At the end. In the middle. Three weeks after you take delivery. Basically, yes you can, but a lot depends on how your lease was set up at the beginning (as it so often does).

Most vehicle leases are designed with the idea that you’re going to use a vehicle for a period of time, and then return it to the people who leased it to you when you’re finished using it. But, there are different kinds of leases, with different sorts of lease-end scenarios –

A closed-end lease (often called an operating lease) is an agreement to pay $X per month for Y months, and then give the vehicle back. A closed-end lease may or may not have an option to purchase the vehicle at lease end, and if it does, that purchase option can be a set figure, or something based on market value at the end of the lease. In most closed-end lease scenarios, the lessee (that’s you) aren’t going to have equity in the vehicle at the end of the lease, or during the lease. However, particularly if the lease includes a fixed purchase option at lease end, then the person leasing the vehicle may be able to take equity from the transaction, either at lease end or during the term of the lease. Closed-end leases are the leases you see that have mileage penalties, and penalties for wear and tear. In a closed-end lease, the leasing company has all the risk for the value of that vehicle at lease end. If the used car market gets weird, and there’s a big loss at lease end that isn’t caused by excess mileage or damage you did to the vehicle, then it ain’t your problem. The leasing company takes that loss. Closed-end leases are an excellent way to transfer some of the risk of vehicle ownership to someone else.

The other common kind of lease is an open-end (you could see that coming, right?) lease. Take a deep breath. Now forget everything that was in that last paragraph. We are entering mirror world. Pretty much the reverse of a closed-end lease (Closed. Open. Opposite. See how that works?). In an open-end lease, not only can you purchase the vehicle at the end of the lease, in some cases you must. And in the case of the open-end lease, all the risk of value of the vehicle at lease end belongs to you.

Sounds like a raw deal. So why would you want it? Fact is, most leases are open-end, and that’s generally because the customer prefers it. There are important advantages to an open-end lease. Yes you own the risk of the vehicle value, but you also own the upside if the market is to your advantage. If the residual is say, $15,000, and the vehicle is worth $25,000, then that $10,000 gain goes to you. But it cuts both ways. If the residual is $15,000 and the vehicle is worth $5,000 (like, maybe you never changed the oil and blew up the engine), then you’d owe $10,000. In either instance, you could exercise the option to purchase the vehicle for the residual value.

The other thing about open-end leases that people like is that there are really no usage limitations, outside of things illegal enough to cause liability for the leasing company. No mileage penalties, no wear-and-tear penalties, nothing like that. And that’s because you’re responsible for the value of the vehicle at lease end. The better you’ve taken care of it, and the fewer miles you put on it, the more it’s worth. Since gains and losses go to you, it’s a little bit like a built-in set of penalties (or rewards), depending on what your level of care was.

Can you give the vehicle back whenever you want to? See here to find out.