Options When Your Lease Terms are Over

If you have been leasing your car and you have almost finished your lease term, you may be interested to know what your options are to acquire a new vehicle. Approximately 45-60 days before your leaseĀ ends, it is time to decide what you want to do with the vehicle. If you are unsure what to do at the end of your car lease, here are four options available to you:

  1. Buy Out the Car: If you really like the vehicle you leased, you can buy out the car from the dealer. It will cost you the residual amount of the value that was set in the lease.
  2. Extend your Lease: If you want to keep the same car, but do not want to buy it out, you can extend your lease. You can re-lease the car, but as a used-car lease instead. You may be able to negotiate a better deal as well!
  3. Return your Lease: You have the option to return your car to the lending company, who will end your lease responsibility and take the vehicle back into their inventory.
  4. Trade Up: If you find yourself enjoying the vehicle you have, and how the company has handled your lease, you can choose to lease again with the same company. You can trade up for a higher-end model car or get a new car altogether.

Fortunately, you do not have to be stuck in a car lease if you need out. Swapalease.com is the largest online marketplace for used car leases if you need options. Consider Swapalease.com as a matchmaking service for cars, matching up individuals who want to get out of a car lease with individuals who want to get into a car lease. The online marketplace has vehicles and customers in every state in the continental United States and Canada.