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Can You Turn In a Lease Early?

Excited Couple Reviewing Trade in Offer with Salesman
 

There are many King of Prussia drivers who wonder, “Can you turn in a lease early?” The short answer is YES! You can turn in a lease early, but there are variables you need to know. At Wynn Volkswagen, we will go over how to swap a lease, lease takeovers, and get out of a lease early. There are plenty of options available to you, and our friendly team can help. Contact us to set up an appointment.

 

 

What You Need to Know to Turn in a Lease Early

There are several reasons why you want to turn your lease in early. However, you need to know about your lease before you can turn the keys over; they are:

  • What is your monthly payment?
  • How many months remain on the term of your lease?
  • What is the amount of additional lease-end fees?
  • What is the cost to buy your vehicle at the end of the lease? (Also known as the residual value.)

If you are unsure of the answers to these questions, feel free to call our finance department or the leasing company you are leasing from to gather the cost of early lease termination and the price of buying out the lease. You want to know the lease-end fees along with the remainder of monthly payments owing to get an estimate of what you pay to terminate your lease early.

We recommend that Phoenixville drivers compare their buyout price against the current market value. Why? You may have a car worth the same or more than the buyout price of the lease. However, in the instance that it is not, you will need to pay the difference. 

Therefore, you can turn your lease in early and pay the difference or find out the market value of your vehicle. If you choose the latter, compare your lease buyout to the current market value by using our Value Your Trade tool or using online pricing guides found on Kelley Blue Book or Edmunds, to name a few.

How to Get Out of a Lease Early?

There are multiple ways for you to get out of a lease early. You may not own the car, truck, or SUV, but you still have options. When you want to end your lease early, such options include; selling to a dealership, swap a lease, or a lease takeover. Here are your alternatives on how to get out of a lease early:

Sell Your Leased Car to a Dealership

When looking to turn in a lease early, one of the quickest and easiest ways is by selling your leased car to a dealership. It will depend on how much is owing and the condition of the vehicle. A dealership may buy your vehicle and resell it as a used car. 

Keep in mind the following tips when selling your leased vehicle to a dealership:

  • SUVs are in high demand.
  • You will get the best price offer from a dealership that is the same brand as your car. For example, take your Volkswagen to a Volkswagen dealership to get the best price on your leased vehicle.
  • Know the estimated market value of your car
  • You may still owe on your lease if the residual value was low and payments were high.

Swap Your Lease or Lease Takeover

Instead of turning in a lease early to a dealership, have you thought about swapping your lease? Check with your financing center or refer to your contract to learn if you can transfer the remainder of your lease to another person. 

Most lease contracts allow you to swap your lease. However, before you try to transfer a lease to a stranger, we recommend asking a friend or family member first. You can have a lease takeover by someone who can make the monthly payments and take care of the lease with routine maintenance service. 

Be sure there is a clear understanding that the person you swap your lease with is now responsible for the remainder of your lease. You will need to notify the dealership of the lease takeover. However, this option financially eases you fast and with little or no time spent searching for someone to swap your lease.

Buyout Your Lease for Resale

Perhaps you have time and some extra money to buy out your lease to resell it to someone else. Many lease contracts allow you to buy your car at a certain amount anytime throughout your lease agreement. However, you will need to purchase the vehicle with cash or through a loan. Here is what to keep in mind when you buyout your lease to sell:

  • You may want to look into auto refinancing lenders as many offer lease buyouts. You may even get a loan that is larger than the vehicle’s market value.
  • You will need to dedicate some time to advertise your vehicle
  • Advertisements may cost some money. However, through social media, you can often grab local attention for free.
  • Privately selling a car will show a lot of interest if priced right, which means you may be meeting with a lot of people before you find a buyer. Therefore, it is often time-consuming.
  • You may get a higher price than what you paid for on your lease buyout when you sell your car privately.

Let Wynn Volkswagen Help You Turn Your Lease in Early!

Now that you know many ways of how to get out of a lease, you have options. At Wynn Volkswagen, we want drivers near Collegeville to have choices available to them when leasing a vehicle. Therefore, you can connect with our team to find out what we can do to help you turn in a lease early without costing you too much. Our finance team will present you with your options so you can make the best decision. If you are looking to trade in your lease early for a new vehicle, take a look at our new vehicle inventory to find the Volkswagen right for you!

 

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