Leasing a car from a dealership can be exciting. However, what happens when the excitement fades, and you’re stuck with a sky high monthly payment around St Louis Park? Can you turn in a lease early? Learn more about how to get out of a car lease with the experts at Motorwerks MINI! If you have any additional questions, feel free to contact us anytime!
Selling to a Dealer
This is one of the easiest ways to turn in your lease early around Minneapolis, as the dealership will take over the vehicle for you, especially if it’s in high demand. For example, if you own a Ford, see if your vehicle is in demand and what the going rate is for your particular configuration.
However, it is important to note that if the residual value of your vehicle is low, and you have high monthly payments, you may still owe some money. If this is the case, it is best to seek alternatives.
Lease Swap
In some cases, you may be able to swap your lease to another person who is willing to take over the remainder of the lease. However, when transferring a lease, you may have to spend some money to make your lease more attractive to potential buyers. However, it is well worth it in the long run, especially if you don’t want to make hundreds of dollars in payments per month. If they’re willing, you could also ask a friend or family member to take over your lease. However, it is important to ensure that the insurance will still cover the car, and that wear and tear expenses are accounted for at the end of the lease.
Buy & Sell
If you’re wondering how to get out of a car lease early, buying the vehicle and selling it yourself is a viable option. In this case, you can either purchase the car outright or finance. If you sell your vehicle privately, you are more likely to reap a higher profit. However, you may incur some advertising expenses.
Buy & Keep the Vehicle
If you don’t want to give up your leased car but are looking for lower monthly payments, a lease buyout loan might be a viable option. However, it’s important to note that in this case, you are extending the overall time allotted to pay off the vehicle in return for a lower monthly payment.
Learn More About Car Leasing With Motorwerks MINI!
Now that you know the answer to, “Can you turn in a lease early?”, come visit us at Motorwerks MINI in Golden Valley for more information! If you have questions about your lease, our expert finance center near Minnetonka can point you in the right direction and help you secure a monthly payment that works for you.
