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What Happens At The End Of A Leasing Contract?

Ever-growing in popularity, it seems that almost everyone is turning to leasing when it comes to cars, trucks and vans and whilst we may be awash with information on how to get the best deals, customers are constantly left in the dark by what happens at the end of the leasing contract.

That’s why we’ve decided to put together this handy guide, so whether you’re coming up to the end of your lease, or perhaps you’re just unsure of the ins and out of the whole leasing process, this blog should help!

 

You hand the car back

In most cases, you simply hand the keys for your vehicle back and you’re free to go down whatever route you fancy when it comes to your next car.

What happens if you simply don’t want to hand the car back though? Perhaps it’s the best car you’ve ever driven, or maybe you can’t be bothered with the hassle of choosing a new vehicle once more.

Dependent on who your lease is from, you may be able to negotiate a deal to keep the car. At the end of the day, the leasing company is only going to have to move the car on anyway, so it may be in their interest to offer you a decent deal to keep it and save themselves a job.

 

Return the car in its original condition

Lease companies will want their products being returned in tip-top condition, otherwise, you could be facing some hefty charges. As close to the date of returning the vehicle as possible, try and get it valeted both inside and out.

If there’s any noticeable damage to the car, you may also want to get that repaired before handing the vehicle back, providing you know a garage that could fix the problem cheaply. If the company is to find damages, they’re likely to take it to the original dealer, where you’ll be charged with a far higher bill than what it may cost to be fixed by a local mechanic, or friend/family member. You should be able to find information about the charges in the T&Cs of the lease.

 

Think well in advance of your lease end date about your next move

You may already have in mind the next vehicle you want, but you should already have concrete plans in place to secure your new car the minute you get rid of the current one.

Cars may take weeks to be delivered, especially if you choose a custom spec, so it’s a good idea to get your new vehicle ordered and, on the way, before you must return your current motor. Can you afford to be without a car for days, weeks or even months?

 

Review whether leasing is for you

Remember that although you managed to get a far better car for the money, you’re left with nothing to show at the end of the lease.

If you’re someone who isn’t too fussed on having a new car every; one, two or three years, then you may be better getting a used vehicle next time.

Job security is also important, make sure that you can afford those monthly payments as well as choosing a contract that fits within your budget.

If you are looking to lease your next car, or just want some helpful, friendly advice about any part of the leasing process, give our team a call on 01925 444750 or you can get in touch through any of our social media channels.

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