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Tips For Exiting Your Car Lease
Tips For Exiting Your Car Lease

Tips For Exiting Your Car Lease

June 4, 2022

The Car Lease contract you signed has a termination clause in it. That will likely tell you what fees you must pay for early termination. Then tally the total amount of lease payments owed. Once you determine those figures, carefully inspect your car. Note every scrape, dent, scratch and stain. Don’t forget to check the tire condition and tread depth, too. What you may consider normal wear and tear might not pass muster when you return the car. Of course, check your mileage. If it’s on the low end, you could spend less to terminate the lease because the car will likely be worth more.

Yes, lease agreements are held by finance companies, not dealerships. Still, a dealership may allow you to lease another car if you roll the current fees and penalties from the current lease into your new one. Doing so will result in negative equity, just as if you rolled a loan for a car purchase into a new loan.

Some dealers and manufacturers offer new leases before a prior contract expires. These programs may benefit dealers and manufacturers in several ways. Perhaps the leased car you drive is popular, and the dealerships’ used-car manager wants more on the lot. Or perhaps an auto manufacturer wants to ensure a glut of frequently leased cars doesn’t hit the marketplace at the same time, so it creates such a program. If you’re tempted to explore such a program, analyze it carefully, just as you would if you chose to turn the car in early without such a program.

There are an array of sites that allow lease owners to “swap” cars. Such a deal is especially attractive to those who want short-term leases or those who enjoy frequently changing cars. Before you move ahead, check with the finance company and the dealership from which you leased. You want to ensure such a swap is allowed (it probably is) and what administrative costs you may need to pay. Remember that you may also pay a fee to the company that facilitates the swap. You will also want to double-check your obligation for the car after the lease. Some finance companies require the original leaseholder to maintain “post-lease liability.” When you do find a prospect to assume your lease, the finance company will most certainly want to check their credit and finances before allowing the swap. One other possible expense: If you have a car that is not popular or is available at low prices, you may need to offer a cash incentive to entice someone to “swap” your lease.

Signature Auto Group New York & Florida’s Trusted Car Leasing Company
As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.

We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire.

Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.


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