This section outlines several common lease end options. These options are only available at the end of your lease.

If you have not reached the end of your lease, but want to change vehicles anyway, then Lease-X is for you. Our service allows you to offer your vehicle for lease exchange, potentially saving thousands of dollars in comparison to the cost of early termination penalties.

At the end of your lease, you have five primary options to choose:

End Of Lease Options
1. Purchase your vehicle
2. Return your vehicle
3. Re-lease your vehicle
4. Sell your vehicle
5. Trade-Up to a newer vehicle

Option #1 – Purchase your Vehicle

You can purchase your vehicle at the end of the lease term. If you decide to do this, there is no need to worry about having the vehicle inspected by the dealer, since there are no wear and use or excess mileage charges to worry about.

This way, you get to keep the vehicle that you know and love, avoid excess mileage/wear and use charges, get a quality used vehicle with a history and service record you're personally familiar with, or purchase the vehicle and then sell it for more than the payoff amount.

Some of your options for purchasing your leased vehicle include:

• Finance – Contact the dealer to arrange financing. With this option, the dealer will handle the paperwork and make all the necessary arrangements.
• Remit Payoff Amount – Make whatever financial arrangements best fit your needs and remit full payment for payoff amount.

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Option #2 – Return your Vehicle

Leases were designed to allow consumers to drive a car for a set period of time, and then turn it back in with no further obligation. You can return your vehicle at the end of your lease and satisfy your remaining obligations as described in your lease contract.

You’ll want to consult your lease to see any additional charges that may be due at the end of your lease.

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Option #3 – Re-lease your Vehicle

In many cases, at the end of your lease, you can re-lease your vehicle for an extended period of time – typically an additional 12 to 36 months. Your leasing company will recalculate the monthly payment based on the car’s residual value and the length of the extension you would like. One thing to keep in mind, however, that in many cases, the manufactures warranty will be expired at this point, so you would be responsible for any repairs needed.

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Option #4 – Sell Your Vehicle

Perhaps your car is worth more than the amount you will have to pay to turn in your vehicle. You can sell the vehicle to a third party, and keep the difference between the selling price and the payoff amount. Keep in mind that you will have to pay title and license transfer fees, as well as sales tax, so keep this in mind when you are determining whether or not this is a good idea.

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Option #5 – Trade-Up to a Newer Vehicle

This option is convenient, easy, and best of all, you get to drive off in a brand new vehicle! Your automobile dealer will be happy to show you the latest models and discuss your options.

You will be responsible for any outstanding payments, excess wear and use, excessive mileage, and any other end of term obligations specified in your lease agreement, however, these fees can generally be rolled into the cost of the new lease.

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Assuming A Lease

About Lease Contracts

How A Lease Payment Is Calculated

Glossary

Take a look at our leasing guide here.