Sometimes you need to get out of a lease early – whether your financial circumstances have changed, or you are moving away, or maybe you would like to just upgrade into a newer vehicle. Well, there are several options on how to get out of your lease early, for whatever reason you may have.
- Transfer it to someone else – If you are not happy with your current lease agreement, you can always try to find someone else who will be. There isn’t always a guarantee that you will be able to find another person to transfer your lease to, but there are a few things that could make your contract more attractive to a potential buyer. There may be a relatively small fee involved to compensate the leasing company for some administrative work, but it could be worth it if you want to get out of your contract.
- If you made a down payment when you originally signed the lease, it should be much easier finding someone to take it over to due the relatively low monthly payments.
- Also, if your lease is a couple years old already, many people will jump at the opportunity to take over a shorter lease.
- Sell back to the dealership – If you don’t want to go through the hassle of finding another person to takeover the contract, you can always sell your car directly back to the dealership. While this is the simplest and easiest option, you will also likely have to pay an early termination fee. If you are someone who doesn’t mind paying a little extra for convenience, this could be a good alternative. If you’re moving out of Ontario and need to get rid of your vehicle quickly, this is almost certainly the most viable option.
- Pay off the vehicle and keep it – If you want to get out of your lease but would like to keep the vehicle, you can always ask how much it would cost to pay out the remainder of the lease. This option makes the most sense if the buyout amount is less than the resale value of the vehicle. In this scenario, you could actually profit by terminating the lease early. However, this situation is uncommon, therefore checking to see if it’s truly cost effective is very important.
- Change your lease for another – If you’re tired of your current vehicle and are looking for a new one, you could inquire about swapping leases to upgrade your vehicle. Depending on your situation, the dealership may even be able to waive certain early-termination penalties.
Before making any final decision, it’s important to check the math beforehand to see what the different options will cost. Doing this won’t take a lot of time, and could save you from potentially paying a considerable amount for an inferior option.