What are my options after the lease period?
You can trade your vehicle and upgrade with Fleet Network – many people choose this option – the residual/remaining finance is paid out and we locate your preferred new vehicle and set up the new package for you.
You may be able to extend your lease term – if you wish to keep the vehicle but want to keep salary packaging you can refinance the residual and continue your lease for an additional period of time (a vehicle can be no more than 8 years old at the end of a lease term for example if you purchase a 1 year old vehicle and have the lease for a 5 year term at the end of this lease you can extend the lease term for (up to) an additional 2 years = the vehicle will be no more than 8 years old) – so at the end of the lease extension your residual value will be reduced.
If you wish to keep the vehicle you can pay out the residual value (amount left to pay) then all interests will be lifted by the financier and no further finance payments will be required.
If you wish to sell the vehicle (either privately or to a dealer) you can, the remaining finance will need to be paid – in most cases the purchaser will pay the finance company direct and give you the balance if there is any money left over. However if there is a loss the purchaser will be within their legal right to ask you to pay the shortfall before they payout the balance.