What happens at the end of a lease depends on the type of lease you are looking at; here are some of the common types of finance and what happens at the end:
Operating lease: Hand it back/Extend/Replace (there is no balloon payable)
Finance lease: Pay balloon and own the vehicle/refinance/trade-in and replace
Novated lease: Pay balloon and own the vehicle/refinance/trade-in and replace
Chattel Mortgage: Has always been your property, may or may not have a balloon to pay
For more information on the different types of leasing, contact us here or check out our lease options here.