End of Lease Options

by | Feb 19, 2023 | Firm News

If you are coming to the end of a car lease, you are probably getting calls from your dealership encouraging you to come in to lease another car. But, before you turn in your vehicle, you should be aware that you might be better buying the car that you already own.

Under your lease, you have the option to purchase the car at the end of the lease for the residual value plus a purchase option fee, typically a few hundred dollars. The value of used cars is much higher now than it was a few years ago, and he residual value of many cars can be thousands of dollars less then their fair market value. That means that buying your car at the end of the lease may be a real bargain. So, before making a lease end decision you should do some market research to find out your car is worth. Buying your own car at the end could be a real bargain.

Some dealerships may try to charge you more than the residual value by adding extra charges or fees or even by trying to charge you more than the residual value plus the purchase fee. That is a violation of your rights, and if that happens to you, should seek legal counsel.