End of a car lease, what are my options?
A typical vehicle lease agreement can last for between three and four years, after which, the lessor has a few options to consider. We take a look at these below.
1. Get another vehicle
The company that you're currently leasing a vehicle from will likely offer you a new vehicle at the end of your current lease. There is, of course, the option to not begin another lease with the same company and find what you're looking for elsewhere.
2. Buy the vehicle
At the end of your lease period, there is the option to purchase the vehicle that you have been effectively renting for the past few years.
3. End the lease
There is the option of simply returning the vehicle and walking away from the lease, provided there are no mileage-associated penalties or wear and tear penalties previously stipulated in the contract.
