Lease-end procedures differ slightly by bank. Your leasing bank should provide instructions for your lease return ahead of the contract's expiration date. Expect to complete paperwork once you drop off your lease and for the bank to collect and inspect it afterward. Some banks require an inspection ahead of your lease's return.
Bank Correspondence
Prior to the end of your lease contract, you should receive mail that further explains the bank's lease-end procedure. Your bank will also offer you several lease-end options, such as returning the vehicle or purchasing it. Any mail, which provides complete instruction and paperwork, should arrive several months prior to your lease-end. If you do not receive the information, call your bank. Some leasing banks provide lessees with necessary instructions and paperwork online, so check your bank's website as well.
Inspection Before Return
Some banks require you to complete a vehicle inspection before you return your car, while other banks offer an optional inspection. The inspection process is somewhat flexible. You can arrange for the inspection person to come to your home, work or arrange for an appointment at a dealership. The inspector checks your vehicle over for needed repairs, body or interior damages. If your vehicle needs maintenance or repairs, you'll have enough time to complete the work so you can avoid receiving a bill after returning the car. If the inspection is optional, have it done to ensure you don't owe money later. The inspection is free.
Return the Vehicle
Complete any paperwork your bank requires. You might receive a packet with the forms you need, such as a damage disclosure. If not, you'll complete any necessary paperwork at the time you return your vehicle to a dealership. The dealership representative who completes the lease return process with you will document the number of keys you return and complete an odometer statement and damage disclosure, if necessary. Dealerships rarely inspect lease returns. Most dealers only process your return paperwork and notify your bank that it can collect the vehicle.
Inspection After Lease Return
Once the bank collects your car, it is inspected either again or for the first time. If you completed an inspection already and completed suggested repairs, an inspector will verify so. If this is your first inspection, the inspector ensures that your vehicle is in good condition. All maintenance items should be up-to-date and the car should be free of damages. If you went over your lease mileage allowance, you will be billed for over mileage penalty fees. If your car was not properly maintained or repaired prior to return, you will be billed for the bank's loss of value.
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