Return lease car
transfer out of your car lease
Typically returning a car lease refers to terminating one’s lease contract early and following the policies outlined in the original lease agreement. Generally when one returns a lease prior to the scheduled lease end it means that the lessee will be held accountable for several significant costs including the following potentially:
1. The remaining lease payments
2. Early lease termination fees or penalties as noted in the contract
3. The costs associated with potential mileage overage and/or wear and tear concerns
Returning a car lease early can be cost prohibitive due to outstanding payments and the possibility of the fees associated with doing so. It should also be noted that it is going to cost a lot more the earlier a lessee opts to return their lease mostly as a result of fewer payments already being paid.
The timing and the situation involved in the decision for a lessee to return their leased vehicle will also likely determine their best course of action. In many situations it also makes sense to also consider effectively returning the lease through a sale. In this scenario the lessee would need to figure out the current lease buyout often with the help of an automotive dealership. Regardless, the lease buyout figure will ultimately be calculated by the leasing company who holds the lease and subsequently the company where monthly lease payments are forwarded.
Similar to returning a lease car early directly to the leasing company selling a lease outright can prove to be an expensive proposition for the lessee, too. Primarily this is the result of many of the same reasons being involved to do so. Additionally, the present market value of a leased vehicle must be evaluated which may or may not help out and overall economic conditions must be considered. If a particular vehicle is in short supply and high demand this may mean that the lessee is able to effectively return the car early utilizing the sale method. However, vehicles such as these are few and far between and a buyer would still need to be found.
The optimal method to effectively return a lease car early is to take advantage of a lease transfer or lease assumption provision which is permitted by most lessors. In this scenario a lessee simply transfers the lease to another credit worthy person who takes over the lease from where the original lessee leaves off. This requires locating someone interested in taking over the lease which may seem unlikely at first glance. However, many automotive lease consumers like taking over leases and find them to be attractive options for obtaining their next vehicle.
Individuals interested in leases typically find the shorter terms associating with assuming a lease to be compelling. Additionally, many lease payments were originally subsidized through down payments and/or trade-ins making the idea even more attractive. Swapalease.com is a web site where lease sellers and buyers converge to transfer leases. Swapalease.com is a solid online destination to learn more about transferring your lease and the specific policies of all major leasing companies when doing so, to boot.