There are a number of advantages to leasing, rather than purchasing a vehicle. When leasing, drivers enjoy lower monthly payments, they have the ability to drive the newest MINI vehicles more often, and they don’t have to worry about maintenance quite as often as owners do. However, one part of the leasing process that some drivers in the Nashua, NH area are unclear about is the return. The friendly experts at our MINI finance center are happy to advise you on what to do when your lease is coming to an end.
As you approach the end of your lease, around 90 days from the end, take a good look at your lease contract. You’ll want to take note of the residual value, which is sometimes called the lease-end value. This number is the amount that you can purchase the vehicle for at the end of your lease. Purchasing the leased vehicle is one of the three options that you have when the lease ends, and is the option to choose if you can’t bear the thought of getting rid of your leased MINI car.
About three months before your lease ends, you’ll get notified about your vehicle inspection. Because many lease contracts stipulate that lessees will be charged extra if their vehicle has damage that exceeds normal wear and tear, you’ll want to ensure that your vehicle is in decent shape. The inspector will be checking for exterior damage, windshield cracks, upholstery damage, and more. Finally, another option for when your lease ends is to trade in your leased MINI vehicle and drive off in a new MINI vehicle.
If you have any more questions about the lease-end process, talk to a friendly dealer at our finance center.