Lease extensions involve agreements with leasing companies to prolong the period a vehicle is used beyond the initially contracted term. This process typically requires negotiation and approval from the lessor. For instance, if an individual’s original lease agreement was for 36 months, an extension could allow them to continue using the vehicle for an additional one to six months, depending on the lender’s policies and approval.
Securing an agreement to prolong a lease offers advantages, notably providing temporary transportation solutions when new vehicles are delayed or when individuals require additional time to arrange alternative transportation. Historically, these extensions were less common, but increased complexities in vehicle manufacturing and supply chains have made them more pertinent for lessees seeking to maintain consistent access to transportation.
