At the end of the lease you're expected to return your vehicle
to the leasing company with no more than normal wear and tear.
You'll have to pay for any damage or extra mileage over and
above your contract-specified limits.
You may have an option to purchase your vehicle at lease-end
for a specified price, if you choose. Or you may be able
to use the car as a lease
trade-in on a new car. Otherwise, you can simply return
the vehicle to the leasing company and walk away. Be careful,
however, because you might just have equity value in your
vehicle that you don't want to simply give back to the leasing
Making the best decision about what you do with your vehicle
at lease-end returning it to the leasing company, buying
it, trading it, or extending your lease requires that you
look at each option carefully and evaluate the tradeoffs.
Canadians should particularly make sure that the lease
contract specifies a lease-end purchase option, if you think
you'll want it. It's not automatically in the contract.