Can I Turn A Car Lease In Early?

Can I Turn a Car Lease in Early? What You Need To Know To Save Big!

There are many reasons why you may be asking can I turn a car lease in early? Maybe you found the car of your dreams for the price of your dreams. Maybe you’ve hit a long run of bad luck and the payments are just too much. Regardless of your reasons for asking the question, the answer is yes.

Actually the real question you need to ask is how can I turn a car lease in early; without losing my shirt in the process? This question is a little trickier. You can always turn in a car early, but most lease agreements will impose a hefty penalty if you try to get out of the payments.

Basically the reason you are asking, will be the determining factor here. There are basically four methods for terminating a lease early. However, the one you should use is largely dictated by which ones you can use.

If you’re asking because you’re moving somewhere you won’t need to be driving or any other situation where you can make the payments, but just don’t need the car, then you can simply turn the car in at the dealership. Now, you need to understand that you will still be on the hook for the payments, even though you don’t have the car any more. Because of that, this isn’t ideal, but it can be better than just parking the car somewhere and letting it sit. You should relaize there are usually better options, which we’ll get to in a bit.

Perhaps you're asking because you’ve found a new car you want, you’ve got options. Many dealers will allow you to fold the remaining payments on the car into the payments for the new car. While this is convenient, it can still be pretty expensive, if you have more than six months or so left on the lease.

If you’re trying to get out of the lease because of bad luck and inability to make the payments, you only have one good option. You could just turn it in and stop making payments, but the car dealership will try to get the money out of you, and this can destroy your credit rating in the process. Needless to say, this is not a good option.

The better option and this is actually an option for anyone trying to get out of a lease, is to transfer the lease. Basically, what you’re doing here is finding someone to take the car and take over the lease for you. With this option, you don’t have to lose money at all.

You can either do this yourself or use one of the online services. Either way, the person is going to need to qualify creditwise, and the dealer will have to approve. Some leases don’t allow this, so make sure you read your lease agreement carefully.

So the answer to the "can I turn a car lease in early" is yes, and you have options. Make sure that you do your research and find the option for breaking your lease that costs you the least and doesn’t damage your credit score.

Next weeks blog will be on "What is the worst time to buy a car?" 

By: Shane Smith.  If you are looking for landscape or backyard lights then check out: http://makevoltz.com