Have you thought about extending your RAM lease but are unsure if it's an option? It is possible! Let’s review the lease extension process so that you can determine if this end-of-lease option is a good fit for you.
How to Extend a Car Lease
Extending your RAM lease may seem confusing, but the process is easier than you think. First, you’ll want to ask for a lease extension. You can receive an informal lease extension, which is short-term and does not require a new lease agreement, or a formal lease extension, which typically spans over six months and could alter your monthly payment and mileage.
Your leasing company will then review your extension request and determine your eligibility. If you’ve opted for a formal lease extension, you’ll have to sign a new lease contract.
End-of-Lease Options
There are other end-of-lease options as well, which include:
- Returning the Vehicle: The return process typically begins three months before your lease period is over. When returning the vehicle to the dealership, you may have to pay for any damage or excessive mileage.
- Lease Transfer: Some—but not all—leasing companies let you transfer your lease to another person. You may also be eligible for a limited transfer, in which your name remains on the lease, but a different person completes the payments.
- Buying: If you’ve fallen in love with your leased car, you have the option to purchase it. The predetermined residual value will be the amount you have to pay. If you choose to buy the RAM vehicle, the end-of-lease fees will be exempted.
Still, have questions about your lease? Contact our financial experts at Brunswick Auto Mart today. We are happy to review your end-of-lease options and help you determine which one is the best fit for you.
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Finance