What to Do When Your Lease is Up?
You leased a vehicle, the time has flown and now it’s time to decide what comes next. First and foremost, you may not have realized that you actually have a fair amount of options when it comes to your lease-end decisions. Naturally, you can return your vehicle at the lease end, but you also have the option of purchasing your vehicle outright.
Needless to say, deciding what comes next after your lease is a big choice. Below we’ve taken the opportunity to outline the main options that are available to you as a lessee, as well as some of the potential scenarios that may influence one choice over another. And, of course, you can always contact us directly for personalized information at your convenience.
What Do I Do at the End of My Lease?
1Return the Vehicle
After reviewing your options at Bob Richards® Nissan, you may choose to return your vehicle because it’s beneficial to your wallet. The only additional payments you may have to make involve any mileage you’ve accrued over your lease’s maximum terms, as well as any damages, but, only if this works for YOU.
2The Love Option
If you’ve grown fond of your vehicle over the term of your lease, you absolutely have the option to purchase it outright. This can be advantageous if the car has retained its value well. The only part you need to pay now is simply the part you have not paid yet!
3Trade in the Vehicle
Life has a funny way of changing our vehicle needs so you may decide to get a different vehicle at any point during the lease term. If you choose to trade in your currently leased vehicle, the deal would then work just like a standard finance deal. You would simply come to Bob Richards® Nissan to review your options. By doing this, your mileage will not be penalized by NMAC.