Ending a lease can be anxiety-inducing for anyone who has never gone through the process. There are many factors to consider, and you have a lot of choices about what to do when your lease ends. At Claude Nolan Cadillac, we give you straightforward answers so you know what to expect when it's time to return your vehicle. We recommend returning your lease to the same dealership, but you could return your lease to us if you initiate your lease somewhere else. Our lease specialists have plenty of experience to make the process go as smoothly as possible.
If you are three to six months out from the end of your lease, you can start scheduling your end-of-lease appointments, gather all the relevant paperwork, and get your vehicle ready. You can also review all your options to see if you might want to extend the lease or complete a buyout. Learn all your lease-end options and take advantage of all the benefits that come with the end of a lease.
What Are Your Lease End Options?
Did you know you have more options than just returning your leased vehicle? You can do several things to maximize the benefits of your leased vehicle. Our team is standing by no matter which option you choose to help you through the process. Learn all about your different options:
- Lease Buyout: Purchase your leased vehicle at the cost of the residual value. The dealership calculated the price to buy out your lease at lease initiation, and you can find the information on your lease agreement.
- Buyout then Resell: Depending on market conditions, your leased vehicle could be worth more than the residual value. Take advantage of the extra equity by purchasing the leased vehicle and reselling it at a higher price.
- Transfer the Lease: You don't have to wait until the end of your lease to complete a transfer to another qualified lessee, but it is an option if you have some time left or want to extend the lease for someone else to take over.
- Trade-in: You can either trade for a new lease or take advantage of a situation when the market value is higher than the residual value and use the equity towards a new vehicle purchase or lease.
How to Prepare Your Vehicle for a Return
If you ultimately decide to return your lease, we recommend that you prepare your vehicle for a return three to six months before the end of your lease. Preparing your vehicle helps you take note of any excessive wear and tear. First, inspect your vehicle, and document any items you want to take care of yourself, like upholstery damage, dings, and scrapes outside the scope of normal wear and tear. Your lease agreement will outline the specifications for the type of wear that will result in added fees.
Cleaning your vehicle is another great way to help you avoid fees by helping you take note of excessive wear and tear inside and out. It's also a great way to ensure you don't leave any personal items behind!
Next, find the value of your leased vehicle. You could capitalize on the extra value if the current market value is higher than the projected residual value in your lease agreement. You can look up the vehicle's value on free websites like Kelley Blue Book.
Finally, call us to schedule your end-of-lease inspections. You can have our team complete more than one inspection if you'd like to fix any issues they find first. Completing repairs often costs less than incurring the costs in end-of-lease fees. Once you have completed all the repairs you want, you can schedule another inspection to give you the most accurate estimate of any end-of-lease costs.
Find Your Next New Cadillac at Claude Nolan Cadillac
Once your end-of-lease is complete, you can take a big breath and embark on your next adventure! Enjoy your next new Cadillac from Claude Nolan Cadillac. We always have brand-new models in stock so that you can enjoy the latest and greatest from our favorite luxury brand!
