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What are your options at the end of a lease?

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What Are Your Options At The End Of a lease?

There are few ways to get out of your lease, but it is always best to let your lease expire rather than try to get out of it early. If you decide to terminate your lease prematurely, it could negatively affect your credit since there will likely be steep fees to pay. A better option is a lease buyout which gives you the option to pay off your remaining balance, thus releasing you from your car contract lease. You could also transfer your lease to someone willing to take on your contract.

What Happens At The End Of Your Lease

Whether you are nearing the end of your lease or you have decided to get out of it early, you may be wondering what's next. Typically, once your lease is up, you will have to return the car to the dealership in as good condition as when you picked it up. If there is any damage to the vehicle, you may be liable to cover the costs to repair it. It is usually best to have it professionally cleaned before returning it to avoid any extra cleaning fees. If you have taken very good care of your leased vehicle or put on fewer miles than anticipated, you may even bring in a little lease equity. At this point, you can choose to return the vehicle or begin a new lease with a new vehicle. Your lender will most likely want to conduct a thorough inspection of the vehicle you were leasing, usually, a few days or even weeks before your lease expires. Many people lease out a new vehicle every year because they love that new car smell, but it is also a great way to try out a variety of different vehicles before committing to one. If you have found your dream ride, there is, of course, the option to buy the car at the end.

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Be sure to contact us here in Toronto, Ontario, if you have any lease end of a car lease or trade-in questions.

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