End Of Lease Options

 

My lease is up, now what?

Are you looking at your car leasing options now that your current lease is almost up? At Larry H. Miller Chrysler Jeep Dodge Ram Riverdale we are dedicated to making the car leasing process easy for you! We went ahead and broke down the last six months of the car leasing process so you know how to get the most out of the car leasing process. We also are providing a break-down of each of your options so you can make the best choice for you. Browse through the options below and contact us if you have any questions!
   

How far out are you from your lease end date?

Chrysler End of Lease options in Boise

It's time to start thinking about what you want to do with your current lease and your options

The first step is to decide whether or not you want to keep your vehicle. It can be hard to know what to do when there are a few options to choose from. This guide will make it easy for you to decide which option is best for you. 1. Trade-In your lease to lease or purchase a new car. 2. Return your lease and lease or purchase a new car. 3. Keep your car. 4. Lease Pull Ahead (If available) Continue browsing to learn more about your car leasing options.

Option 1: Trade In Your Lease & Lease or Purchase a New Car

Comparable to Option 2, you have determined you want something new and don't want to keep your current lease. But when should you look at trading In your vehicle instead of returning it?

  • If your leased vehicle has leased car equity and has a market value higher than its Residual Value.
  • If its Turn-In condition is not optimal and has excess wear or mileage that could incur high return fees.

When you trade in your lease to Larry H. Miller in Riverdale, we purchase your leased vehicle from the finance company holding your lease for the ability to sale as a used or Certified Pre-Owned vehicle. We do this by paying off your lease payoff amount, or the sum of your Residual Price and any amount still owed on your lease agreement. Depending on your Lease Equity, or the current vehicle's market value minus the payoff price, you may be able to make some money from your trade-in that can be used as a down payment for your next vehicle. If you have a negative lease equity, or the current value does not cover the payoff amount, the remaining amount owed can be rolled into the payments of your next vehicle's purchase or lease price. Having a negative equity in your lease may deter you from trading that vehicle in, but this option can still be cost effective if you know your vehicle will occur excessive miles or damage fees at lease return.

Option 2: Return Your Lease & Lease or Purchase a New Car

Returning your lease and leasing or purchasing a new car is a good option if your current vehicle doesn't have any leased car equity and has no excessive wear with little to zero excess miles. You can find your allowable miles on your lease agreement and the miles overage charge as well. Look below for a breakdown of normal and excess wear.

Normal Wear

  • Minor and expected imperfections
  • A few small door dings
  • Minor paint scratches and chips
  • Tire tread worn to no less than 4/32 inch

  • Excess Wear

  • Abuse, neglect or poor maintenance
  • Damage or physical alteration
  • Use of inferior parts and materials for repair


  • Leased Car Equity is when your leased vehicle has a market value greater than the Residual Value that was given in your lease terms. If your current vehicle's value is less than its residual value, you should consider returning your lease over trading it in.

    Option 3: Keep Your Car

    Keeping your car is a great choice! You can purchase your car for the residual amount determined at the beginning of your lease. Go ahead and give us a call at (801) 896-1731 and we can walk you through the process of purchasing your leased car.

    Main Reasons Why A Customer Chooses To Purchase Their Lease

  • They were way over or under their alloted mileage
  • Their leased vehicle had excess wear and tear
  • They loved the vehicle and it fit well with their lifestyle
  • Option 4: Lease Pull Ahead

    Lease Pull Ahead Programs are incentives offered by the manufacturer to help get customers out of their current lease and into a new vehicle, as long as you lease matures within a specific and predetermined date range. Some lease pull ahead programs are setup to cover a predetermined number of remaining payments, up to a maximum amount. With other pull ahead offers, you receive a predetermined cash incentive to be used toward the purchase or lease of a new vehicle.

    Chrysler Lease Return Vehicle inspection and appointment in Boise

    You're now 4 months our from your lease ending. It's time to start preperation for the end of lease process.

    • You can go ahead and schedule your Pre-Return Vehicle Inspection to avoid any unexpected fees and expenses. The pre-inspection is a quick and easy assessment to determine your vehicles wear so you can determine which car leasing option is best for you.
      • This is also a good time to also schedule a Trade-In assesment if you are thinking about trading in your leased vehicle.
    • Make a decision on if you want to make any repairs.
    • Schedule a time to meet with us.
    • Satisfy any Lease Liability Fees/Charges.
    Schedule Inspection
    Chrysler Capital lease end loyalty rewards in Boise and Meridian

    Your lease is up soon, have you decided what your next step will be?

    Now comes the fun part! You get to start looking for the next vehicle that you want to lease or purchase. Did you know, when you stay with Chrysler Capital for you next vehicle you may be eligible for loyalty rewards, even a waived disposition fee? Schedule a meeting with us today and we will gladly finalize your end of lease choice, and help you pick your next vehicle.


    Schedule Appointment

    Should I Buy Or Lease A Car?

    Buying or leasing a car can be a tough choice these days. The choice comes down to whether or not you enjoy having a new car with new technology or if you like to drive cars until they die. 

    Leasing a car:
    • Lower monthly payments- when you lease a car you only pay for the use of the car not the entire car so your payments are lower.
    • Always drive the newer models- car manufacturers are always looking to push the limits of technology and fuel efficiency. Leasing gives you the opportunity to drive cars with new features every few years.
    • Less vehicle maintenance- think about it, if you are always driving a new car then the car will not break down. You just have to worry about changing the oil and changing your tires every once in a while.
    • Mitigate Debt/Create Equity- by saving money on a car payment you have extra money to invest in other avenues. You can pay off that pesky credit card debt or invest your extra money into something that will help your money work for you!
    Buying a car:
    • No miles cap- when you buy a car you can drive it as much as you like without thinking about mileage penalties.
    • You will own your car- paying off your car can take some time but after you do the car is yours for life.
    • Customize your car- if you are the type of person that likes to customize, paint or modify your vehicles then buying a car will be the best option for you.

    Schedule an Appointment

    By submitting your contact information, you consent to be contacted by telephone about purchasing a vehicle or obtaining vehicle financing. Clicking on the Submit button above is your electronic signature.

    Contact

    Larry H. Miller Chrysler Jeep Dodge Ram Riverdale

    1481 West Riverdale Road
    Directions Riverdale, UT 84405

    • Sales: (801) 528-4883
    • Service: (801) 528-9681
    • Parts: (801) 436-8489
    `