Car lease extensions are far from uncommon, and they are available in almost all cases. Choosing a lease extension will allow you to continue to drive your leased vehicle in exchange for the same monthly payment, and the number of miles that you can drive each month will also stay the same. In what follows, we cover everything you need to know before pursuing a lease extension with your current vehicle.
It is almost always possible to secure an extension of your lease, but the details of your extension may vary—and lease extensions may not be available in all cases. So, how can you extend a car lease? In most situations, arranging a lease extension is as easy as contacting your lender and asking about extension options.
Some lenders will allow for month-to-month extensions, while others will want you to sign on for a predetermined period of time—usually six to twelve months. Lease extensions are rarely offered for periods of longer than one year. Conversely, if you just need a little bit more time to get things in order, most lenders are happy to provide extensions as short as ten days.
If your lease return date is coming up and you’re not sure what route to take, our financing team would be happy to help. Extending your lease for a short period of time is a good idea if:
If you like the vehicle that you’ve been leasing, there might not be many downsides to your decision to pursue a car lease extension. However, it’s worth noting that your lease extension may or may not impact your buyout price if you decide to take the vehicle home for good.
If you’re interested in purchasing the vehicle you’ve been leasing, make sure to ask your lender about how your extension will impact your buyout price. You might end up reducing the total amount that you have to borrow in order to buy—but if the buyout price won’t change, you’ll end up wasting money that could have been spent paying off your new loan.
On the fence between buying and leasing? We can help with that too.
You’ve got questions. Rusnak Auto Group has answers. Whether you currently lease with a Rusnak dealership or you’re still trying to decide on the right way to move forward, you can contact us today for expert advice. If you’d prefer a face-to-face conversation, know that we’re easy to reach from anywhere near Thousand Oaks or Westlake Village.
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