There are times when unforeseen circumstances may result in the need of a car lease termination. Whether due to relocation, job loss or financial difficulties if you need to get out of your car lease there are options for you.
Check your lease to see if there are restrictions on the termination of your car lease. Some rental companies will not allow you to terminate the lease in the first or last month of the lease.
Make sure to review all lease termination options carefully as some are more expensive then others.
1. Turn on Auto Lease
You can simply return the rental vehicle dealer before the lease expires. You are responsible for the remaining lease payments and any excess mileage or excessive wear of the vehicle. Since you're still on the hook for the remaining lease payments this may not be the best option for you if you are in a financial bind.
2. repossess Auto
In this situation, you simply return the rental car to the finance company and walk away without having to pay remaining lease payments. It is not a good option because it can be a short term solution to a financial situation, but the end result is a damaged credit score. In the future, you will be unable to obtain credit or end up paying very high interest rates for credit products.
3. Auto Lease Buyout
If you have sufficient funds to purchase the vehicle, this can be a good option for you. You will be able to keep the vehicle or re-sale. Depending on where you live sales taxes may have to be paid in the transaction.
4. Transfer Auto Lease
This is one of the effective and popular ways more profitable to end a car lease. Check your facility agreement to see if there are restrictions on vehicle transfers. The process is fairly simple. Find someone who is worthy of credit and loans over the lease. They pay transfer fees and the rental vehicle is theirs.
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