When you lease a car you have options at the end of that lease period, which are more than simply returning the vehicle to the dealership. If the car salesman did their job when you they signed you up for your new car lease they should have gone over your car lease end options, but very often that is not the case so that is what I will be doing here. Typically most people buy or return their lease, but there are some other options that might appeal to you if you understand your alternatives.
End of Car Lease Options
Return Leased Car: One of the most commons options you have to choose from when your car lease ends is to simply return the car. There will be an inspection required by either the leasing company or the dealership to make sure your leased vehicle is in reasonable condition and free from damage or extreme wear. Remember you will be responsible for excessive damage and/or excessive wear and tear. Most lease companies are reasonable when it comes to the inspection, but damage beyond door dings and minor scratches are going to cost you along with any excess miles. For most people this is a simple process and goes without a hitch and then you can pick out you new car whether you are planning on leasing or buying.
Buy Leased Car: At the end of the lease you have the option to buy your leased car for the residual value that was stated on you lease agreement when you first leased your car. There are pros and cons to buying your leased car and for that reason you should read the page should I buy my leased car. That article will provide you with the steps to determine is buying your leased vehicle makes good economical sense and give you the pros and cons of buying a leased car.
Extend Your Car Lease: When you lease your car through one of the automakers finance divisions you may have the option to extend your car lease period. Most of the auto manufacturer’s leasing divisions will grant customers that have made their payments on time a lease extension for a fixed period of time. The extension could be anywhere from a month to 6 months or even a whole year, but that depends on the company. If you need or want to extend your lease the monthly payment will remain the same and you will continue to pay as usual. The only way to know what is possible as far extending your car lease is to call the servicing office where you make your payments. They will provide you with all the details for extending you car lease period.
Trade Your Leased Car: This little known and exercised car lease option is available, but you need to do something before the lease end deadline. There are several things to consider before trade in your leased car so for more information take a look at trading in your leased car.
As you can see there are several car lease end options for you to consider. Obviously returning your leased car is the most popular for most consumers and the automakers like that option too. However you do have options after your lease period is over which makes leasing a car a great choice for some people.
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