Car Rollover Lease & Turn In Optionsby Mark Ivanko
So you've reached the end of the lease on your car and you want to know what to do next. You might want to keep the lease for a few more months, turn it in or buy the vehicle outright. You always have a few options, and banks are usually willing to help you out.
Extending Your Lease
You may want to keep the lease for a bit longer if your vehicle has been good to you. Some manufacturers will give you the option to extend your lease for up to a year and keep your payments the same. If there is a new model due to be released for your car, the manufacturer might want you to hold onto your current lease until the new model comes out. Ask your local dealer whether the banks are offering any lease-extension programs.
Turning In Your Lease
If you've decided that you're done with your lease, you can simply schedule a day and time to have the vehicle inspected and dropped off at your local dealership. You will need to call your bank and schedule a vehicle inspection before dropping it off at the dealership. After you have your inspection report, the dealership will take your car back by appointment. Most dealerships only take back lease turn-ins Monday through Friday, so call before heading down to your dealer to make sure someone will be available to help you out.
Buying Your Lease Out
Buying your lease out might be an option for you too. If you've had your car on a 36-month lease and put very few miles on it, then buying might be the right way to go. Contact your leasing company and ask whether they are offering any special APRs for you to finance your car.