Can I Buy the Car at the End of Car Lease Contract Tenure?
Can I Buy the Car at the End of Car Lease Contract Tenure from Leasing Company?
So your car lease period is coming to a close and you want to know what are the best options available. Read on to find all the options that you are eligible for at the end of the lease contract.
Before we talk about the options, you need to make sure of certain things when your car lease contract is nearing completion.
1. Check the car condition for any major damage over and above normal wear and tear so that you can get it repaired and claim it back from insurance companies if applicable before giving the vehicle back to the leasing company.
2. Get the car cleaned inside and out by a professional car cleaner.
3. Make sure you remove any modification done in your car as you will have to return the vehicle in the same configuration as you got it.
4. Check the kilometer driven during the lease period and compare it with the agreed km usage as excess km will be charged.
5. Make sure you read the agreed lease contract for end of contract conditions. Sort out the vehicle documents and keep them ready.
What if my Leased Car has Damages?
Your car would be inspected to check for any damages beyond normal wear and tear. In case of any major damages or accidents not repaired, then there may be charges applicable.
End of Lease Tenure Options
Before your car lease ends, the leasing company will contact you to discuss the various options that you are eligible for. You can either
1. Return the leased car after the expiry of the ongoing contract and strike another deal to lease a brand-new car.
2. Purchase the leased vehicle at the residual value (depreciated vehicle price) agreed upon while signing the lease contract.
3. Purchase the leased vehicle at the then-prevailing market price.
4. Return the leased car to the leasing company after the expiry of the contract.
Are you thinking of getting a new car on a lease? Get your free car lease quote today and avail attractive lease deals and offers on new cars.
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