Your average car lease lasts for around two years. If you are like a lot of people, you might assume that you are “stuck” with your lease for this period of time and that you don’t have any type of recourse. However, you should know that it is possible to break your lease. In fact, you actually have a few different options that you can look into. Then, you can make the right decision for you.
Return the Car to the Dealership
The first option is to simply return the car to the dealership. This might seem like the easiest option, but the truth is that it usually isn’t the best. Even though it is possible to terminate your lease in this manner, doing so can be very costly. In the best case scenario, you will generally need to pay various penalties and fees for breaking your lease. In the worst case scenario, you might be required to pay off all of the remaining lease payments. If you talk to someone from the dealership, you can find out more about this option and what you might be required to do if you decide to turn the car in.
Trade it In
If you are looking to drive a different vehicle, you can consider going to the dealership and asking about breaking your lease and rolling the cost into another lease. Then, you still have to make the payments, but this can be broken up into your lease payments, making it easier to pay for. Even though this is a costly option, you might find that it’s your best option if you want to drive a different car.
Buy the Car
If you are interested in buying the car, you should inquire about the payoff amount. You should be able to purchase the car at any point during your lease if you want to. Before making this decision, however, you should find out if the payoff is higher than the value of the car. In some situations, this is the case.
Sell the Car
Another option that you can look into is selling the car. When you do so, however, you are going to have to pay off the payoff amount for the vehicle. This means that this is generally only a good option if you will be able to get enough in the vehicle sale to cover this cost completely, without having to pay out of pocket.
Lease it to Someone Else
One option that you might not be aware of is the potential to find someone else who will take over the lease for you. There are even companies out there that can set you up with someone who is looking to do this. Just make sure that you are careful about reading the contract when doing this to ensure that you are protected.
There are many reasons why you might want to break your lease. You could be unable to afford paying the lease payments anymore, or you might have decided that you want a different car. Depending on your situation, you do have options. Consider looking into these options if you would like to get out of your current vehicle lease, and you might find that one will work well for you.