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What happens at the end of the lease?
Home » Automobiles » Leasing a Car » What happens at the end of the lease?At the end of your lease, you turn your vehicle in to the leasing company at an agreed point; sometimes it's at the dealership, sometimes at the leasing company's office and sometimes they come pick it up. Your vehicle is expected to only have normal wear and tear on it. You'll have to pay for any damage or extra mileage over and above your contract-specified limits.
You may also have an option to purchase your vehicle at the end of the lease for a specified price. You may also be able to use the car as a trade-in on a new car. Make sure you weigh your options because you might just have equity value in your vehicle that you don't want to simply give back to the leasing company.
Making the best decision about what you do with your vehicle -- returning it to the leasing company, buying it, trading it, or extending your lease -- requires that you look at each option carefully and evaluate the tradeoffs.
Sources:
http://www.leaseguide.com/index2.htm
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