How to Extend My Leased Car

Some banks allow current lessees to extend a vehicle lease contract. However, don't assume your leasing bank allows lease extensions without first speaking to a bank representative. If the bank doesn't allow an extension, you must return your car or pay the lease buyout price and purchase the car. Continuing to make payments after the lease contract is over results in an account default, as you must abide by the end-of-lease options your bank stated in the leasing contract.

Instructions

1

Call your leasing bank and have your account information ready. State your intentions with a leasing representative to determine whether a lease extension is possible.

2

Discuss lease extension options. The bank may offer a three- or six-month extension option, but your monthly payment may change based on the vehicle's current value and mileage.

3

Decide if the monthly payment change (if any) and term are suitable. If so, tell the bank that you want to extend your lease contract. Submit your credit information if necessary; not all banks require a credit check for an extension, depending on past payment history.

4

Sign your lease extension contract. If the bank isn't local, mail your paperwork back quickly. Keep a copy of the paperwork for your records.