The sum of the remaining leasing fees and monthly payments is a good estimate of what you should pay to terminate your lease prematurely and move away from your rented car. Better yet, call your leasing company to ask for both the cost of an early termination and the purchase price of the lease. If you buy a car worth $20,000 with 100% financing, you could end up being saturated with a $22,000 car credit – the $20,000 needed to buy a car, plus the $2,000 deficit for early termination of the lease. If you`re lucky, your car might be worth the same or more than the purchase price of the lease. If not, you need to find a way to make up for the difference. If not so much, buying an automobile leasing is one of the fastest ways to get out of an early car leasing. However, it will probably cost you more than transferring the lease to another person, so this will probably be the best option for people who will have to wash their hands of the lease and vehicle quickly. If you are not close enough to the end of your lease, it is always possible to exchange your current vehicle and rent it to the dealership and pick up a new vehicle with a new lease. It`s a very simple process and probably the quickest way out of your current lease. But in the long run, it can become more expensive. This is generally a better option for people who are not necessarily in financial difficulty and do not want to stop having any vehicle. It is usually for people who are simply not like the current vehicle they are renting and want to get a new one without paying significant termination fees.
You may be able to assign your lease to another person. Whether you can do so depends on the condition of your lease, the acceptability of the rental company and the legality in your country. This strategy will not eliminate all notice penalties, but it can minimize them. If you buy a new car from the same dealership where you rented your current car, you can either waive certain penalties or at least reduce them. A final option, the transfer of the lease, involves the “sale” of your lease to someone looking for a short-term lease. However, not all leasing companies will allow that. If approved, you and the person who will take over the agreement will have to sign a transfer agreement that will confirm the change of the taker.