Car Lease Extension

If you are happy with the car you have leased some time ago, you may be interested in a car lease extension. But I must tell you that the cost can prove to be more expensive than if you would choose to lease another car (at least the long term cost). The extension of a lease usually involves paying some fees and having to pay some other penalties as well is another problem you will have to face. Another issue is represented by the term of the extension, because you may be interested in a short amount a time and not in an actual renewal of your current leasing agreement.

If you still are interested in a car lease extension, then you should first of all read the contract of your current leasing agreement. That’s because almost each contract has special stipulations regarding the extension of the car lease, stipulations that may also state the fees that are involved by this option. If you are unable to find a clause that refers to this issue you will just have to negotiate the terms with the leasing company and ask one of their agents to provide you with all the necessary details.

The next step involves taking a look at your maintenance and payment records. If those records are close to perfection and the car is in still in perfect shape then, you are very likely to get the car lease extension you desire. That’s because any dealer feels fortunate to work with a client that keeps his end of the bargain.

After you have checked all these documents it’s time to set a date and a time when you will visit the leasing company and renegotiate the contract. You should just set a date and an hour for the meeting and not negotiate the extension over the phone, because you shouldn’t rely on verbal promises. You should make sure that a new contract including the terms you negotiated with the leasing agent is written and only then should you sign all the documents. Before signing you should also check if the contract states it’s a car lease extension or a renewal of the expired contract, depending on which option you have chosen.

You may receive a more advantageous car lease agreement if you try to negotiate a new lease rather than modifying the old one. That’s an option especially if you want a car lease extension for a longer time frame. It would be more advantageous because the value of the car you have leased has depreciated in time and an extension might be more costly than if you would go for a new lease. Just keep an open mind and try to give a chance to the current lease options of your current leasing dealer and even check out the offers available from other competitors on the market. That’s if you decide you want a completely new lease.

Once you’ve chosen one of these options, you have read and paid attention at the contract’s clauses you can sign it and enjoy driving your new leased car or the same car if you have chose to extend the old lease. But in this case, the minimum term is of three months, because otherwise the leasing company will not be interested. The key to any good lease is comparing and evaluating all your options objectively and in the end you need a car lease just until you will be able to afford buying a car of your own. That’s the day when all these problems will fade away.

Post tags: Tags: car lease, car lease agreement, car lease extension