Hand it back, settle the final payment, or part-exchange. They lead to very different places, and the one most people default to is not always the cheapest.
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You return the car and owe nothing further, provided you are inside the mileage limit and the condition meets the standard in your agreement. Excess mileage and damage are charged separately.
Sometimes called the balloon or optional final payment. Pay it and the car is yours. Whether that is good value depends on what the car is actually worth against that figure.
If the car is worth more than the final payment, that difference is equity you can put towards the next agreement. If it is worth less, there is nothing to carry over.
Before deciding anything, find two figures: the optional final payment on your agreement, and what your car is currently worth. The gap between them decides which of the three routes makes sense, and it is a five minute job.
Dealers will often lead with the part-exchange route because it starts a new agreement. That does not make it wrong. It does make it worth checking the other two yourself.
Plus a weekly email on running a car for less.
Your details are stored securely. You can ask to see the record we hold, or withdraw any of these permissions, at any time.