How to Keep a Leased Car After the Lease Expires

Just like a favorite t-shirt or old pair of tennis shoes, a leased car can be difficult to get rid of. After all, they are comfortable, worn in and contain memories. But there is no requirement you discard the car. Options exist to keep a leased car after the lease expires. Rather than break in a new car, explore these options to keep your leased car.

Instructions

1

Read your lease contract. Find the clause that contains the residual payment if you decide to keep the car. Write down the amount due.

2

Learn the true value of the car. Navigate to the Kellybluebook or Edmunds website to find the car's value. Click on "used cars," and find your make, model and year. Input mileage and condition to get the current value.

3

Compare the car's value to the residual amount. Prepare to negotiate the residual value if the true value is less. Print the copies of vehicle's value from the website and have them on hand as needed.

4

Contact your lender. Inform him you are interested in purchasing the car once the lease expires. Ask for the purchase price.

5

Negotiate the price downward if he quotes you the residual price. Advise the lender that the residual price is inflated compared to the current retail value. Explain you would like to finance the new purchase through the lender, but the price will need to be reduced. Accept the new price if offered.

6

Go to the dealership where you purchased the vehicle. Ask for the person in charge of purchasing expired leases. Ask the representative about a discount on the residual price and show him the computer printouts of the current retail value. Request a lower price on the car.

7

Stand firm. Be prepared to walk away if the residual value is substantially higher than the current value. Purchase the car at any time in the negotiations when it reaches your price point.