Frequently Asked Lease Return Questions

Returning Your Leased Vehicles: Frequently Asked Questions

So it's the end of the leasing period on your vehicle; what do you do now? All of us here at DAVID Corry Chrysler Dodge Jeep Ram want nothing more than to help out drivers from the Corry, Erie, Warren, Titusville PA, and Jamestown NY areas however we can. On this page, you'll find frequently asked questions about what you can do after your lease has ended. Take your time and find the answer to your question below. If your question isn't addressed, please call us and we'll assist you however we can.

Frequently Asked Lease Questions

What is Lease equity?

Lease equity occurs when a vehicle's residual (lease end buyout) is less than the current market value of the vehicle. We have seen many instances where there is equity in the hundreds and even the thousands.

What are lease termination charges?

Some lenders have lease termination fees. these fees must be disclosed up-front and listed on the lease contract.

What are lease mileage charges?

Lease mileage charges can be found in all lease contracts. Many times mileage charges can be absorbed into the next vehicle lease at a fraction of the actual contract charges.

Do I need to turn my lease in at the store I leased it through?

A lease can be turned in to any authorized dealer. We have accepted lease turn in from numerous states and locations.

How is mileage calculated on a lease?

Mileage is predetermined at the inception of the lease. Common annual lease mileage amounts are 10000 miles per year, 12000 miles per year and 15000 miles per year. Lease mileage can be factored for any amount of miles per year.

Do I need replace tires before turning lease in?

Tires will need to have a minimum amount of tread to avoid charges from the leasing company. A minimum tread depth for a tire to pass Pennsylvania state inspection is 2/32 of an inch.

Where does my leased car go after I return it?

Lease companies may pick the vehicle up; have the vehicle dropped off at a specific location (dealership or an auction). The lease turn in is then offered for sale on line or at a participating auction. Many New car stores will buy end of term vehicles for their inventory.

Can I buy my lease?

You can in 99% of all instances purchase your lease during or at the end of the term. The lease end value or "residual" is predetermined at the inception of the lease. Any dealership can assist with the buy out of a lease and buy out values can be determined by calling the institution the lease is financed through.

What is my lease buy out?

The lease buy out is the amount of money necessary to purchase (finance) the vehicle.

Where do I turn in my lease?

A lease can be turned in at a predetermined location or at a pre-approved site.

Can I extend my lease?

Typically a lease ends at the end of term. Occasionally a leaseholder will allow for extension. If there is a program for a used lease and the vehicle meets age, mileage and model requirements.

How to refinance a lease?

This is easy to do and many lease end customers do refinance the residual amount (lease end guaranteed buyout).

How to get out of a lease early?

Terminating a lease early can be done by 1. Making the remainder of the payments 2. Determining what the buyout is for that specific time 3. Trade the vehicle and have the dealer pay the car off.

What maintenance is mandatory for a lease car?

All manufacturer maintenance must be performed during the lease term. Failure to keep up with regularly scheduled maintenance could void the warranty.

How to keep my lease payment the same?

Lease payments are determined by 1. Manufacturer incentives 2. Dealer discounts 3. Trade value / Lease equity. I am over my miles on my lease.

What now?

You can always pay the overage, buy the vehicle out at the end of the lease or trade the vehicle in (having the dealer buy it) and have the vehicle bought out with no mileage charges.

How early can I turn in my lease?

We have many customers that release with 6 or 8 months remaining.

Can I transfer my car lease?

It depends on the lender, but more often than not a lease will not transfer. In some circumstances a family member may be added if approved by the lender.

What if there is damage on my leased car?

Some wear and tear is factored into the lease. Any damage over and above normal wear and tear is the responsibility of the person leasing the vehicle. This can be minimized by 1. Buying the lease out 2. Trading the vehicle in when the dealer buys the lease vehicle.

Can I lease a used car?

This depends on the make and model of the used vehicle. Most "reasonably priced" used car leases are on vehicles with a great track record of resale, being a later model vehicle with lower mileage.

Excess wear and tear fees:

Leasing companies may assign additional charges at lease end for excess wear, damage and maintenance items that are needed. These may be but are not limited to: tires that are below a minimum specification, Dents, interior rips or stains, missing parts and improperly installed accessories.

Questions From Our Customers

My lease will be up August 2017. I would like to continue to lease. My question is, will I need to put another down payment on the new car I'll be leasing?

My 3 yrs lease ends now in July. I'm way under my miles, how does this benefit me? I'm leasing another car after returning this one and most likely I will buy it after the end of my new lease.

How can I get out of my car lease early and get into a car with lower monthly payments without it affecting my credit more? Would you have to do a hard inquiry on my credit in order to let me know?

If I am over miles on lease do I have to pay the overage if I buy out the vehicle? Or do you just pay the overage if they are taking the vehicle back?

Contact

DAVID Corry Chrysler Dodge Jeep Ram

13255 Route 6
Directions Corry, PA 16407

  • Sales: 814-317-0001
  • Service: 814-753-4663
  • Parts: 814-462-1006

Summer Hours

  • Monday 8:30 am - 8 pm
  • Tuesday 8:30 am - 8 pm
  • Wednesday 8:30 am - 6 pm
  • Thursday 8:30 am - 8 pm
  • Friday 8:30 am - 6 pm
  • Saturday 8:30 am - 4 pm
  • Sunday Closed

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