How can I terminate my car lease early?
If you are looking to get out of your car lease, it may feel like you have no options available to you at all. The good news is there are usually at least a few options available based on the terms of your lease. One method is to terminate the lease early, but there are several reasons why this is not the most cost effective option. You may be able to transfer the lease or do a lease buyout to help you get rid of the lease.
Terminate the Lease
Some leasing companies will give you the option to terminate your lease. If you do this, you will be released from making more payments on the vehicle. But you will also have to pay the balance due and give back the vehicle. You have to read through the lease papers to see the full rules of what will happen.
If you do terminate the lease early, the company will often give you a termination fee. This is often the difference between the remaining balance on the lease and the credit you got for the current value of the car. You may have to pay other fees as well. But if you decide this is the best option, you can call your leasing company and ask what steps you need to take. It could get expensive though.
In some cases, you may be able to transfer the lease to another part. You may need to pay a few costs to get this one done, such as a transfer fee, it is often cheaper than doing the termination. If you want to do this method but find that it is hard to find someone else to take on the lease, there are a few places you can consider, like leasetrader.com, who can connect you with someone who would like to take on the lease. If you go with this option, pick someone who is responsible because even though you give them the lease, it is likely you are still responsible for the lease.
And finally, you can do a lease buyout. There are still some fees involved with this and it will not be inexpensive, but it is often better than trying to terminate the lease. If the market value of whichever vehicle you have is higher than what the leasing company had originally anticipated, this process may be the most favorable option for you. And if you plan to lease or purchase another car when you do this, you may find that the company is more willing to work with you. Just be aware that the amount may be rolled over to the new lease.
If you are looking to get out of your lease and purchase a new vehicle, you may want to consider contacting us at Hartland Automotive Sales. We are able to provide you with the best deals on any new vehicle you would like, whether you purchase new or used. Contact us today to get started.