How to Handle the End of an Auto Lease

Leasing a car suits drivers who don't want to commit to driving the same car for five or more years. They can lease the car and then have the option of selecting a different car every couple of years. Leasing is similar to renting a car. You don't own the car, and leasing involves returning the car. If nearing the end of your auto lease, consider several options available to you.

Instructions

1

Complete any maintenance on the car. While you don't own the car, you're responsible for the car's maintenance. Return the leased car in good condition. Prepare for the vehicle's lease inspection by performing any needed repairs or maintenance such as new brakes, fixing scratches/dents and receiving oil changes.

2

Check the car's mileage. Drivers who lease cars are allotted a certain number of miles, and exceeding this mileage can result in an out-of-pocket fee. Review your contract to recall your mileage allowance and how much you owe (per mile) for exceeding this number. Prepare to pay this fee when returning the car.

3

Buy the car. Leasing a car gives the option to purchase the vehicle at the end of the lease term for a predetermined buyout price. Secure financing with the dealership's finance team or your personal bank if you decide to keep the car.

4

Continue to lease the same vehicle. Talk to your auto dealership about keeping the car and extending the vehicle lease for a certain number of months for the same monthly note.

5

Pick a different car to lease. If you're ready for a new vehicle, browse the dealership's selection and sign a new lease agreement for a new automobile.

6

Return the car and walk away. You don't have to buy or lease another car once your lease period ends. Simply bring the car back to the dealership, pay any mileage fees and walk away from the car.