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December 12, 2017

What Happens To The Vehicle at The End of The Lease?

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.

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