next business day.
All you need is a chequing account in good standing with a financial institution. To sign up, you will also need to supply some basic personal information, chequing account information, as well as your Mercedes-Benz Financial Services account number(s).
You can set up your account for Pre-authorized Payment through your on-line account. Simply click on the Payment Options tab and complete the on-line form fields. You must also read & acknowledge the Pre-authorized Payment agreement and then submit your request for final processing.
You should receive an instant on-line as well as an e-mail confirmation stating that your Pre-Authorized Payment enrolment request has been received. It is very important that you continue mailing your payments if you don't receive either the on-line or the e-mail confirmation.
Each month your payment is deducted from your enrolled chequing account. If the date happens to fall on a weekend or holiday, the debit is processed the next business day.
All you need is a chequing account in good standing with a financial institution. To sign up, you will also need to supply some basic personal information, chequing account information, as well as your Mercedes-Benz Financial Services account number(s).
You can set up your account for Pre-authorized Payment through your on-line account. Simply click on the Payment Options tab and complete the on-line form fields. You must also read & acknowledge the Pre-authorized Payment agreement and then submit your request for final processing.
You should receive an instant on-line as well as an e-mail confirmation stating that your Pre-Authorized Payment enrolment request has been received. It is very important that you continue mailing your payments if you don't receive either the on-line or the e-mail confirmation.
In this situation, contact Mercedes-Benz Financial Services via phone or e-mail. Contact information is available on the Contact Us tab.
Yes. Pre-Authorized Payment can be used to make payments on as many Mercedes-Benz Financial Services accounts as you like. Simply complete the on-line Pre-Authorization enrolment for each account.
Simply contact Mercedes-Benz Financial Services via phone or e-mail. Contact information is available on the Contact Us tab.
If you still have questions about the service, please contact the Customer Service Department via e-mail using Contact Us or by calling the Customer Service Department. Before calling, make sure to have your banking information and Mercedes-Benz Financial Services account number(s) available so that we can serve you as quickly and efficiently as possible.
Mercedes-Benz Financial Services
Toll Free: 1-888-LEASE MB (1-888-532-7362)
Mercedes-Benz Financial Services
Toll Free: 1-888-LEASE MB (1-888-532-7362)
Credit Basis
Determining Your Credit Standing.
Many people think that credit reports and credit scores are one and the same. In fact, a credit score is derived from the information contained in credit reports - and your credit score determines your credit standing.
When you hear the term "credit score," people are usually referring to your Beacon score - a scoring formula for assessing credit risk. Different retail and commercial organizations evaluate your "credit worthiness" using Beacon scores from the credit reporting bureaus, as well as some of their own scoring criteria. For example, while Mercedes-Benz Financial Services uses the services of the different credit reporting bureaus, we have our own formula to derive your credit "score" to determine whether you qualify for financing through Mercedes-Benz Financial Services.
Just as your credit history can be different when reported through different bureaus, your credit score can also differ at any point in time, since it is based on many different factors that include:
If you want an accurate picture of the credit history that is being reported about you, you will need to request a copy of your credit history from each of the two major credit reporting bureaus. Remember, when you order a credit report it will not necessarily include your credit score. To find out your credit score, you will need to specifically request the "scoring option."
Credit Reporting Agencies
The two major credit reporting bureaus in Canada are:
Equifax: 1.800.465.7166
Visit their Web site at: www.equifax.ca
TransUnion: 1.866.525.0262
Visit their Web site at: www.transunion.ca
Visit the Office of the Privacy Commissioner of Canada Web site to learn more about safeguarding your personal information.
As an additional resource, you may also wish to visit the Web site of Credit Counselling Canada, a national association of not-for-profit credit counselling agencies.
Many people think that credit reports and credit scores are one and the same. In fact, a credit score is derived from the information contained in credit reports - and your credit score determines your credit standing.
When you hear the term "credit score," people are usually referring to your Beacon score - a scoring formula for assessing credit risk. Different retail and commercial organizations evaluate your "credit worthiness" using Beacon scores from the credit reporting bureaus, as well as some of their own scoring criteria. For example, while Mercedes-Benz Financial Services uses the services of the different credit reporting bureaus, we have our own formula to derive your credit "score" to determine whether you qualify for financing through Mercedes-Benz Financial Services.
