How can I get out of my lease without penalty?

But don’t despair just yet—there are indeed ways to get out of your lease without paying an arm and a leg.

1. Read Your Agreement Carefully.
2. Try to Find Someone to Take Over Your Lease.
3. Trade It for Another Vehicle.
4. Take the Early Buyout Option.
5. Or… Just Wait It Out.
6. Frequently Asked Questions (FAQs)

Can you get out of a car lease a year early?

If your leasing company offers the option, ending your car lease early means you’re released from making remaining payments on your current leased vehicle. The easiest way to determine your total early termination amount is to call your leasing company and ask what you’d have to pay to terminate your lease early.

Can I cancel a car lease contract?

The only way you can cancel the contract is if the seller has a policy that says you may. Even if the seller agrees to cancel the contract, it may keep any deposit you have made.

Can I get out of a car lease I just signed?

When you sign an auto lease, you may notice a sign in the finance manager’s office stating, “There is no cooling off period.” Unlike a mortgage or other loan, a car lease contract is final, and there is no three-day right to rescind your contract. You cannot turn in your keys and change your mind.

Will another dealership buyout my lease?

You can also take your car to any other dealer, not just the one where you arranged the lease, and let the dealer buy the car at the trade-in price. The dealer will pay the leasing company what you owe and give you a check for the equity.

Do you get money back at the end of a car lease?

In both a car lease and a loan, the down payment is only refundable if you don’t sign any paperwork. Once you sign all the documents, the deal is done and you can’t get your money back. You can get the security deposit back at the end of the lease term if there’s no excess wear and tear.

What can I do if I hate my leased car?

If you want to get out of your lease, a trade-in isn’t your only option. There are Web sites that let you find someone to assume the rest of their lease payments. Some manufacturers, such as BMW, welcome lease transfers because they introduce the brand to new customers.

Can I trade in my paid off car for a lease?

Can you trade in a financed car for a lease? Yes, you can! Trading in an old vehicle will reduce any down payment you have to make. If you have negative equity, you should use the trade-in money to pay off as much of your loan as you can.

How do you get out of a car lease early?

Here are some ways to get out of your car lease early: Websites such as LeaseTrader.com and Swapalease.com allow leaseholders to legally transfer their lease to someone else. Leaseholders list their car and payment details on the site and lease assumers search for listings that match their needs.

What happens if I terminate a car lease early?

Negotiate with your landlord for an early termination of your lease. Any lease can be legally terminated before its end date if both parties agree. Also, if rents have risen in the area since you signed your lease, the landlord may be motivated to terminate the lease in order to charge a higher rent.

Should you get out of a car lease early?

Common reasons for ending a car lease early include wanting to upgrade to the newest model of the vehicle or wanting a new model entirely. Unfortunately, most leasing contracts do not have provisions or conditions where you can get out of your lease early. Even so, you have a few different options if you need out of your existing lease.

Can you return a leased car early?

Returning your leased car to the dealer early is probably the worst option you can choose, but if you have no choice and just want to get out of the deal, it will certainly end the lease. Inform your dealer that you are bringing the car in to end the current lease and hand over the keys.