Nearing the End of Your Lease? Take a Look at What Some of Your Options Are Moving Forward

At the end of your car lease contract, there are a number of options available to you. However, as is the case with most aspects of the car buying world, the best course of action will depend largely on your personal preferences, needs, and financial standing. Let's take a look at some of the most common options for what you can do when you're nearing the end of your lease, to help you evaluate which path is the ideal solution for you.

Your Car Lease is Almost Up--Now What?

• Return the vehicle to the dealer. Relatively self-explanatory, this is the option most commonly chosen by lessees. Bring the car in question into Fred Beans Chrysler Dodge Jeep Ram--or whichever dealership with which you signed the lease agreement--pay any wear-and-tear or excessive mileage expenditures, at which point you are free to sign another lease agreement on a new vehicle or simply walk away.
• Purchase the car. Sometimes over the course of their lease agreement, drivers fall in love with the vehicle they've been leasing. Many of these drivers decide that they aren't ready to part with the vehicle when their lease is nearing completion, in which case, buying the vehicle for its residual value is likely your best bet. Additionally, often the residual vehicle of the vehicle is less than its current book value, making the purchase a financially savvy move.
• Re-lease the vehicle. Another alternative to buying the vehicle you have been leasing is to either extend the existing lease for a limited period of time, or to re-lease the vehicle in question. With the latter, you are essentially beginning what is considered to be a used-car lease, meaning your monthly payments will be even lower than they were previously. However, your interest rate may be higher with a used vehicle lease.

In need of more information regarding your end of lease options, or are you looking for more personalized advice and assistance as to what your next move should be? Feel free to be in contact with our finance team, who would be more than happy to sit down with you and evaluate your choices before your current lease is up.