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Coming to the end of your Chevrolet’s lease? It’s time to start planning for your lease return. Here’s some things to keep in mind before you reach your lease termination date and how Ed Martin Chevrolet can help.
Planning Your Chevrolet Lease Return
Create a Lease Return Plan
It’s a good plan to enter the last 90 days of your lease knowing what you plan to do with your leased vehicle. You’ll have three options:
- Return the vehicle and walk away
- Return the vehicle and start another lease
- Buy your leased vehicle
Be sure to check your lease contract, some lessors will allow you to return your vehicle to any dealership that’s affiliated with your leasing company while others may ask that you return the vehicle to the dealership you leased it from.
Lease End Inspection Process
Your lessor normally will mail you a letter around 90 days prior to the lease end date which will cover where you can turn the vehicle in as well as their lease-end inspection process.
The inspection will include taking inventory of the physical state of the vehicle as well as reviewing to see if you stayed under the agreed upon mileage. If you took great care of your vehicle and are under the agreed upon mileage, you’re in a good spot. Currently, there’s high demand for used vehicles and you may find that your vehicle’s buyout amount is less than the cash value. If so, you’ll have equity that you can use as a down payment on a new vehicle or towards a new lease.
Ready to start planning? Contact our Ed Martin Chevrolet team. We’d be happy to walk you through your options and help you plan for your next vehicle whether you’re planning to lease again or purchase a new Chevy.
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