With so many people being laid off from their jobs, they may be struggling to make their payments each month. Some financial companies are offering payment deferrals to help their customers. If you are in this position, contact your leasing company as soon as you realize you may have trouble with your payments. Do not wait until you have a late payment or have missed one. Companies are often more likely to offer deals to people who ask before they miss payments.
If you want to return your leased vehicle when your lease expires, you may be able to do that, even with many dealerships closed. Call your dealership and let them know you want to return the car. Many automakers are making this as easy as possible and are offering ways to complete the return online. They may even offer home pickup of your car so you don’t have to go to the dealership at all. If the dealership is closed, you may be able to return the car to their service department as those are considered essential.
You may also have the option of extending your lease. Again, contact your dealer and explain that you would like to extend your lease but aren’t comfortable going to the dealership. Many companies are offering online lease extensions so you won’t have to leave your home. If you do decide to extend your lease, make sure to discuss the mileage cap. Will it be increased, or do you have to stick to the original limit?
With some research and a few phone calls, handling an expiring lease during the pandemic shouldn’t be a big issue for you.