Home Finance Breaking Your Car Lease, It's Easier Then You Think

Breaking Your Car Lease, It’s Easier Then You Think

There can be a number of reasons why breaking a car lease is necessary but there are a few options available to you so it doesn’t cost you a bundle. Breaking a car lease can get expensive if you don’t take the time to do your research.

Most leasing companies want to keep you in the lease for the full term and have written their contracts to ensure this. The reason they want you to fulfill the lease is that they own your vehicle. They have purchased it with the anticipation of you making the payments to them for the full lease term so that they can make a profit on the transaction. If you break the lease early, they end up with a car they have to sell and may lose money on. So it is in their interest to keep you in the lease for the full term.

There are a few options open to you when breaking a car lease, and the one you choose really depends on your current financial situation and how long you still have on the lease. If you are close to the end of the lease, you might be able to simply return the car and terminate the lease. Remember that you, not the dealer, is in the driver seat. Emphasize the fact that you do have options.

In most cases the dealer is willing to break the car lease to keep you as a repeat customer. You may be pleasantly surprised at how quickly they will accept your leased vehicle as a trade-in, waive the fees associated with breaking a car lease and place you in a brand new vehicle.

You may not be happy with the type of vehicle you currently have and you may be looking to change to a different car company. Another very popular option for breaking a car lease is doing a lease takeover. This option involves you finding someone to assume your current lease and transferring the car and lease over to them. Be sure to check your lease to see if this is possible, but most leases permit it.

Even though there may be many people looking for a short-term lease, it could be hard to find them. This has gotten easier in recent years with the advent of the internet. There are online businesses that will help you find a buyer that is looking to take over a lease in your area. These companies will not only connect you to this buyer, they will even help you through the process of transferring the lease. There is a fee associated with this service, but it can be much less expensive than simply terminating your lease. Most leasing companies are fine with this type of transaction and will help with the transfer as well, as long as the new buyer qualifies.

The third option for breaking a car lease is to find a company to do it for you. There are companies on the web that specialize in helping buyers break a lease on a vehicle. There are ways for them to work with the lease company to either adjust the lease to something you can afford, or even break the lease in some cases. Having a company who has negotiated this type of interaction before is helpful and will likely have a better outcome than if you tried it yourself.


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