Lease End Options | Greenville SC | Serving Greenville, Spartanburg, Anderson and Easley

What to Do When Your Lease Is Up

You can obviously return your vehicle at the end of your lease, but you have a few more options to consider, as well. For one, you can purchase your vehicle outright. You also have the option of trading it in at the lease’s end. Whatever your choice may be, though, you have a big decision to make as a lessee. So we’ve tried to make that easier for you by highlighting some of the main options, along with some potential scenarios that may help you determine the best choice for your particular situation.

Decisions, Decisions, Decisions.

Return It

You may not want the vehicle any longer, so you may decide that returning it upon the end of its lease makes the most sense. The process is fairly straightforward, but there are a couple of things to consider when returning the vehicle. You may incur additional costs in the event you went over your lease's maximum mileage terms. In addition, if there is any damage to the vehicle, you will likely have to pay the costs associated with repairs. Review your lease terms to make a more informed decision -- and, time permitting, limit your mileage for the month or two prior to lease end if you’re at risk of going over.

Buy It

Maybe you’ve grown to appreciate the vehicle you’re leasing. You’re attached to it and the thought of saying goodbye is too much to bear. Hyperbole aside, the vehicle you’re leasing may be perfect for you. The good news is you can purchase it outright. The price is typically set in the lease itself. In any event, the only thing you’d owe is the remaining balance. You pay that -- or, of course, finance it -- and the car you love is yours to love even more.

Trade It

Maybe you simply want a new or different car. If that’s the case, you can trade in your vehicle for one that suits your tastes or lifestyle a bit better. Trade-ins can be especially appealing if the vehicle has retained its value. If it’s worth more than the cost to buy it, trading it in should be very easy and could even make you a little money. Regardless of the value of the leased vehicle, after trading it in for a different vehicle, the deal would work just like a standard finance deal.

Because not all leases are the same, it’s important that you read your lease terms to understand the options available to you and the costs associated with those options at lease end. In addition to the popular options above, you may be able to extend your lease for a set amount of time at the same rate you are currently paying. In some situations, you may be able to re-lease the vehicle at a lower rate. Again, it’s important that you look over your lease terms. If you're the upstate of South Carolina and are interested in learning more about leasing a vehicle and your options at lease end, feel free to contact us at Big O Dodge Chrysler Jeep Ram or stop by 2645 Laurens Road, Greenville, SC 29607 today. We look forward to seeing you.

/* ddcdusting DNA4353321 */