Select the Best Option for You!
Leasing a vehicle is a great option! It will allow you to have your car for a few years, then gives you the option to decide whether to upgrade to a new vehicle or buy out your lease or maybe even go a different route. At Bell Audi, we believe customers deserve to have choices. Let’s take a look at some of the different paths you can take once your lease is up.
Buyout
If you have loved your car throughout the lease period, you may be considering a lease buyout. If you began your lease pre-pandemic, your car’s predicted value is fixed, making this even more appealing. You can then negotiate your buyout price with the leasing company. They will be open to accommodating you with a deal that benefits both parties. For this option, you will need to either obtain a car loan or pay in cash. Be sure to do your research on loan agreements, as certain banks will offer better deals than others.
Continue Leasing
Of course, leasing a vehicle may be more appealing to you if you like to stay up-to-date with newer cars, without outright buying them. This option is also the simplest. You may even end your current lease early. This is a good call if you realize that the market value is higher than the residual value stated in the agreement. If you chose to trade your vehicle in, you may use the equity towards a new lease.
Swap Your Lease
This one is a little more tricky. In some cases, you may wish to end your lease early and transfer it to someone else, with the main reason being you are no longer able to afford payments or a termination fee. There are certain third-party companies that will take over your contract. This, however, is not always an option, depending on your lease contract. You will want to read over your agreement to make sure you are able to do this.
It can also be a more complex process. Some leases require you to remain on the lease if you transfer it, meaning you are still liable. If the new driver cannot make their payments, you will be on the hook for them. Car and Driver agrees that this is typically not your best option. We’d say this is the last option you should consider if nothing else works out.
At the end of the day, you have plenty of options, it just comes down to which better suits your particular lifestyle needs. At Bell Audi, we are here to help you with any questions you may have about leasing from us, and the next steps you can take once your lease period has ended. While this is not an extensive list of possibilities, these are some of the main options for when your car’s lease is over. We hope this helps give some insight into which choice may suit you the best. We work with a network of financial institutions to get you an awesome deal on loan rates! As always, we are committed to helping our customers discover which deal will be for them.
