What to Do When Your Car Lease Ends
If your car lease is ending soon, you probably have questions about your options. Well here at Shepherd's Chevrolet Incorporated, we have answers! Returning a leased vehicle is the normal course of action, though you may also be able to buy out your lease. Either way, we’ve got the steps to follow to ensure you’re doing everything you need to do when your lease is up. Looking to trade in your lease early? That’s also an option.
Option 1: Return Your Leased Vehicle
One of the major benefits of leasing a vehicle in Huntington or Wabash is that doing so is convenient; much more so than buying. A large reason for this is that leases are designed to be short-term; when your lease ends, you generally return the vehicle. When you do that, though, what do you need to do? Be sure to bring these items with you:
- Vehicle inspection report
- Repair receipts
- Keys/spare keys
- Owner’s manual
- Maintenance records
Once you’ve gathered all the above, here are the steps to follow when returning your leased vehicle:
- Drop off your vehicle at our dealership.
- One of our specialists will assess the vehicle for damage, mileage, and quality.
- Note: Any extra miles on the odometer that exceed the restrictions or any wear and tear are subject to penalty fees.
- Once the inspection process of your vehicle is complete, you can upgrade to a newer vehicle.
Option 2: Buy Out Your Lease
If you love your leased Chevrolet and you’d like to keep on driving it around Warsaw, another option is to buy out your lease. If you do this, you’ll need to complete the following steps:
- Talk to your leasing institution. When the close of your lease contract approaches, reach out to the institution you’re leasing with to inquire about your options. If you leased with our finance center, they can tell you more about how a car lease buyout works with them, including whether there are any fees associated with facilitating a buyout.
- If you’ll be financing the buyout, apply for pre-approval. Some Wabash drivers choose to pay for their car lease buyout in full if they’ve been saving for it, but there are also plenty of car lease buyout loans available. If you plan to finance your lease buyout, now is a good time to apply for pre-approval with a few lenders to see how you qualify. Often, you can secure financing through the same dealership you had your lease with, but you can explore your own options, too.
- Negotiate and finalize the buyout. There may be room to negotiate your car lease buyout down to a lower price. Once you’ve settled on a price you feel comfortable with and secured your financing, all that’s left to do is finalize the buyout!
Ready to Turn In or Buy-Out Your Leased Vehicle? We Can Help!
If you’d like to learn more about your options when it comes to the end of your lease, we encourage you to call (260) 264-2730 now. The knowledgeable lease financing experts here at Shepherd's Chevrolet Incorporated are always here to help.