3 Ways to Get Out of Car Lease Early
Do you want to terminate your car lease early? Don’t know how to? The Mercedes-Benz of Scottsdale team, located in Scottsdale, Arizona, is here to help you. Continue reading this blog to learn more about all your options for getting out of your car lease early.
3 Alternative Options for Getting out of Car Lease
There are times when leasing a car might no longer work for you, and you may be considering terminating your vehicle’s lease early, but doing so can cost you. But the best part is that early termination is not your only option. Several alternatives are available that could put you in a better financial position. Below we have put together the three options for getting out of a car lease early.
- Lease Termination- Early termination is the easiest way to get out of a car lease early. If your leasing company offers the option, you can terminate your lease early, but it will cost you extra; you will have to turn in the car and pay the remaining money, like fees and penalties. The best way to determine your total early termination amount is by calling your leasing company and asking how much you need to pay.
- Lease Transfer- Another option for getting out of a car lease is by transferring your lease to a new lessee if it is legal in your state, permitted under your lease, and the new lessee meets your lender’s credit requirements. But you do have to pay a lease transfer fee and other costs, so you must investigate if it is cheaper than early termination and then decide.
- Lease Buyout- Sometimes, the best course of action might be to buy out your lease and purchase the vehicle outright. Fees will still be involved, so we suggest that you check if you pay for an early buyout and any associated fees, and then selling your car yourself would be a better option for you.
If you need more information on leasing a vehicle in Scottsdale, Arizona, contact the Mercedes-Benz of Scottsdale team.