VW Lease Return Center

Louisville, KY Volkswagen Lease Return

Here at our Volkswagen dealership, we want to make sure you understand all your options at the end of your lease. We have found that many customers think their only option is to turn their vehicle in and walk away. However, there are actually 4 separate options and we have broken them all out below. You may get a phone call or email from your assigned Lease Maturity Manager as well. He or she will be able to help you with your lease options and we are always appreciative of any opportunity. If you have specific questions please call us direct at 502-272-2586 and ask for a Lease Maturity Manager.

Here are your 4 lease-end options:

  1. Turn in your vehicle at our Volkswagen Dealership
    • Make an appointment with your Lease Maturity Manager.
    • Take some time to review your vehicle’s condition using the excess Wear-and-Tear Card.
    • Turn in your vehicle.
  2. Purchase your Volkswagen at the end of the lease
    • Contact your Bachman Volkswagen Lease Maturity Manager at any time during your lease.
    • Set an appointment to come to our store and meet with a Finance Manager.
    • Your vehicle has a set residual value and agreed-upon purchase price. As a Volkswagen dealer, we can help you obtain financing and facilitate the purchase transaction.
    • Drive away in your new Volkswagen.
  3. Trade in your Volkswagen
    • Contact your Bachman Volkswagen Lease Maturity Manager at any time during your lease.
    • Set an appointment to meet with a member of our team and view our current inventory.
    • Select a new or pre-owned vehicle and meet with a Finance Manager.
    • Our Finance Team can often purchase your leased vehicle instead of you turning it back into the lender. They will present you options for money down, interest rate, and term to get you in another vehicle.
    • Drive away in a new or pre-owned vehicle from Bachman Volkswagen.
  4. Sell your vehicle to someone else
    • Contact your Bachman Volkswagen Lease Maturity Manager at any time during your lease.
    • Set an appointment to meet with a Salesperson and one of our Finance Managers.
    • Purchase your lease from our VW dealership. We can help you obtain financing or facilitate a cash transaction.
    • Contact the customer interested in purchasing your vehicle and sell him or her your Volkswagen.
    • Hopefully, buy or lease another vehicle from Bachman Volkswagen.

Many drivers lease a new car instead of purchasing it outright for various reasons. As with any decision, you have pros and cons to consider. So, we had our lease experts explore the advantages and disadvantages of leasing, how a lease return works, and your lease end options. This information should help you decide if a lease works for you and how to proceed when yours expires.

Advantages To Leasing

First, leasing saves you money in monthly payments. Sometimes you can save hundreds of dollars versus financing the car. For example, you can lease a new Volkswagen Jetta with an approximate MSRP of $26,000 for $397 per month. Financing the same vehicle over five years at today’s interest rates with a good credit rating costs $534 per month, assuming you put down $1,000.

Second, you don’t lock yourself into a long-term financial commitment when leasing. Most leases run for three years, at which point you have several lease-end options. If you absolutely love your car, you can buy it from the dealership. Or, if you prefer to drive the newest model with the latest gadgets and upgrades, you can turn it in and lease a new car. If this sounds like you, leasing makes sense. Lastly, you can return your leased vehicle and opt to finance another car, this time assuming ownership.

Additionally, you pay less for regular maintenance on a leased vehicle because the dealership builds the routine services into your lease contract. In most cases, you must have these services performed at a branded dealership, but not necessarily at the same dealership.

Disadvantages To Leasing

Depending on the vehicle and lease deal, you may pay several thousand dollars in upfront costs. These fees include acquisition, registration, documentation, and your first monthly payment. You can also expect to pay the sales tax, a security deposit, and a down payment. Your down payment varies based on your credit score and current lease offers. Some of these costs can be incorporated into your monthly payment, while others are billed separately.

Since your lease agreement stipulates that you drive less than a certain number of miles, how much you drive can cost you more. Most leases default around 12,000 miles each year. You can and should negotiate this number because your lease agreement will charge you extra for every mile you drive over the set number. Expect a charge anywhere from $0.10 to $0.25 per mile. This translates to $100 to $250 for every 1,000 miles over your allotted miles due to the dealership when your lease expires.

First, calculate how many miles you anticipate driving throughout the lease. Then, give yourself a little buffer of a few hundred miles and ask the dealership to use your figures in the lease agreement. For example, if you estimate you’ll drive 15,000 miles each year, you want a lease agreement that allows for up to 45,000 miles.

Of course, adding more miles to your lease raises your monthly payment. Therefore, you don’t want to go too far over when estimating how much you’ll drive to avoid a few hundred dollars due at lease end.

Another disadvantage to leasing comes when you return the leased vehicle. You’ll have to pay for any necessary repairs outside of normal wear and tear. So, if you have any scratches or dents that need fixing, you’ll be billed for this when you return your leased vehicle.

Lease End Options

When your lease expires, you have three basic options. First, you can return the leased vehicle subject to the abovementioned fees. We recommend you approach the dealership before your lease expires if you plan on leasing another vehicle. In many cases, dealerships covet your car because it’s less than three years old with limited miles. Today’s used car market prices are skyrocketing, and your lease return will likely qualify as a certified pre-owned vehicle, making it a premium selling option. Finally, dealerships now waive any early termination fee if you’re willing to sign a new lease deal.

Second, you can buy your leased vehicle from the dealership. The dealership has already set a value for your car and built this figure into your lease contract, which is typically non-negotiable. However, if you leased before the pandemic, that value was likely estimated at much lower than current market rates. You should research your car’s current value, which may be significantly higher than the value assigned when your lease started. Consequently, you can buy the vehicle and sell it for a profit that you can use as you wish.

Third, you can try selling a leased car, but this is the most complicated and least favorable option. Third-party companies will buy out your lease and assume the monthly payments. However, some lease agreements don’t permit this practice, requiring that your name remains on the lease after transfer. You’ll still be liable for any missed payments or damages.

Return Your Leased Car To Another Brand

Most people don’t realize that another brand will take your leased vehicle, but it’s true. Unfortunately, not every lease allows for this practice, so check your contract first. Post-pandemic, dealerships started adding a clause prohibiting returning your car to any other brand. But you probably have the option if your lease began before the pandemic.

This process works the same as returning your lease to the same branded dealership when allowed. The car will be inspected, and you’ll be required to pay for any miles over the limit, plus necessary repairs. You’ll get the best deal if you plan on leasing or buying a new car with an off-brand dealership.

Return Your Leased Vehicle Today

You can start the lease return process today whether your lease expires in a month or a year. Bachman Volkswagen can help you return your leased vehicle regardless of which option you choose. We recommend you contact your Bachman Lease Maturity Manager to start the process. They will walk you through the necessary steps, and you’ll have returned your leased vehicle in less time than you may imagine.

 

 

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