In the event that you would like to end your car lease early, you do actually have a few options for how you can terminate it. Good Fellow’s Auto Wholesalers has put this guideline together so that you can view the options available and choose one that is best suited to your situation. Your options include transferring the lease, selling the vehicle back, paying off the vehicle, or changing the lease for another. Read through our used car dealerships guide to understand each option thoroughly.
Transfer the Lease
If you decide that you no longer want your lease, one option is to find someone else who wants it and transfer everything in their name. Although no dealership can guarantee that someone will want your lease, some factors could make your offer look more attractive. For example, if you already paid a down payment and there are only low monthly payments left, someone could be more interested in this. As well, a shorter lease period left can appear more attractive.
Sell Back to the Dealership
Instead of going through the hassle of transferring the lease, if you simply wish for the convenience of getting rid of the vehicle as soon as possible, selling back to the dealership could be a viable option. With this option will most likely come an early termination fee, but if you don’t mind paying for this convenience, it could be a serious option for you. This option is attractive for those who are moving out of Ontario and need the lease to end early.
If you no longer enjoy driving your leased vehicle, you can head into the dealership and ask them if they would accept a trade-in for a new lease. If they allow you to exchange your lease like this, they may ask you to pay extra fees for doing so.
Pay Off the Vehicle
If you wish to get out of the lease but still keep the vehicle, paying off the vehicle could be an option. Although it’s important to make sure this option is cost-effective. This option would be ideal if the buyout amount that is needed is less than the resale value. This option is known to be uncommon as oftentimes this is not the most cost-effective option.
How We Can Help
If you would like to receive help with your Auto Financing in Toronto, our team at Good Fellow’s Auto Wholesalers would be delighted to assist you. Our team of experts is well specialized in the details of leasing and we would be happy to discuss your options with you if you wish to end your lease early. We can also help you double-check your math to ensure that you are selecting the best possible choice financially. Give our team a call at 1 (855) 581-9590 for more information.