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What To Do If Your Car Lease Is Expiring Soon

2019 Chevrolet Cruze

If your car lease is expiring in 2022 during the global automotive inventory shortage, you may be especially curious about what end-of-lease options are, and what the most prudent thing to do is. Take a moment to learn about what to do if your car lease is expiring soon in greater Sarasota, especially during this unprecedented time in automotive history. Then, reach out to the finance department at Cox Chevrolet in Bradenton to take the next step! 

End-of-Lease Options

If your Tampa car lease is expiring in 2022, you may be wondering what to do if your car lease is expiring soon. Before we dive into the peculiarities of the automotive market in 2022, let’s look at all of the classic lease-end options: 

  • Renewing Your Lease: Renewing your lease is a simple process. You’ll just need to re-apply for financing. From there, we’ll draw up a new contract, so you can continue driving the vehicle you love for another 2 to 3 years! 
  • Swapping Out Your Lease: Simply draw up a new lease contract for a different vehicle on our lot, and continue leasing through a dealer you trust while enjoying lease terms that are easy on your monthly budget. 
  • Returning Your Lease: If you plan on returning your lease and walking away, you’ll want to look at your lease agreement and see if your vehicle is out-of-compliance with any of its terms. For instance, if there’s upholstery damage, your vehicle may be out of compliance with the lease agreement, and you may have to pay a penalty. In this case, it’s usually cost-effective to touch up the upholstery before returning your vehicle at our lease return center
  • Buying Out Your Lease: In this case, you’ll opt to finance the remaining value of your lease vehicle with the intention of ownership. This is a high-value strategy because the payments you’ve previously put towards your lease to cover depreciation become payments that you put towards the principal of your loan. In effect, your prior lease payments are now equity that you’ve built. 

What To Do If Your Car Lease is Expiring in 2022 

You’ve likely heard about the global shortages in automotive production. It’s difficult to find much inventory right now, and what is available is in high demand, and prices are up. If you’re wondering about what to do if your car lease is expiring soon, we recommend either renewing your lease or buying it out. Of course, we have every reason to recommend those two options, but they’re absolutely beneficial strategies to car shoppers right now. 

Whether you renew or buyout your lease, you’ll make payments on the remaining value of your vehicle—a value that was likely assessed before or at the beginning of the production crisis. If you terminate your lease, you’ll be in a position where you need to pursue a lease or a loan on a vehicle with a value that’s been driven up by low supply and high demand. 

Have Questions About Your End-of-lease Options? 

You’ve read about what to do if your car lease is expiring soon, as well as what factors to consider if your car lease is expiring in 2022. That said, we know much of this information may raise questions. Our neighbors in Palmetto are more than welcome to call Cox Chevrolet at 941-251-0310 for answers. We’ll clear up any lingering concerns you have and guide you through the steps of the process. And if you plan on swapping out your current lease for a different vehicle, take a moment to explore our Chevy lease offers and apply for pre-approval!

 

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