Leasing is a popular alternative to purchasing; however, it’s much different than standard financing. Leasing means you essentially “rent” the car from the dealership. So, what do you do when your car lease is up? FIAT of Winter Haven is here to help.
90 Days Before the Lease Ends
Start your research about 90 days before your lease expires. You’ll want to understand the lease-end value, which is the amount you can pay at the end of the lease to purchase the vehicle. This number is non-negotiable. Regardless if you intend to purchase your car, you still need to know this number. The other number to know is how much equity you have in the car, which would be the difference between what you owe and the car’s value on the market. Not all leaseholders will have equity.
What Are Your Options?
You have three options at the end of your lease.
- Walk away from the lease
- Trade the vehicle in
- Purchase the vehicle
If you decide to go in a different direction, you are more than welcome to simply turn in your keys and walk away—that’s the beauty of leasing, there are no long-term commitments. You can also trade it in and lease a new FIAT car that may better meet your needs. If you purchase your leased car, there are no wear-and-tear or mileage fees applied.
Once you have determined the best route for you and your leased vehicle, schedule an appointment with our FIAT dealership serving Lakeland to get the process started. Contact our Auburndale, FL FIAT dealer to learn more about your options!