Just as your credit history can be different when reported through different bureaus, your credit score can also differ at any point in time, since it is based on many different factors that include:
- Your history of making scheduled payments
- The amount of outstanding debt you have
- The duration your credit history spans
- The number of credit inquiries that have been made on your account and the type of inquiries made
- The kinds of credit you have been awarded (bank cards vs. store specific cards vs. loans, etc.)
If you want an accurate picture of the credit history that is being reported about you, you will need to request a copy of your credit history from each of the two major credit reporting bureaus. Remember, when you order a credit report it will not necessarily include your credit score. To find out your credit score, you will need to specifically request the "scoring option."
Credit Reporting Agencies
The two major credit reporting bureaus in Canada are:
Equifax: 1.800.465.7166
Visit their Web site at: www.equifax.ca
TransUnion: 1.866.525.0262
Visit their Web site at: www.transunion.ca
Visit the Office of the Privacy Commissioner of Canada Web site to learn more about safeguarding your personal information.
As an additional resource, you may also wish to visit the Web site of Credit Counselling Canada, a national association of not-for-profit credit counselling agencies.
Glossary
Annual Percentage Rate (APR)
A measure of the cost of credit expressed as a yearly rate. Each province requires various items to be included in addition to interest.
Base Monthly Payment
The portion of the monthly payment in a lease that includes depreciation, any amortized amounts and vehicle usage costs. Taxes, maintenance and any other fees are added to this base monthly payment to calculate the total monthly payment.
Buyer
The person who signs the Conditional Sale Contract for vehicle purchase.
Closed-End Lease
When you return your vehicle at lease maturity Mercedes-Benz Financial Services absorbs the loss if it is worth less than the established residual value. In other words, the residual risk is "closed" to you. You will remain responsible for any excess wear and tear charges, excess kilometre charges or other amounts that may be due and owing under the lease.
Credit Application
The formal request for credit. It usually includes your name, address, social insurance number (optional) and date of birth. By signing the application, you are giving Mercedes-Benz Financial Services authorization to check your credit history and to collect, use and disclose your personal information for the purposes set out in the credit application.
Depreciation
The amount of a vehicle's projected decline in value through normal use during the lease term.
Down Payment
An initial amount paid up front to reduce the amount financed. You can also reduce the amount financed when you trade a vehicle, depending upon the balance owing on the trade-in.
Excess Wear and Tear
The wear and tear to a vehicle that is above expected normal wear and tear. To help you determine if there is excess wear and tear on your leased vehicle that you will be charged for, Mercedes-Benz Financial Services has developed the First Class Finish. See your dealer for details.
Gap Protection
If your leased vehicle is stolen, damaged beyond repair or destroyed, there may be a shortfall (gap) between the proceeds of your insurance that Mercedes-Benz Financial Services receives and the full balance owing by you under the lease. Rather than having to pay the whole amount of this shortfall, in circumstances where Gap Protection applies you will only be required to pay the amount of the insurance deductible together with any outstanding charges owing by you at the time Mercedes-Benz Financial Services receives the insurance proceeds. Gap Protection is not insurance and is only available through Mercedes-Benz Financial Services on certain leases.[9]
Guarantor
A person who is guaranteeing the payment and performance of your obligation under a lease or Conditional Sale Contract.
Lease
A contract for the use of a vehicle between a lessee and lessor, with agreed-upon terms and conditions.
Lessee
The person or organization to whom the vehicle is leased; signatory to the lease agreement.
Lessor
The organization that leases the vehicle (Mercedes-Benz Financial Services).
Open-End Lease
In an open-end lease, the lessee is responsible for the residual value. If you return your vehicle at lease maturity, you are responsible for any shortfall between the residual value and the net proceeds from the sale of the vehicle. In the event that the net proceeds exceed the residual value, this surplus would be paid to you (after deduction for any other amounts that may be owing by you under the lease).
