Lease End Options at Firkins

Is your lease coming to an end? Whether you’re ready for something new or you’ve fallen for the vehicle you’re driving now, the team at Firkins CDJR will walk you through every option, explain the numbers, and help you choose the path that fits your budget and lifestyle.

LEASE END OPTIONS at Firkins Chrysler, Jeep, Dodge, Ram dealership in Bradenton, serving Sarasota, Tampa, St. Petersburg

Your Lease-End Options

When your car lease is ending, you have three choices:

TURN THE LEASE IN – This option is for customers who are done with their lease contract and need to return the vehicle to the leasing company.

USE THE LEASE AS TRADE IN FOR NEW LEASE/PURCHASE – In some cases your leased vehicle can be treated as a trade vehicle, and you can purchase or lease a new or used vehicle. The lease is paid in full and your lease obligation is completed with the trade of the vehicle.

PURCHASE YOUR CURRENT LEASE – Love your current vehicle? You have an option to purchase your leased vehicle for the residual value set in your contract.

There are two types of car lease buyouts, and it’s important to understand them. Check out the different types below to figure out what suits you best.

Standard Lease Buyout

Opting for a standard lease-end buyout is the most common route. In this type of buyout, you pay the anticipated value of the vehicle at the end of the lease term plus any taxes, state fees, and inspection fees*. See dealer for details.

Choosing a standard lease-end buyout makes sense if:

• You’re satisfied with the vehicle’s performance and condition.
• There have been minimal repairs during your time driving.
• You haven’t found another vehicle at a similar price point that you prefer.

A notable advantage of a lease buyout is that you know the condition and history of your car, unlike when buying a different pre-owned vehicle.

Early Lease Buyout

In some cases, you have the option to buy your leased car before the lease period ends, known as an early lease buyout. However, not all lease contracts allow for an early car lease buyout, so it’s essential to check with your lease provider. When contemplating an early car lease buyout, it’s important to crunch the numbers to see if it makes sense for the long-term investment compared to leasing.

If you decide to go ahead, the price you pay is determined by one of the following methods:

• The lease-end residual value specified in your original contract.
• The remaining balance on the lease.
• If the vehicle has depreciated faster than expected and is below market value, you may need to cover the difference.

Typically, Florida drivers explore this early car lease buyout option when they’re concerned about lease penalties, such as exceeding the mileage limit, neglecting auto service, or incurring damages to the vehicle.

The lease purchase process takes 3-4 hours to complete. Want to schedule an appointment with our end-of-lease consultant? Contact our Sales Support Team at (941) 301-2547.

Ready to Explore Your Lease-End Options?

Browse our new inventory, start your finance application online, or reach out to our team with any questions. You can also stop by Firkins CDJR at 2700 1st St in Bradenton. We proudly serve drivers from Sarasota, Tampa, and St. Petersburg.