Trust the Experts at Spitzer Chevy Lordstown

If you’ve been wondering about what my options are at the end of my car lease, stop and see us at Spitzer Chevrolet Lordstown. Our dealership has been handling lease contracts with great customer satisfaction for many years. We can help you through the end process and go over your choices so you can make an informed decision.

Extending Your Lease

Since your auto lease is essentially a rental agreement with monthly payments and a specific lease term, there will come a time when your obligation is up and you have to decide what to do next. Luckily, you have options.

If you’re really undecided, your first option is to extend your lease. Most of the time you can get either the same or similar terms, especially if you’ve been making on-time payments all along. Most companies will give you an extra 12 months, or you can arrange a lesser predetermined period, or go month-to-month.

This will buy you extra time to make that all-important decision of what to do next.

Buying Your Car at the End of Your Lease

Leased vehicles often come with the option to buy at the end. The cost to buy your vehicle will be based on the vehicle’s residual value, or the purchase amount set at the signing, which was based on the predicted value of the vehicle at the end of the lease. This is referred to as the lease buyout price.

If you’ve decided to buy your vehicle, then you have two more decisions to make—you can buy the vehicle and keep driving it, or buy the vehicle and sell it yourself. This means either taking out an auto loan to cover the cost, or taking the money from your car sale to pay the buyout price.

Owners oftentimes base this decision on the value of the car. If it’s worth more than the cost of your buyout, you can make a profit by selling it. If it’s not, you could end up losing money, so this option would not be a good deal.

Trading Your Car for Another Lease

Trading your lease in and starting a new one is an easy option. If this was the right choice for you the first time around, chances are it will be a good option again. You can save money by choosing a less expensive vehicle, which will lower your monthly payments and your car insurance premiums.

If you’re in a hurry to drive a new car or upgrade your safety or technology features, you can even roll your lease into a new one before it expires. However, with this option, you have to check whether there will be early exit fees which can sometimes be several hundred dollars.

Trading Your Lease for a New Car

Another option is to trade your car in and buy a new vehicle. (Dealerships usually require you to have less than a year left to do this.) This would be like selling your lease to the dealership and instead of getting a check for the residual value, you get another vehicle.

Like buying your car off the lease and selling it yourself, you have to figure out if the numbers make sense. You should always check the value of your vehicle before you bring it in and then compare it to the cost of the new car you want to buy. If the new car costs more, you will have to pay the difference.

Returning Your Car to the Dealership

When your contract is up, you actually have no obligation to do anything besides turn your vehicle back into the dealership. You’re welcome to buy a new car elsewhere, lease a new car elsewhere, or decide you don’t need a car.

You do have to make sure that you keep your leased vehicle in good condition while you’re driving it. If any excess wear and tear has occurred, you will be responsible for fixing it or paying for the dealership to fix it.

Find the Best Chevy Lease Deals

To find out more about leasing, stop into Spitzer Chevrolet Lordstown and talk to one of the trusted experts in our Finance Department. They can help steer you in the right direction when it comes to the best options for your next vehicle.

And while you’re here, feel free to take a look at our new lineup of Chevrolet vehicles as well as our used and Certified Pre-Owned inventories. We welcome you to take a test drive and just maybe find the car, truck, or SUV you’ve been looking for.