Option 1: Return the car
You hand the car back and walk away, apart from any end-of-lease charges. These usually include a disposition fee set in your contract, plus charges for miles over your allowance and wear beyond normal use. A pre-return inspection, which most lessors offer, shows those charges in advance so you can fix cheaper items like tires or dents yourself.
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Option 2: Buy it out
Your contract sets a purchase price, usually the residual value plus any purchase option fee, and you pay sales tax and registration on top. A buyout makes sense when the car is worth more than that price, when you are well over your mileage, or when you simply want to keep it. You can pay cash or finance the buyout like a used car loan.
Option 3: Trade it in
If the car’s market value is higher than your payoff, the difference is equity, and a dealer can apply it to your next lease or purchase. Some lessors limit buyouts by third-party dealers, so ask your lessor who is allowed to buy the car before you shop it around.
Option 4: Extend the lease
Many lessors will extend a lease month to month, or for a set number of months, at the same payment. It buys time if your next car is not ready or you are waiting for a better offer. Ask before your end date, since not every lessor allows it.
Staying with the same brand
If you lease another car from the same brand, the lessor often waives the disposition fee and may add loyalty cash. Ask for both before you decide where to return the car.
How to decide
- Ask the lessor for your payoff amount and the buyout price.
- Get the car appraised. Our trade-in appraisal is free and comes back within 24 hours.
- Value above the buyout: trade in or buy. Value below: return it and let the lessor take the loss.
- Add up your likely mileage and wear charges, since a buyout or trade-in avoids them.
Ending a lease early
Leaving early can be expensive: you may owe the remaining payments or the gap between your payoff and the car’s value. If the car has equity, a trade-in can cover the payoff. A lease transfer is another route where the lessor allows it.
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