What Are Your Options at the End of Your Car Lease?
If you’re a driver who prefers lower monthly payments, the ability to drive the newest Lexus cars when they are released, and lower repair costs, leasing may be a better choice than buying. No matter what your reasons are for leasing a new Lexus car, it’s important that you know your options for when the lease comes to an end. Here at our Lexus finance center, our friendly finance experts are happy to explain your lease-end options.
You should begin to think about what to do when your lease ends about 90 days out from termination. You should review your lease contract to find a number known as the residual value, which is the amount for which you can purchase your vehicle. If you cannot bear the thought of returning your Lexus car at the end of your lease, purchasing is likely the correct option.
Also around this time, you should get a notice in the mail regarding a vehicle inspection. Because most lease contracts stipulate that you’ll be charged if you inflict excess wear and tear on your Lexus car, you should thoroughly check your car for any damage. If you notice damage to the upholstery, the exterior, or the windshield, you should visit a service center to avoid paying the excess damage fees. Also, remember that you’ll also be charged if you exceeded the stipulated mileage limit.
Now, if you decide to trade in your leased Lexus car for a new Lexus car, the process couldn’t be any simpler. You’ll have your choice of new Lexus vehicles, and all you need to do is bring your leased Lexus and drive off in a new one.
If you have any more questions about returning a leased Lexus car, talk to a friendly dealer here at Woodfield Lexus.