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Generally, a car lease can be extended by up to 6 months, and has to be approved by the lease company. However, original terms and conditions still apply, such as mileage allowance and wear-and-tear specifications. If you're already close to your mileage allowance, an extension could put you over.
Most leasing companies are happy to extend an expiring lease, which can give you some breathing room and time to make the right vehicle choice. Other companies may want you to sign up for extensions for predetermined periods of time, such as three or six months. Most lenders will cap your extension at 12 months.
As a general rule of thumb, if the lease is less than 90 years you should almost certainly try to extend it because: Properties with shorter leases are less valuable than ones with long leases (this is particularly true if leases are below 80 years)
You usually only have the right to extend your lease by 50 years, rather than 90 years with flats. The freeholder could grant more than 50 years if they want, but it's up to them.
What is surprising is that Honda only offers a lease extension of up to two years at exactly the same rate as during the new-car lease term. That is remarkable. Honda is essentially milking the customer on a residual value way below what it was at the start of the original lease.
You have three options once your car lease is up: Trade it in for another lease, return it and walk away, or buy the car you've been leasing. But when you choose to buy, you might wind up paying more than what the car is actually worth, so tread carefully.
If you're interested in keeping your leased vehicle a little longer, or you just want to wait for a new Honda to come in, well consider extending your current lease. You can, in most cases, extend your lease for one or more months at the same monthly payment. In a lease, you do not purchase an automobile.
You can extend your GM lease up to 6 months, but you have to qualify. During the call, I was told that there was a 15-day grace period from the lease maturity date.
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