At the end of a car lease, the lessee has several options, including:
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Lease buyout: The lessee can purchase the vehicle for its residual value. However, this option may not be ideal if the cars residual value is more than its market value.
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Trade-in: The lessee can trade in the leased vehicle for a new one.
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Lease extension: The lessee can extend the lease for a few months if they need more time to find another vehicle.
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Lease transfer: The lessee can transfer the lease to someone else.
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Vehicle return: The lessee can simply return the vehicle to the dealership or leasing company. However, they will have to pay a turn-in fee, which is typically between $300 and $500.
Before returning the leased vehicle, its important to review all the available options and choose the ideal strategy for the particular situation. Lessees should also be aware that all automaker leases charge a disposition fee upon termination, usually around $400, and they will be liable for any unpaid violations associated with their state registration.
