Lease Return: How to Get the Best Buyout in Indianapolis

No matter which dealer you initially leased your GMC, Chevy, Dodge, Chrysler, Jeep, or RAM, we can take your car in Indianapolis even before the end of the lease term. In this post, we explain how the procedure works and reveal the opportunities for your premature lease return in Indianapolis.

Leasing allows you to temporarily possess and utilize a car for an agreed-upon fee during the fixed period outlined in the lease agreement. This option is an alternative to outright purchasing, offering businesses and individuals access to a vehicle without the immediate financial commitment.

Additionally, leasing provides tax benefits for businesses and relieves the lessor of responsibilities such as depreciation and post-warranty repairs, and provides the exact amount at what value this particular vehicle can be bought.

When the lease agreement ends, you must either pay the residual value to acquire the vehicle or return it to the dealership or leasing company. The residual value represents the portion of the vehicle's worth that remains at the lease's end and must be settled to complete the purchase.

If you opt not to purchase the vehicle, a lease return procedure is initiated. This typically starts with a phone call from the leasing company or dealer to the lessor about 90 days before the lease's end.

The vehicle should be returned to the lease representative at the originating dealership. They will conduct final inspections for mileage, wear and tear, and damage. It is crucial to complete all aspects of the return process accurately, providing receipts for any repairs or replacements made during the lease term. To finalize the deal, you must:

• Settle all financial obligations.
• Review and sign the Vehicle Inspection Report (VIR) and odometer statement as required by the federal law.
• Verify that the end mileage recorded on the VIR is accurate.
• Confirm any repair notes made by the lease representative during the lease term.
• Both the lessee and the lease representative should sign the papers.

The signed VIR confirms that the leased vehicle has been returned and accepted by the lease agreement. The Indiana Bureau of Motor Vehicles (BMV) does not require the license plate to be returned at the end of the lease term.

Upon the conclusion of a vehicle lease, the dealer expects the car to be in good condition, without severe damage or significant wear and tear. The extent of wear and tear is subjective and determined by independent inspectors, as outlined in the specific leasing agreement and company policies. Any damage exceeding minor wear and tear becomes your responsibility to rectify. Repair costs for minor dents can amount to several hundred dollars, while more substantial accident-related damages may reach thousands.

Pre-inspections offer lessors detailed reports on damages and significant wear and tear, outlining the charges the lessee may incur for repairing identified issues.

Excess mileage refers to the miles driven beyond the limit specified in the lease agreement, resulting in additional charges upon returning the leased vehicle. These miles are calculated by subtracting the total allowed mileage from the final odometer reading, which may include any extra miles purchased through the lease agreement.

To estimate the additional charge, multiply the excess miles by the cost per mile as outlined in the lease agreement.

You can return a leased car early if this is permitted by the terms of your contract. A leasing agreement must contain the appropriate conditions. For example, you must pay the leasing company at least 50% of the cost of the car before selling it directly.

Many used dealerships in Indiana are willing to buy out your car lease, but whether you can sell it depends on your original lease agreement. You can assign the rights under a car leasing agreement in several ways:

• Close the deal early and sell.
• Assign the rights under a contract.
• Wait for the redemption date.

Read our comprehensive guide on selling a leased car in Indianapolis. 

If you want to return a leased car in Indiana before the end of your lease term, you can address the Indy Auto Man Indianapolis dealer and transfer the rights under your contract. Our expertise lies in managing lease buyouts efficiently, ensuring a seamless process. Additionally, we offer a trade-in assessment for your vehicle, enabling you to utilize the value towards your next car acquisition or financing.

We accept Chevrolet, GMC, Chrysler, Dodge, Ram, Jeep, and other brands and offer the most advantageous deals in Indiana. We will thoroughly study your lease agreement and information about your car, conduct a technical inspection, and define how much remains to be paid under the leasing agreement. Our experts will settle all paperwork and take care of all legal procedures with the leasing company. 

Contact us to schedule a free vehicle inspection in Indianapolis and get your lease buyout quote!