Can You Turn a Lease in Early?

Woman handing over car keys

Many Fairmont drivers enjoy being able to lease the latest vehicles, so that they can stay on top of the latest in technology and safety features. But sometimes you find that the vehicle you picked just isn’t right for you, or a newer model comes out that you’re just itching to take home. So it’s important to know if it’s possible to turn in a lease early, and the answer is yes! There are some conditions that you need to know about, but we’ll walk you through the process below, and you can also contact us for any questions that you might have.

How to Turn In a Lease Early

One thing to keep in mind is that if the lease has 30 days or more until it matures, you’ll probably have to pay additional early termination fees. There are a couple of ways that a dealership determines these charges, and you often only have to pay the lesser fee:

  • The first determination takes the price the dealership received for the vehicle, which is often wholesale, in tandem with other expenses related to the sale, adjusting the overall balance at the time of turn in.
  • The next calculation is determined by the total sum of your outstanding monthly payments and end of term liability. This often includes disposition fees and other charges, such as wear and tear, and excess mileage.

You are still responsible for paying any amount agreed upon by the lease, such as late payments, taxes, and other outstanding charges. In addition, depending on the state you live in, you may owe personal property taxes on the vehicle as well, making you responsible for any future tax expenses prior to returning the vehicle, even during a lease takeover. If you took out a lease from another dealership, you don’t have to go back to them to end your lease early, as we can help.

Getting Out of a Lease Early

There are two different ways that a lease can be ended early for Morgantown drivers. The first is with a lease buyout, and the second is with a lease takeover. A buyout occurs when the dealership provides you with the opportunity to purchase the vehicle you’ve been leasing. You’ll often have to pay the price of its remaining value, and you can encounter either a lease-end buyout or an early lease buyout. A lease-end buyout is when you pay the estimated value of the vehicle at the end of the lease; an early lease buyout also requires you to pay that price, but you may also have to worry about early termination fees.

A lease takeover however is when a third party, such as another Grafton driver, takes over responsibility of your lease. They become responsible for payments and returning the vehicle to the dealership at the end of the lease.

Find Your Lease Vehicle at Dan Cava's Buick GMC

Now that you know that you can turn in a lease early, as well as how to transfer your lease to another, you might be wondering what vehicles we have available at Dan Cava's Buick GMC. You can browse our selection of new vehicles today to find the one that you’re ready to lease, or find out if you can pay off a car loan early. If you’re new to leasing, you can also speak to our finance department, to find out the many benefits of leasing for you.

 

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