Can I take ownership of my car after the lease?

Can I take ownership of my car after the lease? Yes you can, although depending on the type of lease it works differently. Below we have explained the differences between the best known lease forms; Financial lease and Operational lease.

Can I take ownership of my car after a Financial lease?

Yes you can. With a Financial lease contract, you buy the car on installment. In effect, it is a business financing for buying a car. During the contract, you are the economic owner of the car. This means that you are responsible for the car's insurance, road tax and maintenance. 

Because the car is your economic property, you can include the car in your accounts. As a business owner, you therefore enjoy a number of interesting tax advantages. 

After you have paid the final instalment, you become full owner of the car and legal ownership passes from the finance provider to you. The car is then fully your property.

Can I take ownership of my car after an Operational lease?

It is possble, but not obligated. An Operational Lease contract includes all kinds of components such as insurance, road tax, maintenance, body repair, breakdown assistance, etc. 

With an Operational Lease, you as the lessee have the first right to buy. No amount is agreed in advance for which you can take over the car. This is because it is a closed calculation. 

The car regularly returns to the leasing company at the end of the term. So you can become the owner of the car but you are not obliged to take over the car at the end of the contract. In practice, we often see that people are ready for a new car at the end of the term. 

The remaining amount required in order to take over the car depends very much on the residual value of the car. An estimate of the residual value at the end of the contract is made in advance, but this can always differ when the car is returned.