Learn About Three Ways to End Your Car Lease Early
Like most people, you probably don’t enjoy car leasing. The restrictions, the constant up-sells from the dealership, and the feeling that you’re not in control can be frustrating. But what if I told you there were three ways to end your lease early? It’s true. We will discuss these methods in detail to decide which is right for you.
1. Trade It In
You can always trade-in your car to the dealership. They will likely give you a good deal on a new car, and you can use that money to pay off the remainder of your lease.
This is probably the easiest way to get out of your lease, but it may not be the most economical. If you’re upside down on your loan (meaning you owe more than the car is worth), you’ll have to pay that difference to trade it in. And, if you’re looking for a new car anyway, you might as well just keep leasing and take advantage of all those “new car” deals.
Another thing to consider is that if you’re planning to trade in your car, you might not be able to get out of your lease early. The dealership will likely want you to sign a new lease on the new car, so make sure you read the fine print before making any decisions.
And finally, if you do decide to trade in your leased car, make sure you get everything in writing from the dealership. You don’t want them to change the terms of the deal at the last minute or try to low-ball you on your trade-in value.
2. Swap Your Lease
If you’re not interested in trading in your car, you can always try to find someone who is. A few websites specialize in lease swapping, and they can be a great resource.
The process is pretty simple. You find someone who wants to get out of their lease early and is willing to take over yours. Then, you just have to sign some paperwork with the dealership (and maybe pay a small fee), and you’re all set.
This option is great because it’s usually free (or very cheap), and it lets you get out of your lease without having to go through the hassle of trade-ins or new car leases. However, finding someone who wants to swap with you can be tough, and you may have to wait a while before you find the perfect match.
3. Buy It Outright
You can always buy it outright if you want to be done with your lease. This means paying the remaining lease balance, plus any fees and penalties that might apply.
Buying your lease is usually the most expensive option but also the simplest. You just pay the money and walk away. No trade-ins, no new leases, no hassle. Just be sure to read your contract carefully before making a decision, as there may be hidden costs you’re unaware of.
Leasing a car doesn’t have to be a nightmare. If you’re unhappy with your current situation, there are ways to get out of your lease early. Just be sure to research and understand all the potential costs before deciding.