I was told that at the end of a lease if you be given the option to buy a car or select another car, under a new lease. What if I lease a car and get to the end of my term and I decide that I don't want to buy the car and that I don't want to select another car for another lease. Let's just say I felt like buying a car off of a friend or I found a better deal to buy a car that I want from another dealership. Would I be able to just give them their car back and walk away.

From what I understand, once your lease is up, you can buy that car, select another car, or do none of the two. Essentially you are a free agent and can pick and choose what you want.

The lease is only on the vehicle you have leased. You are not obligated to lease another. However you may be penalized forthe condition of the car you leased. More miles driven, scratches & dings etc. If your lease return is in good conditionand the mileage is right you can just walk away.

Leases arent that complicated, you either buy the car you leased, or you don't. It's just the way he worded it that makes it sound like you only have two options.

In "most" cases, you will have the option to either buy the vehicle, or walk away. If there is damage to the vehicle over and above normal, you will be required to pay to have it repaired, as well as be responsible to pay for any miles in excess of the lease provisions. The mileage is usually what gets people and it can be very, very expensive. If you are considering a lease, make sure it provides at least 15,000 miles per year.The contract will state what the vehicle will be worth at the end of the lease, and that's the price you'd have to pay to keep the vehicle.When you're given the option to purchase the vehicle at the end of the lease, it's usually just a matter of signing the forms they send you if you've kept the payments current. Don't expect the leasing company to keep the contract. Chances are that they'll sell it to someone else like Wells Fargo or whatever.Plan ahead for your needs, such as a growing family, higher fuel prices. Know that you'll be required to provide a certain amount of insurance for leasing that is usually different. The best part of leasing is that the payments are usually lower than outright purchasing, and it takes less of a down payment.The worst part is that you are stuck in a contract for the set number of years, you cannot make many if any modifications to the vehicle, and you have no equity in it when the contract is up. You've paid all that money and have nothing to show for it. You'll still be in the same or worse position towards buying a vehicle when the lease is up.Good luck.

As I former auto dealer, to save money buy a two year old car from the dealer that sold it new. Proves owner loyalty, they liked the car.Take really good care of the car, inside and out including maintenence. In four years you will have a really nice car payment-free.

Couple months prior to the end of the lease, the leasing company will contact you and give you an opportunity to purchase the car at a discount or enter in to another lease with the current car or another vehicle. If you choose to lease another car with them, they will usually let you get out of your lease early. Or you can choose to do nothing, just return the car and walk away. But you will be responsible for extra charges for damages beyond normal wear & tear and for any extra mileage. So if you plan to return it, you better fix every dent, scratches, etc. But if the damages and extra mileage will cost astronomical, then it would be better to buy the car and then sell it yourself.