When it comes to terminating your lease so you can purchase your next vehicle or just get rid of the payment commitment, most consumers really aren’t aware of what their options are. Terminating a vehicle lease can be a complex process, our goal is to help you understand all your options, and it might just so happen that you can make or save some money in the process.
Common options for ending a lease early include the early lease termination, lease transfer, negotiation with the leasing company, and the lease buyout. The lease buyout is an option we assist customers with all the time at Bachman Buys, but we will cover some of the pros & cons of the other options as well.
Early Lease Termination: This involves returning the vehicle to the leasing company and paying any remaining balance, including fees and penalties. This is often the most expensive option and could have an impact on credit if you miss payments or fail to cover the termination costs. This option simply allows a consumer to avoid future payments quickly, but in our opinion, it may come at too great an expense.
Lease Transfer: This allows you to transfer the lease to another person. You may need to pay a transfer fee, but it is typically less costly than early termination. The biggest drawback to this option is finding a new lessee willing to accept the transfer and then determining if they are creditworthy enough that the leasing company is open to it too. There are a lot of variables with this option and it can be time-consuming.
Negotiation with the Leasing Company: Sometimes, you can negotiate with the leasing company for a more favorable termination agreement, but this typically only works if you plan to lease another vehicle through them. Not all leasing companies are open to negotiation, or you may want to explore other vehicle options or simply get rid of a monthly payment commitment.
Lease Buyout: You can buy the vehicle outright by paying its residual value and any remaining payments. This option can be financially advantageous if the car's market value is higher than the buyout amount. In some cases, we have found customers walking away from hundreds and even thousands of dollars in equity! The downfall to this option is that most people don’t have the extra money in their bank account to buy the lease out and take advantage of this benefit.
This is how Bachman Buys has helped customers in the past by taking advantage of this option! Services like ours make the process easy. We are a name and business in the community that you can trust, and we provide you with all the information so you can make an informed decision about the next steps, without leaving money on the table, and there is no commitment. ? We’ll check for equity ? Show you how much you could make ? Handle all the paperwork ? Get you paid quickly and hassle-free!
Before you turn in your lease, turn to Bachman Buys. See how Bachman Buys Makes The Difference!
