Lease Return Center

What to expect when turning in your lease?

If you plan to keep your leased vehicle until your lease maturity date there are a few steps you must take to complete the turn-in process:

• Leased Vehicle Inspection – Within 30-days of your lease maturity you will need to schedule a vehicle inspection. Typically a third party inspector will look at your vehicle, assess condition and determine if there is any damage, wear or tear outside the normal parameters set forth in your lease.
• Fees For Excess Mileage, Wear and Tear – If the inspector determines that your vehicle has damage, wear or tear beyond parameters in your lease contracts, or outside of any lease wear coverage you elected to purchase during your lease signing, you may be charged extra fees. The fee level of repair and/or reconditioning required and may include fees for worn tires, body damage, interior damage, outstanding maintenance or other wear.
• Lease Disposition Fee – Be prepared to spend a lease disposition fee between $300 to $600 when turning in your lease. If you lease another vehicle of the same make, it is likely that your disposition fee will be waived.
• Return all sets of keys, books and factory equipment with the car – It’s important to return your car with all of the factory equipment provided when you bought it. This includes keys, maintenance books, floormats and so on.

Can I trade out of my lease early or get out of it completely?

There are a few ways to get out of your lease early:

• Buyout your lease– If you’d like to keep your car, you can typically buy it out at any time. Your lease provider can provide a real-time buyout value at any time. Buying the car outright, then selling it yourself is also an option, but you should be sure to take into account any sales tax required when you buy out your lease.
• Trade in your leased vehicle – If you intend to get a different vehicle, a dealership can buyout your lease and apply and equity towards your new vehicle of interest.
• Work with a dealership to buy out your leased vehicle – Most manufacturers allow dealerships to buyout consumer leases during the contracted lease period. The difference between the lease buyout and value the dealership puts on the car will determine if it will require money out of your pocket to terminate the lease, or if market conditions allow, potentially put lease equity in your pocket following the buyout.
• Transfer your lease to someone else – Most lease companies allow the transfer of a lease to another party. So, if say your brother, friend or colleague wanted to assume you’re existing lease, they most likely could. Do bear in mind that in some cases you still remain tied to the lease, so be sure to vet whomever takes over your lease if you go this route.