What Happens at the End of a Car Lease?
If you wonder what happens at the end of a car lease, know you’ll have options you’ll want to prepare for in advance.
It’s almost impossible to hold down a job, visit distant family or lead a normal life without personal transportation.
You simply can’t get around and do the things you need to do. But not everyone can afford a vehicle, so they must seek other possibilities.
There are leasing options for those who can’t afford to simply buy a car. When you sign onto a lease, the dealership lends you a vehicle and you basically promise to take care it.
Vehicle Becomes Vital to Your Life
And while that sounds fair, you should know what happens when your car lease ends. By that time, you may rely on your vehicle for almost everything – to pick up your children from school, get to work or run essential errands.
It becomes a vital part of your life, and if you don’t know what happens at the end of a car lease, it may disappear. So here’s what you can expect once your car lease is up.
Know Requirements Before You Sign
Leasing options are attractive because they’re affordable, whether it’s for the newest Cadillac or an aging sedan. There are leasing options you can use to get what you want.
But never sign onto a lease impulsively. Do your research about the car you want and the dealership you’ll work with. Ask people about what to expect about their experiences.
Most importantly, ask the dealership what happens when the car lease ends. Be sure you understand what they expect of you when you turn the car in.
You’ll Have End-of-Lease Options
Just because your lease ends doesn’t mean you’re powerless. You won’t immediately lose your car. People who lease usually have several options once it’s up.
Much of it depends on your financial fitness and what you know you can afford. For example, if you can afford to buy the car outright, you probably should.
That guarantees you’ll have a vehicle and since you’ve driven it for so long, you’ll know what to expect. But not everybody has the money to pay off their vehicle right away. You may need to explore other options.
Here are details to learn more about the choices you have and which would be best for you.
Option 1: Extend lease to drive longer
As long as the car was treated well, most dealerships let you extend your lease. For many, this is the best option. By choosing to extend the lease, you can ensure that nothing dramatically changes in your life.
Extending the lease means keeping your car longer.
Some leasing agencies and dealerships even offer discounts on extended leases. Ask about potential discounts if you maintained the vehicle well and have good credit.
Both those things make you a valuable customer, and your dealership will work to keep you — even if it means a discount. That way, you keep your car for less money.
Option 2: Pay the price of practicality
If your finances improved since you originally signed the lease, you can buy the vehicle outright.
After all, why buy new when you can just keep the one you’ve driven? You won’t need to worry about buying a lemon. All you do is pay the dealership for the car, and drive off as its new owner.
Option 3: Trade it in like after a trial period
Sometimes, the car you leased simply doesn’t satisfy you. It may not get the wanted mileage or capture your unique style. Yet you still may want to buy a car the lease ends. For such customers, there are trade-in options.
With these options, you trade-in your leased car to get credit toward the purchase of a different one. Think of it as a discount you earn by fulfilling your lease.
By trading in your leased vehicle, you may afford to own a new vehicle.
Car Lease Can Give New Lease on Life
Without personal transportation, you struggle to accomplish almost any task. That’s the true appeal of car leases: they give people an affordable way to achieve basic tasks.
That’s also why it’s so important to know what happens when a car lease ends. You should know if you’ll lose the car you depend before you sign the lease.
Do research beforehand. Most of all, go with dealerships you can trust. Call us at (402) 238-1729 to discuss car lease options that work best for your needs. We’ll work with you to get what you need and assure you understand what happens once your lease is up.