How to Extend a 12 Month Car Lease
To extend a 12 month car lease you need to bear a few things in mind. If you have chosen not to have the option open for extending your car lease at the end of the lease period in your contract agreement, the car leasing company is not obligated to extend your lease. When you extend your 12 month car lease, you're actually taking on a new lease on the car. If you're doing this after having used the car for the 12 month period, the good news is that the lease will come with lower monthly payments since you've used the vehicle and the residual value would have come down during this period. The only financial consideration that you have to worry about is your credit score. If your score is good, rest assured, you will be given a leasing option that is standard and fair.
- You can do some homework to estimate if the leasing option given to you is fair, by making inquiries and asking for a quote from another dealer for a similar lease.
- When asking for such a quote, ensure that the all specifications including the car model and the mileage of the car is similar to yours. If you get a better deal here, you can bargain for a lower amount when extending the lease.
- Consider the length of the re-leasing period. If the extension is going to be a 24 month car lease period or anything less, it would involve higher financial implications. If you want to eventually purchase the car, a longer lease would benefit you.
- Once you've made a final decision, fill out the necessary forms and provide documents that may be asked of you.
It's also important to consider your auto lease insurance options. This will help you protect your investment, particularly if you wish to buy the car once the lease term ends.