Purchase Option [10]
At lease-end, you have options. One such option that may be available under your lease is to purchase the vehicle at a predetermined price plus applicable taxes. This predetermined price is listed in your agreement.
Residual Value
The estimated wholesale value of your vehicle at lease maturity, predetermined at the time you sign your lease.
Financing
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term.
Star Advantage
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term with a final lump sum payment at the end of the loan allowing for lower monthly payments to be made during the term.
Security Deposit (Lease)
A refundable amount that the lessee must pay to the leasing company at the beginning of the lease. This deposit will be returned if all of the terms and conditions of the lease are met, otherwise it will be applied against your lease obligations.
Term
The duration of the lease or loan agreement, typically expressed in months.
A measure of the cost of credit expressed as a yearly rate. Each province requires various items to be included in addition to interest.
Base Monthly Payment
The portion of the monthly payment in a lease that includes depreciation, any amortized amounts and vehicle usage costs. Taxes, maintenance and any other fees are added to this base monthly payment to calculate the total monthly payment.
Buyer
The person who signs the Conditional Sale Contract for vehicle purchase.
Closed-End Lease
When you return your vehicle at lease maturity Mercedes-Benz Financial Services absorbs the loss if it is worth less than the established residual value. In other words, the residual risk is "closed" to you. You will remain responsible for any excess wear and tear charges, excess kilometre charges or other amounts that may be due and owing under the lease.
Credit Application
The formal request for credit. It usually includes your name, address, social insurance number (optional) and date of birth. By signing the application, you are giving Mercedes-Benz Financial Services authorization to check your credit history and to collect, use and disclose your personal information for the purposes set out in the credit application.
Depreciation
The amount of a vehicle's projected decline in value through normal use during the lease term.
Down Payment
An initial amount paid up front to reduce the amount financed. You can also reduce the amount financed when you trade a vehicle, depending upon the balance owing on the trade-in.
Excess Wear and Tear
The wear and tear to a vehicle that is above expected normal wear and tear. To help you determine if there is excess wear and tear on your leased vehicle that you will be charged for, Mercedes-Benz Financial Services has developed the First Class Finish. See your dealer for details.
Gap Protection
If your leased vehicle is stolen, damaged beyond repair or destroyed, there may be a shortfall (gap) between the proceeds of your insurance that Mercedes-Benz Financial Services receives and the full balance owing by you under the lease. Rather than having to pay the whole amount of this shortfall, in circumstances where Gap Protection applies you will only be required to pay the amount of the insurance deductible together with any outstanding charges owing by you at the time Mercedes-Benz Financial Services receives the insurance proceeds. Gap Protection is not insurance and is only available through Mercedes-Benz Financial Services on certain leases.[9]
Guarantor
A person who is guaranteeing the payment and performance of your obligation under a lease or Conditional Sale Contract.
Lease
A contract for the use of a vehicle between a lessee and lessor, with agreed-upon terms and conditions.
Lessee
The person or organization to whom the vehicle is leased; signatory to the lease agreement.
Lessor
The organization that leases the vehicle (Mercedes-Benz Financial Services).
Open-End Lease
In an open-end lease, the lessee is responsible for the residual value. If you return your vehicle at lease maturity, you are responsible for any shortfall between the residual value and the net proceeds from the sale of the vehicle. In the event that the net proceeds exceed the residual value, this surplus would be paid to you (after deduction for any other amounts that may be owing by you under the lease).
Purchase Option [10]
At lease-end, you have options. One such option that may be available under your lease is to purchase the vehicle at a predetermined price plus applicable taxes. This predetermined price is listed in your agreement.
Residual Value
The estimated wholesale value of your vehicle at lease maturity, predetermined at the time you sign your lease.
Financing
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term.
Star Advantage
The use of credit to finance the purchase of a vehicle over an agreed-upon duration, or term with a final lump sum payment at the end of the loan allowing for lower monthly payments to be made during the term.
Security Deposit (Lease)
A refundable amount that the lessee must pay to the leasing company at the beginning of the lease. This deposit will be returned if all of the terms and conditions of the lease are met, otherwise it will be applied against your lease obligations.
Term
The duration of the lease or loan agreement, typically expressed in months.