a person giving a car key
Alan Olson 07/13/2019 0

Signing a car lease contract offers a much easier option of ownership compared to the regular purchase process. According to experts, it basically allows the lessee to pay for a number of charges, such as taxes, insurance, and lease rates, without having to pay for the entire ownership. In short, they always have an option to return the vehicle to the dealer once the contract expires. However, most of them who sign the contract with the dealer often change their mind about the vehicle and demand a termination.

While it should not be a problem at all, the actual condition proves to be an issue. It is not easy to get out of car lease early unless you are willing to pay a great amount of money to cover the charges issued by the leasing company. Most people find it burdensome that they are forced to continue using the vehicle until the contract expires. What they do not understand is that there are ways to terminate a car lease contract early easily. Professional help might be necessary, but if you want to do it yourself, it still takes your time, money, and effort.

two women sitting on top of a car

Transfer the Lease

The first option you have is a lease transfer. You need to transfer the contract to someone else’s name after making a deal with that person. For this option, you need a professional service to help you handle the process. While it turns out to be a great option, you need to remember that your name is technically is still on the contract, indicating that you are still a lessee, according to the dealer’s term, and still need to pay if that person you transfer the contract to stops making payments. You also need to pay the transfer fees, which range from $50 to $500.

Sell the Vehicle

Another option is to sell or trade the vehicle. Most people are not aware of this, but it is also something you can do. One reminder for you is that it is going to be a lot of work, starting from finding a buyer, making inquiries about the car’s payoff amount, and taking care of the contract termination by contacting the leasing company instead of the dealer.

Return the Car

The easiest option is probably to return the car to the leasing company and pay for penalties. While it proves to be the easiest option, most people prefer to avoid this option since they need to pay a considerate amount of money. However, a rough calculation proves that this option is not exactly less profitable compared to the other options.

Category: