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How do you end a car lease early?
Can I end my car lease early? I think I want to buy a new car, but I'm still stuck in my lease. Is there any way to get out of this?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! When it comes to ending a car lease early, lessees have three main options: transfer the lease, sell or trade the vehicle, or return it to the lessor.
While each of these options will let you end a lease early, they each come with a unique set of benefits and drawbacks.
- Transfering the lease to a third-party leasing service or another individual is the easiest option. In this scenario, you hand the payments and vehicle off to another party. The biggest drawback of this is you may stay on the contract. If the new lessee doesn’t pay — you might be held accountable.
- Selling or trading the vehicle is another option, but the first step is buying the car from the leasing company. The buyout price for your vehicle will likely be higher than itsactual value, so you will probably take a loss when you sell the car to a buyer.
- Returning the vehicle would successfully end your contract early, but it is likely to cost you the most. You will probably need to pay a termination fee in addition to making up the lost value of the car since your contract began. While this option is viable, you may want to consider another plan of action.
When it comes to saving money on cars, insurance is a great place to start. Premiums vary drastically between providers and coverage, and needs are always
different
from person to person.To make sure you’re getting the coverage you need at the best possible price, try the
Jerry
app. We’ll do all the hard work of finding and comparing the cheapest quotes from top name-brand insurance companies, so all you need to do is pick which one you like!Best of luck getting out of that lease; you’ve got this!
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