So, you leased a Subaru number months ago and your lease term is soon coming to a close and you might be wondering, "What comes next?"

This guide is meant to help you go through your available options, and make a decision on what to do when your lease ends. In the months leading up to your lease end, Wilsonville Subaru will reach out to you about your options and what you need to do to make sure it goes smoothly and is as rewarding as possible.

• Do I have lease equity?
• Should I purchase my Subaru?
• Should I turn in my Subaru?
• Should I lease a new Subaru?

Do I have lease equity?

An important factor in deciding between any of these options is finding out if you have "lease equity." A unique situation that can occur in certain leasing scenarios, similar to how a financed vehicle can have equity, a leased vehicle can gain equity too. At the start of every lease agreement the vehicle is assigned a predicted residual value, or expected value it will have at the end of the lease term. Expected value is based on the vehicle make, model, your miles limit, and the length of the lease.

If you drove the vehicle fewer miles than were allotted in the lease agreement, if the vehicle you leased became more popular during the leasing period, or if you took great care of it you may have "lease equity." It means the leased vehicle is worth more than it was predicted to be at the end of the lease. Wilsonville Subaru can help determine if you have any lease equity and help you decide what to do with it.

If you have lease equity you can roll it over into the down payment of a vehicle purchase, or use it as a cap cost reduction for a new lease agreement, or you could also purchase the leased vehicle with the equity rolled into the payoff amount. You can even just turn in the vehicle and take the money and go. Having lease equity leaves you with a ton of options.

Not all dealers will tell you if you have lease equity, because they could potentially get a great condition pre-owned vehicle for a lower price. Always check your miles driven against your allotted miles in your lease agreement as that will be the prime indicator of having lease equity.

As part of Wilsonville Subaru's "No Bull" promise, we will always be up-front with you about your lease and give you all your available options.

Purchase your Subaru

If you get to the end of your lease and you can't imagine parting with the Subaru you have been leasing, good news! Subaru makes it easy to purchase your leased vehicle. Plus, the purchase option eliminates the need for wear and tear inspections or extra mileage charges.

To purchase you will have to find the payoff amount. This should be available on your online account with Subaru Motors Finance. Our finance director can also help with this. If you decide want to buy, come into Wilsonville Subaru to go over financing options. Your customer advocate will present several options for you to choose from so you can pick the finance term that works best for you, then it is yours to keep.

Be sure to ask about Subaru Extended Service Agreements to help keep your Subaru running for years to come after the warranty runs out.

Turn in your Subaru

Another big perk on leasing is that once you lease ends, you can simply turn it in and walk away. If you don't want to purchase it or lease a new Subaru you don't have to deal with the hassle or trying to sell it to move on from it. You don't even have to return your lease to the same dealership you got it from. If you choose to return your lease to Wilsonville Subaru, follow these steps:

• Give us a call before your lease ends. Our Finance Director will review the details of your lease agreement with you, such as your originating dealer information and actual lease-end date. If we do not hear from you, we will contact you.
• Assess your vehicle's condition. Unrepaired damages that exceed normal wear and use may result in charges at the end of your lease. Review your mileage allowance to assess any excess mileage charges at lease end.¹
• Make any necessary repairs. Wilsonville Subaru may be able to offer help with cost-effective repairs if needed. Making repairs upfront may save you a bill later on and may even be covered by your insurance policy. Be certain to keep all of your receipts for any repairs made and see your insurance policy for coverage.
• Schedule an appointment with us to return your Subaru vehicle.
• Return your Subaru. Take your clean vehicle to Wilsonville Subaru by the lease-end date. You will be required (by law) to complete an odometer statement at this time. Remember to bring all keys, Owner's Manuals, and any original equipment removed from your vehicle to the appointment (cargo cover, headrests, spare tire, etc.) An independent inspection company will perform a final inspection after you turn in your vehicle.
• Make any outstanding payments. Remember to cancel any electronic payments and pay outstanding lease payments, late fees, property tax and any other charges that may be due under your lease agreement.

As set forth in your lease agreement, these charges, along with other charges such as any remaining liability for unpaid citations, taxes, etc. are payable to Chase Bank & Subaru Motors Finance.¹

Lease a new Subaru

Many choose leasing over purchasing because it makes it easier to always be driving newer model vehicles. When your lease term is drawing to a close, check out our new Subaru inventory and see if there is anything you'd like. Maybe you drove an Impreza Sedan but what more space, you could get an Impreza Wagon, or move to an Outback or a Crosstrek. Maybe you want something sportier like a WRX or a BRZ. We are always here to answer any questions about Subaru models you might have. Check out all of our new inventory here.

If you see anything you're interested in schedule an appointment online, or over the phone, to test drive what you picked out and when the lease is over our customer advocates will work out a new lease deal for your next Subaru and take in your old one.