Sell My Car Lease
There are loads of people that would rather lease their cars since buying them outright is so much expensive. The problem is that in most cases, people get unhappy with their cars or their lease contracts before the lease contract ends. There are many reasons for you to want to terminate the lease contract early. Some of the most common revolve about the fact that people want a different car, a newer one and some lease contract modifications alongside with that. Or you could be facing a bad lease that requires a lot of money from your part on monthly fees and it’s just not worth it any more. Or the fact that you love the car so much that you want to turn the lease contract into a buyout and purchase the car outright for its used car value.
In case you like the car very much and you’d like to turn the lease contract into a purchase, than there is only one thing you can do: go to the dealership and buy it. Yet you should stop and think about it a bit before you go. You must be sure that your contract does not contain any hidden fees because most dealers will promise you milk and honey the moment you lease the car and tell you there are no repercussions if you want to return the car early (no matter what reason) don’t believe it! As long as a hidden fee is present there in fine print you are in danger on paying major fees for breaking the lease contract early, despite the fact that you’re actually buying the car.
It might seem like a great deal to have a car for, let’s say one year, and then go and purchase it for it’s used car value, but in reality things are a bit different. The dealership always has to end up with more money than the car is worth, that’s a rule of the thumb. Therefore since the monthly payments you make are nowhere nearly enough to match up the considerable depreciation a new car suffers over the first year of use, the dealership sticks you with a couple of hidden fees and a considerable one for breaking the lease early and you’re done for. The best solution is to wait out the lease and then buy the car. Since you were the one driving it, you know perfectly how it handles and its history, and at the end of the lease you will get to purchase it for a price closer to its used market value.
If you want to get out of the lease because you’re not satisfied with the car or you can’t make payments, than attempt a lease transfer. This will allow you to transfer the lease and the car’s lease rights to another individual and they will be responsible for paying the lease. This is the best possible option to get rid of the car lease because you are “off the hook” and the individual that assumes it can benefit from a short time lease which would be impossible to obtain directly from the dealership. Another major plus is that he can wait the lease out and afterwards head to the dealership and purchase the car for its used market value, and ending up with a car that has been taken good care of (because of the restrictions implied by the lease contract) for a great price. All you need to do is make sure that the leasing company can and will accept a lease transfer.
Post tags: Tags: automotive articles, sell my car lease