For a lot of drivers, leasing a vehicle makes more sense financially than buying. If you’ve crunched the numbers and done your homework, you know a lease might be right for you.
But if you’re new to leasing, you might be wondering what happens at the end of the term. Here’s what you can expect, according to Honda Financial Services.
Two to Three Months Before the Term Ends
It’s important to keep up with when your lease will end, because you actually need to start the process two to three months before that. You’ll want to get in touch with the Lease Maturity Center to get all the details for the vehicle return process.
One thing is for sure. You’ll definitely need to schedule an end-of-lease vehicle inspection. You’ll want to have your account number and VIN available when you call to set up the appointment.
At this appointment, an inspector will check to see if there’s any damage or wear that’s not covered by the waivers in your lease. Check the fine print beforehand to see if your vehicle has any damage that might be an issue. It’s also a good idea to get your car washed and detailed before the inspection. This is a great time to put your best foot forward.
One Week Before the Term Ends
Once you’re a week out from the end of your lease, it’s time to make an appointment with the dealership to turn in your vehicle. You’ll also want to start gathering all the little things you need to turn in along with your car, truck, van, or SUV. Make sure you bring in:
- All sets of keys to the vehicle
- The owner’s manual
- Maintenance records
- The vehicle inspection report
- Any receipts for completed repairs
When it’s time, head to the dealership and work with the staff to make sure you’ve turned everything in. Then, call the Lease Maturity Center to let them know you’ve returned the vehicle.
What Next?
You have lots of options after your lease ends. You can begin a new lease with a brand new Honda vehicle, you can purchase the vehicle you leased, or you can shop for a new or pre-owned vehicle to purchase.
At Barbour Hendrick Honda in Greenville, North Carolina, our expert staff will be happy to talk you through all of your options. We know smart drivers have lots of choices for where to shop, whether to lease or buy, and what vehicle works best for them. That’s why our expert staff will use their knowledge and experience to help you find the perfect vehicle on your terms. Call or come by the dealership today!
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