What Happens at the End of a Car Lease?
If you want to trade in your car and start a new lease, you should check your vehicle for any damage, and set up an on-site inspection. You should take a close look at the interior and exterior of your car (including tires and wheels), and ensure the car is in normal running order. During your review and our inspection, we will all be looking for normal wear and tear, which you are not responsible for, and excessive wear, which will require an additional fee. Also note that you could have to pay a fee for any leftover payments on your lease if you trade in your car before the lease term is over, and there might be excess mileage charges and additional state fees.
Should you default on a lease, you might have to do one or more of the following:
• Pay a fee for early termination
• Make all remaining payments
• Pay extra costs to prepare the vehicle for resale
• Pay the "negative equity" on the vehicle, which is the difference between the lease amount and the present value of your vehicle
Before you do anything, however, take a look at your leasing terms to figure out which of these penalties apply. Give us a call (701) 577-2927 today if you have questions.