Can I terminate my lease early?

Yes. With any lease there is a payoff at any time in the lease. Depending on how many months you have completed determines how the payoff is calculated. In some cases it may be the lease end fixed residual value plus any outstanding payments but calculations of the payoff vary depending on the leasing company.

How can I get out of a lease?

You would need to terminate the lease early as described above. You always have the ability to purchase the car any time within the lease or pay the outstanding balance and turn the car back in.

Can I trade in a leased car?

Yes. Trading in a leased car is the same as trading in any other car. If the lease is still active it would need to be paid off just as you would pay off a loan value for a car that is financed. That balance, less the current value of the car, can be refinanced into the purchase of another car in many cases.

Where do I need to return a leased car?

In most cases a leased car needs to be returned to a franchised automotive dealership of the same brand. This can be any franchised dealership that you chose of the same brand. It does not have to be the dealership you leased the car from. In many cases, the manufacturers offer significant incentives to previous lease customers so you should always inquire at your dealership. It would be suggested to start to consider your options around 6 months prior to the end of the lease. Many dealers and manufacturers offer early termination incentives if you purchase or lease the same brand of car.

Can my leased car be purchased?

Yes. As the original lessee you have the option to purchase your leased car at the fixed residual value stated the original lease documents. Depending on the state, you may have additional taxes and fees associated with the purchase.

Why do I need to complete new title work if I purchase my leased car?

A leased car is actually owned by the leasing company. You are the lessee. When you purchase your off lease car the title needs to be transferred to your name only so state title work must be completed.

How is the residual value of a lease determined?

The residual values in a lease are set by the manufacturer with input from outside companies who establish future values of cars. They are, in many cases, close to the value of your car at a future date.

Can someone else purchase my leased car?

No. You as the original lessee are the only individual who can directly purchase your car at lease end. You can purchase it, complete title work, register the car, pay applicable taxes and fees and then sell it to anyone you chose. In most cases, this is not practical.

What if the leased car is worth more than the residual value?

In some cases, depending on current market conditions and the condition of your leased car, it may be worth more than the residual value. In this case your best option is to either purchase it or trade it towards a new car and pick up the equity. You, as the original lessee, are the only one who can benefit from this.

What if the leased car is worth less than the residual value?

This is one of the great advantages of a lease. Depending on the market and the vehicle condition you have the option to return the car to the leasing company and walk away from it. In most cases, leasing companies charge lease termination fees. The leasing company will also send an independent inspector to record the condition. We suggest that you arrange this prior to turning the car in since that gives you the ability to address any issues with the condition such as body damage, worn out tires, etc.

Can I refinance my off lease car?

Yes. Your dealership can handle this very easily and quickly. It is just like buying any car. They can handle the pay off, titling, taxes, plus offer you extended service contract protection plans to protect your investment in the car.

What if there is damage to the car?

Prior to returning your car we suggest that you arrange the lease end inspection with the leasing company. You are responsible for any damage beyond normal “wear and tear”. You do have the ability to address these items prior to returning the car. Once the car is returned the leasing company will bill you for these items so addressing them prior to that is best.

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