Can You Extend a Car Lease?

Our customers often come to us at or near the end of a lease term wondering, “Can I extend my car lease?” In many instances, it’s entirely possible to extend an expiring car lease as this CBS article points out. But another option especially popular with West Bend-area customers is a lease trade-in with the Wisconsin leasing experts at Holiday.

Let’s dig a little deeper into both of these options so you can begin to think about what will be best for you as your lease is coming due! Have questions after or while reading? Contact us for additional assistance and we’ll be happy to help!

How You Can Extend a Car Lease Contract

In the case where extending your current lease contract is an option (you’ll want to check with our finance center first), the process is usually relatively straightforward, involving these steps:

1. Call the lender through which your car lease was initiated. Explain that you’d like to extend your current lease.
2. You will sometimes be given an option as to what kind of lease extension you want. How long you can extend a car lease will vary, but average lease extensions are offered for up to 12 months.
3. Remember: your allotted mileage per month, payment amount, and more should remain the same. Double-check the terms of your extension to be sure.
4. Speak to the leasing experts at Holiday to determine the pros and cons of extending a car lease in the current marketplace.

How to Initiate a Lease Trade-In

Initiating a car lease trade-in is a very popular option because you can potentially take advantage of any equity you have in the leased vehicle due to its strength in the used car market! It differs from extending a lease or a lease return in this way. As such, it’s a more popular option with Sheboygan-area drivers at or near the end of their current car lease.

To initiate a lease trade-in, do the following:

1. Call your leasing company or ask our finance center to obtain the lease buy-out value. You can also estimate this by finding the “residual value” on your lease agreement and adding any remaining payments and fees.
2. Compare the lease buy-out value to the current market value for your vehicle. Estimate your trade value here. If the lease buy-out is less than the current market value, you can either use your equity toward your next loan or lease, or we can cut you an equity check. If not, it may be advisable for you to simply return the leased vehicle and start new.
3. Speak to the leasing experts at Holiday to help craft a path forward to sell your leased car or trade it for something new.

Browse Our Current Lease Offers & New Vehicle Specials

Not sure whether to extend your car lease or opt for a trade-in? It’s worth researching all your options, including our new current lease offers to start a new lease.

Don’t be afraid to get pre-qualified for financing online, especially if your financial situation or credit has improved since your last car lease was initiated to see what kind of deal you be eligible for here at Holiday Automotive!

Visit Us for More Info on Extending Car Leases & Lease Trade-Ins

Ready to learn more about extending your car lease? The team here at Holiday Automotive near Oshkosh is ready, willing, and able to assist you! Call us at 866-807-8084 anytime or visit our convenient Fond du Lac location for further assistance.