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Vehicle Information

Car Affordability Calculator Tip

Please enter your vehicle information in order to determine its current market value. We use Edmund’s Fair Market Value data for the calculation.

What to Do When Your Car Lease Ends

Is your car lease coming to an end soon? Assuming you have a standard walk-away lease (which is the most common type of lease), you have the option to either return the vehicle and walk away, or pay the residual value and keep the vehicle. Use our Lease End Calculator to help you figure out your options.

If You Want to Buy Your Vehicle

You should know what the residual value of the vehicle is. The residual value should be provided when you first signed the lease agreement, and it is the buyout cost you will have to pay in full in order to keep the vehicle.

If You Want to Return Your Vehicle

  1. Check your mileage. Did you drive within the allotted miles? If you went over, you can easily calculate what your excess mileage fee would be. Usually, there is an assigned cost per mile from your lease agreement.

    Number of miles over X cents per mile = Excess Mileage Fee

  2. Evaluate wear and tear: Most lease agreements will allow for normal wear and tear. However if you have excess wear and your car needs additional reconditioning or fixes beyond the dealer expectations, you may be have to pay for excess wear charges or replacing parts.

    Use our checklist below to evaluate the condition of your vehicle:

    Interior conditionAre there noticeable tears, stains or cuts that are bigger than 1” in diameter? Did you smoke in the vehicle?
    Exterior conditionDings and dents within 1-2” in diameter are usually negligible. But any excess scratches, puncture, grinding marks, or broken parts will be best repaired ahead of time.
    WindshieldAny cracks or hole bigger than a nickle? If there is, you might want to consider getting it repaired.
    TiresTread depth less than ⅛” could be considered excess wear on tires. Also if you’ve replace the tires yourself, make sure they match the manufacturer’s recommended guidelines.
    Structural damageHave you been in an accident that impacted the body frame? Make sure you have a copy of all the repairs to prove that the structural integrity of the vehicle is up to standard.
    Electrical or mechanical problemsYou could incur charges for any malfunctioning equipment or incomplete repairs.
    Broken or missing partsCan include items such as the DVD player, remote, keyless entry system, etc. Make sure your replacement parts meet the manufacturer’s requirements.
    Modifications or customizationsThis is usually not allowed on leased vehicles, you could be charged if you have any aftermarket alterations on but not limited to the suspension, paint color, engine adaptations or tinted windows.
How to Take Over (or Get Out Of) A Vehicle Lease
There are ways to get out of your current vehicle lease, legally and safely, and there are ways to take over someone else’s lease if you are so inclined. Read More...