Lease Returns

If you've been leasing your vehicle for a few years, you probably have some lease equity, which is much like the equity you have in your home if you own. Lease equity is when your leased vehicle is worth more at the end of the lease than the buyout that was established in your original lease paperwork.

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

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

Your lease agreement will specify the amount of miles in the paperwork you received when you leased the vehicle. Excess miles are those that remain after the total allowed mileage is subtracted from the final odometer reading. To estimate how much additional charge will be assessed for excess mileage multiply the excess miles by the cost per mile designated in the lease agreement.

Tires will need to have a minimum amount of tread to avoid charges from the leasing company. Your original lease contract should specify that information.

Shoppers are always looking for quality used vehicles coming off lease. Often Koehne Chevrolet GMC will purchase your leased vehicle for resale.

Usually you can buy your vehicle at the end of the lease term. The lease end value or "residual" is predetermined at the start of the lease. Check your lease paperwork, or talk to Koehne Chevrolet GMC for assistance.

The lease buyout is the amount of money necessary to purchase or finance the vehicle and end the lease.

There are a few ways to get out of your lease early. You can buy out your lease, make the rest of your payments or trade your vehicle and have the dealer pay the vehicle off.

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

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

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.

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.

Additional charges may affect the value we pay your for your vehicle based on excess wear, damage and maintenance items that may be needed. These may be but are not limited to tires with excess wear, dents, interior rips or stains, missing parts and improperly installed accessories.

Some normal 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. Minimize this by buying the lease out or trading the vehicle in.