What Happens After the Leasing Period
There are numerous advantages of personal car lease deals that make it an attractive option for most people. From affordability to having the chance to drive cars that would otherwise be very expensive, car leasing is indeed a perfect solution. Even so, many are not sure what to do after the leasing period is over. There is much misleading information that suggests that there are hidden costs that surface at the end of the contract. The truth is you have many options to explore at the end of the leasing period as outlined below.
Return the vehicle and walk away
It is not mandatory to start another leasing contract. You can return the car at the end of the leasing period. The company checks the car to make sure it has no problem other than the normal wear and tear. They also check millage as it was agreed at the beginning of the contract. After this check, the contract is terminated. It is important to take care of the car and stick to the contract agreement and by this, you will avoid any extra costs.
Extend the leasing agreement
You might enjoy the performance of the car you leased and not be ready to let it go at the end of the leasing period. You have the option to contact the lease company and discuss the terms of extending the lease period. The company can allow you to continue paying the monthly payments for the extended period as it was agreed at the beginning of the contract.
Buy the car
When leasing a vehicle, there is a buyout price that is agreed on and documented in the contract. If you were to lease to evaluate the performance of the car before buying it or you just fell in love with the car, you can opt to purchase it by depositing that payment. It is also possible to discuss with the company and explore other financing options other than paying cash. The ownership is shifted from the company to you and you get all the relevant documents.
Start a new lease
This is the most preferred option for most car leasing clients. You return the car and pick a new car, marking the start of a new contract. It is important to note that this is not an extension of your previous contract. You will have to agree on new payments and leasing period that is unique to the new car you choose. If you are impressed by your previous leasing experience and would like to lease once more, this is the best option for you.
Trade your lease
This is a new idea that is picking up momentum. You get to swap your contract without any additional fee; even so, you should be very careful as your leasing company might not be supporting this, landing you into unforeseen trouble. Always partner with your lease company for a trouble-free leasing period.
All these options are there to assist you to have an amazing leasing experience. Having the right information and strategy will enable you to enjoy the financial freedom that comes with auto leasing deals.