While leasing a car, it is important to not just look at your car leasing options but also the lease ends. If you’ve been leased a car you love, you’d think there’s no way you’re returning it back before its lease end, however circumstances may call for such a decision and it is wiser to be well equipped with knowledge about what you are going to do after your lease ends.
Your lease-end options
At the normal end of a car lease, you may have the following options:
- Return your vehicle
- Extend your lease
- Purchase your vehicle
- Trade your vehicle
Depending on the details of your particular lease situation, some of these options may be practical for you while others may not.
How a normal lease end works
About a month before the end of your lease, you will be contacted by your leasing company. They will instruct you regarding having your vehicle inspected and returned to them. Normally, the return is made to a dealer, from which the lease company will pick up the vehicle. The dealer to which you return your vehicle does not need to be the same dealer from whom you leased.
The lease company may also remind you of your option to purchase your vehicle and provide you a purchase buyout price, which may be a better price than stated in your lease contract. They may also offer to extend your lease for specified terms. They won't tell you, but you may also be able to use your vehicle as a trade-in on a new lease or purchase.
If you need to get out of your car lease early
To end your lease before its normal termination date could be costly and troublesome unless done correctly. You can't simply return your car and walk away.
You have a number of possible options, but choosing the right option for your particular situation requires a little homework which needs to be done at the beginning of the lease. Choosing the right option also protects your credit history.
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