Leasing a car is a popular option for many of us. Others steer clear because they fear what will happen at the end of the lease contract.

It doesn’t need to be stressful if you understand your options. You will get a ton of mail saying that the dealership can release you from your lease six months early or that “they want your car.” That’s not usually true.

I call that “fly fishing.” Car dealers spend a lot of money to send advertisements and letters to customers to see who is going to bite. There are occasions when a leaseholder can get out of a contract about three months early, but it depends on the bank, the buyout and the condition of the vehicle.

DETAILS MATTER

Depending on condition, market demand and miles on a vehicle, some retain much of their value throughout a lease period. The dealer can wholesale or trade in the vehicle at the end of the lease for more than the residual amount printed in the lease contract.

This benefits consumers who lease because that retained equity can go toward another lease or back into their pocket.

Some manufacturers waive payments or have so-called pull-ahead programs to keep customers loyal to a carmaker. It’s important to clarify that some payments really are being waived and not just rolled into another lease or loan. This is a marketing ploy some dealers use, often as seasonal promotions.

Many manufacturers have damage waivers in the contracts. Check on damage waiver allowances before spending money on repairs prior to the vehicle turn-in deadline.

Consider getting the lease-end inspection if the manufacturer offers it ahead of time. This inspection, completed before turning in a leased vehicle, is usually by a third party and is free of charge. The person doing the service will come to you.