Lease End: At the end of your lease, you may do one of five things: Return the vehicle to its rightful owner (the lessor).  This is called a "walkaway" on a closed-end lease;   Trade your leased vehicle in on a new one;   Purchase the vehicle outright from the lessor;   Extend the lease for some limited period, usually at the same monthly rate; or   Re-lease the vehicle under a new agreement (basically, a used car lease).