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.
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.