What to Do When Your Acura Lease Ends

It’s the end of your lease. What do you do now? Speedcraft Acura in West Warwick, RI, gives you answers. Take a look at the information below. If you still have questions, please call us, and we’ll assist you however we can.

What is Lease Equity?

If you’ve been leasing your vehicle for a few years, you may have some lease equity, much like the equity you have in your home if you own it. Lease equity occurs when your leased vehicle is worth more at the lease’s end than the buyout established in your original lease paperwork.

What Are Lease Termination Charges?

Some lenders have lease termination fees. These fees must be disclosed up-front and listed on the lease contract.

What Are Lease Mileage Charges?

Lease mileage charges are included in all lease contracts. Often, mileage charges can be absorbed into the next vehicle lease at a fraction of the actual contract charges.

How is Mileage Calculated on a Lease?

Your lease agreement will specify the miles in the paperwork you received when you leased the vehicle. Excess miles remain after the total allowed mileage is subtracted from the final odometer reading. To estimate how much additional charge will be assessed for excess mileage, multiply the excess miles by the cost per mile designated in the lease agreement.

Do I Need to Replace the Tires Before Turning My Lease In?

Tires must have a minimum amount of tread to avoid charges from the leasing company. Your original lease contract should specify that information.

Where Does My Leased Car Go After I Return It?

Shoppers are always looking for quality used vehicles coming off lease. Often, Speedcraft Acura will purchase your leased vehicle for resale.

Can I Buy My Lease?

Usually, you can buy your vehicle at the end of the lease term. The lease end value or “residual” is predetermined at the start of the lease. Check your lease paperwork or talk to Speedcraft Acura for assistance.

What is My Lease Buy-Out?

The lease buyout is the money necessary to purchase or finance the vehicle and end the lease.

How to Get Out of a Lease Early?

There are a few ways to get out of your lease early. You can buy out your lease, make the rest of your payments, or trade your vehicle and have the dealer pay the car off.

What Maintenance is Mandatory for a Leased Car?

All manufacturer maintenance must be performed during the lease term. Failure to keep up with regularly scheduled maintenance could void the warranty. Your lease should specify the maintenance required.

How Early Can I Turn in My Lease?

We have many customers that release with 6 or 8 months remaining, but you can return a leased vehicle at anytime.

Can I Transfer My Car Lease?

It depends on the lender, but a lease will often not transfer. If the lender approves, a family member may be added in some circumstances.

What is Excess Wear and Tear?

Additional charges may affect the value we pay you for your vehicle based on excess wear, damage, and maintenance items that may be needed. These may include but are not limited to tires with excess wear, dents, interior rips or stains, missing parts, and improperly installed accessories.

What if There is Damage to My Leased Vehicle?

Some normal wear and tear is factored into the lease. Any damage beyond normal wear and tear is the responsibility of the person leasing the vehicle. Minimize this by buying the lease out or trading the car in.

Please note that this is general information on the lease return process and may not apply to your lease or vehicle. Please contact us with any questions you may have.

What Should You Bring When You Return a Leased Car?

Here’s a quick checklist to check before returning your leased vehicle. Remember to remove personal items from the car, such as:

• Items behind and under the seats, above the sun visors, in the glove compartment or console, and any personal items in the trunk
• Garage door openers
• Parking passes or other passes
• Toll Transponders
• Aftermarket wheels or rims you’ve added to the vehicle

Also, bring any item on or included with the vehicle when leased. It must be returned when the car is turned in. This includes, but is not limited to:

• Owner’s Manual and maintenance records
• Vehicle Return Receipt
• Vehicle Inspection Report
• Receipts for completed repairs
• All keys to the vehicle
• Tool kit, cargo or tonneau cover, and luggage crossbars
• Original floor mats
• Original wheel rims (installed at the time of the lease) and spare tire and tools (including Wheel Lock Key)
• Hybrid or electric vehicle accessories, such as charge cords

Contact Our Car Leasing Experts Today

If you have more questions about vehicle leasing or our current offers, contact Speedcraft Acura in West Warwick, RI today. Our team of leasing specialists is on hand to answer all your questions.