Care for the vehicle required by the lease agreement. Maintenance may include manufacturer-recommended servicing and any repairs needed to keep the vehicle in good operating condition.
Maintenance contract. A contract that you may purchase to cover some or all of the vehicle maintenance and servicing. Distinguish from Service Contract.
Maintenance lease. A lease agreement in which some or all of the vehicle maintenance and servicing is the responsibility of the lessor or assignee.
Mechanical breakdown coverage. See Service contract.
Mileage allowance or mileage limitation. The fixed mileage limit for the lease term. If you exceed this limit, you may have to pay an excess mileage charge.
Model lease forms. Sample disclosure forms developed by the Federal Reserve Board. You should receive a similar form before becoming obligated on the lease. The sample model lease forms with explanations of the disclosures can be found at the Federal Reserve Board’s web site.
A number, often given as a decimal, used by some lessors to determine the rent charge portion of your monthly payment. This number is not a lease rate and cannot be converted to a lease rate by moving the decimal point.
The state and local taxes that you must pay monthly when you lease a vehicle. These payments, if any, are added to your base monthly payment and paid as part of your total monthly payment.
Manufacturer’s suggested retail price, sometimes called the sticker price.