Is It Possible to Terminate a Car Lease Before the Contract is Over?

 

When you lease a car, you do not know if you will like it. You research the car model, and you also compare it with other options. You also do not know if your needs will change and if the same vehicle will be okay for you in the future.

As you start driving, you will find out if there are recurring repair issues. Along the way, you will know if you are going to continue the lease once it is over, or if you need to look for other options. You need to observe the performance of the vehicle and how you feel about it. When you reach a point that you are unhappy with it and you are still months or even years away from the end of the lease, you might have to consider ending the contract.

The good thing is that some companies offer a termination clause in the lease. It means that you can return the vehicle before the contract is over, provided that you pay the termination fee. The amount is not as high as the remaining accumulated monthly fees, but it could still be a substantial amount. Therefore, you need to be cautious in determining if you are going to return the car.

Determine the issue

Before you decide that it is time to return the vehicle, you need to know first why you want to do it. If you have recurring repair issues, you do not wish to continue driving it as you will end up with more repair expenses. If your reason is that you like a newly released model, you might have to think again. You can purchase that model at a later date. If the end of the lease is only a few months away, you do not need to terminate the lease. Your preferred model will still be available. It might even be cheaper.

Absence of the termination clause

As you check the contract, you might realise that there is no termination clause. It is a terrible idea to pursue the transaction without this clause. However, if you are okay with it, you can use it as leverage to ask for a lower monthly fee. You will keep the same vehicle until the end of the contract. Therefore, asking for a cheaper lease is reasonable enough.

Take your time to decide

To avoid issues regarding termination, you need to take your time to determine if you will pursue the transaction. You can look for other models if the options on the table are not satisfying. Once you sign the lease, you have no choice but to keep paying your monthly payments until it is over.

The good thing is that there are top dealers out there who will offer reasonable lease agreements. For instance, you can check out www.genusleasing.com since they have some of the best car models and lowest monthly rates.

To read more on topics like this, check out the money category