End of Lease Options Richmond VA

When you finance a new vehicle, you borrow money from the bank or credit union to cover the cost and pay the bank a pre-determined amount each month until the loan is paid off. Conversely, when you lease a new vehicle, you are essentially borrowing the car from the dealership and making monthly payments for a pre-determined amount of time. With most leases, you can choose from a range of lease terms to tailor it to your needs. Most often, companies offer leases from 24 to 48 months with 10,000, 12,000, or 15,000 miles per year. This amount of flexibility gives you the ability to customize your lease agreement to fit your driving and lifestyle needs. Most leases also oftentimes come with Guaranteed Asset Protection – or GAP – insurance, safeguarding you in case of a total loss of the vehicle, the cost of which is rolled directly into the monthly payment. Choosing to lease instead of finance oftentimes results in lower monthly payments, as you are paying for the vehicle's value instead of its total cost. Also, it is common to have no down payment for a lease, and if one is made, it is often significantly lower than the monthly payment with an auto loan. 

As you reach the end of your lease term, you must take a look at the options that you have for how to proceed. Your first option is the most common, and that is to return your lease in exchange for the newest model or an entirely different vehicle. Many manufacturers offer incentives for repeat lessees. To learn more about these incentives, the Pearson Auto Group sales teams can help. Your next option is to return your lease and finance a new vehicle instead. Some drivers may find that leasing isn't the right option for them, in which case going back to financing is their best option. Finally, you can buy out the rest of the value of the vehicle you're currently leasing. If you've completely fallen in love with your vehicle, you can choose to purchase the vehicle either in full or finance the remaining cost. 

To ensure your lease-end process is as hassle-free and seamless as possible, you must plan carefully. Three months before your lease-end date is the perfect time to start considering which of the options laid out above is right for you. When you have two months left in your lease, you should begin preparing for the end-of-lease inspection, which should include cleaning the interior of all but the items necessary for your daily drives. During this time, you should also schedule a pre-return inspection to ensure that the vehicle meets the quality standards of lease returns. Within the final month of your return date is when you should start looking for your next vehicle, comparing prices, taking test drives, and narrowing down your options. 

While you face many decisions at the end of your lease, Pearson Auto Group is here to help make the process as smooth as possible. If you have any questions regarding the end of your current lease or the leasing process, contact our sales team using the form below to have your questions answered. If you're looking for your next vehicle to lease, head over to our website's new inventory page to browse hundreds of new options at the Pearson Auto Group dealer of your choice. We look forward to serving you!