Company car lease termination: your options at the end of your lease contract

A company car lease usually runs for 36 to 60 months. At the end of that period, you have several choices. But early termination is also an option, though it comes at a price. In this guide, we explain everything.

Options at the end of your lease

• Return: The car goes back to the leasing company. You're done, but watch out for any damage or excess mileage charges.
• Take over: You buy the car yourself. The price is based on the pre-agreed residual value, but that may differ from the market value.
• Extend: The contract is extended, often at a lower monthly rate. Handy if you're happy with the car.
• Sell to a company car buyer: You sell the car to a specialized party like Opkoper Bedrijfswagen. We handle the settlement with the leasing company and you receive a market-based amount.

Early termination: the cancellation fee

With operational lease, early termination is often expensive. The cancellation fee usually amounts to a percentage of the remaining lease installments, often 30 to 50%. Example: with 18 months remaining and a monthly installment of €500, the fee can reach €4,500. By selling the car to us, you can reduce those costs. We pay the buyout value and offset it against your proceeds. Want to know what your car is still worth? You can easily have a company car valuation carried out.

When is termination without penalty possible?

In some cases it is: upon death, long-term disability, or sometimes upon emigration. Read your contract carefully. In other cases, you can try to transfer the contract to a new driver, but that is not always allowed.

Why sell to a buyer?

Taking over the car yourself and reselling it can be time-consuming and risky. Opkoper Bedrijfswagen takes all the work off your hands. You receive a fair offer, we pay off the lease contract, and you're free immediately. Request your free valuation and find out what your car is really worth.

What if you lose your company car due to dismissal or a change in role?

If your employment contract ends, you often have to return the lease car. Sometimes the employer offers the option to take over the car. That can be interesting if you quickly find another job without a car. We can then pay the takeover sum and you receive the difference if you resell the car to us. That way, you still get something out of it.

The pros and cons of a company car for the employee

For employees, a company car is often an attractive part of the salary package, but there are also drawbacks: you often pay a personal contribution, and if you lose the car, it can have financial consequences. At lease termination, it's good to know your rights. Read more about the value of your company car in your salary.

Whether you drive a commercial vehicle on financial lease or operational lease, at the end of the road you want to get the most out of it financially. This step-by-step plan helps you approach the sale smoothly, regardless of your lease type.

Step 1: identify your lease contract

Check whether you have a financial or operational lease. With financial lease you are the legal owner; with operational lease the leasing company is. This determines which route you must follow.

Step 2: request the current settlement balance

Contact your leasing company. They will give you a statement of the amount you must pay to buy out the contract. This is the exact amount needed to free the car from financing.

Step 3: have the market value determined

Have your commercial vehicle appraised by an independent party or request a free valuation from a recognized buyer. This way you know whether the car yields more than the buyout amount.

Step 4: choose your sales option

• Sell privately to an individual: often the highest yield, but costs time and effort due to viewings and negotiations.
• Sell to a buyer: fast and hassle-free; you receive an immediate offer and the buyer often arranges payment to the leasing company.
• Return to the leasing company: easy, but usually yields the lowest compensation.

Step 5: paperwork and closing

Make sure you have the registration certificate, service booklet, and all keys ready. The buyer or purchasing company arranges the transfer. Always request proof of release from liability.