What to do when your Lease is up?

Are you at the end of your lease and not sure what options are available to you? Let's go over a few below.

Sell the Vehicle

First you purchase the vehicle from your lessor, then you sell it and keep any profit for yourself.

Extend the Lease

It may be possible for you to extend your lease. This is a great option if you are unsure what to do with the vehicle once your lease has ended. They extend the lease for a limited time to allow you more time to make a decision.

Purchase the Car

Another option is to purchase the car for its residual value. Residual value is the depreciated value of the vehicle during the lease. This could save you money if the residual value is lower than the current book value.

Trade In Your Car

If the car is in good condition with low miles and the residual value is less than the book value, you may want to trade it in for a new car.

We've outlined a few options for you. If you would like to discuss your options further feel free to contact our finance department today.

Categories: Finance


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