What Happens at the End of Your Car Lease?

What Happens at the End of Your Car Lease?

If your current lease is almost up, there's no time like the present to weigh your options and your next course of action. At Glacier Honda, we like to think choices are a luxury, and we're here to fill you in on what steps you can take once you've completed your leasing term. Let us be the first to tell you there are several compelling choices you can make when your lease had run its course. If you're based in Castlegar or the neighbouring Trail, Fruitvale, Osoyoos, Nelson, Creston, or Grand Forks, BC, allow us to fill you in on what you can do at lease's end before visiting our dealership.

Extend Your Lease

Leases are a popular option in part because they spare you of any long-term commitments, but if you'd like to keep enjoying your current vehicle, we'll be happy to extend your lease. If you've stuck to your regular monthly payment plan and kept the vehicle in good condition, we can arrange similar, if not identical terms to your original leasing agreement. In short, extending your lease allows you to keep enjoying the vehicle you're accustomed to and spares you the search for a new vehicle.

Buying Your Leased Vehicle

Extending your lease is great for those who prefer a short-to-mid-term commitment, but if you're ready to keep your vehicle for the long haul, you can buy your leased car before your lease ends. Going the purchase route is a no-brainer if you've grown attached to your vehicle, and it's also a smart course of action to avoid paying any fees. Wear and minor damage are inevitable, and you may have to pay some related fees upon returning your car at lease's end. Exceeding your agreement's mileage limits could cost you in fees as well, making purchasing the vehicle outright an excellent choice. Buying out your lease also allows you to sell your car privately and turn a solid profit. Drop us a line at your leisure if you'd like to buy your leased car before your lease ends.

Trade It In for Another Vehicle

Many consumers prefer leasing their vehicles for the thrill of enjoying a brand-new motor every few years, which is where trading in your leased car for another comes in. You don't have to wait until your lease expires, either, as we'll be happy to roll your original agreement into a new one before it ends. If you intend to trade in your vehicle with a year left on your lease, you may be able to do so and buy a new car instead. You can also net lower monthly payments by trading in your leased car for a less expensive model, and if your needs have changed and you're eyeing something bigger or family-friendly, we'll be happy to help you secure a vehicle that suits you best.

Returning the Vehicle

If you'd rather see your lease all the way through and weigh your options afterward, you can always go the simplest route and return the vehicle to our dealership. Once your lease has expired, you have no contractual obligation to enter a new lease or purchase another vehicle. You'll be free as a bird once you've returned your leased vehicle, and we'll always be here to help you obtain your next vehicle as soon as you're ready.

For further details regarding your end-of-lease options, contact us at Glacier Honda. Our capable staff will be thrilled to provide you with the particulars, and you can always visit us to peruse our varied inventory and get started on obtaining your next vehicle.