WISCONSIN — Leasing a vehicle can be less expensive than purchasing. But, if you run into financial problems, or you no longer want the vehicle, it could be expensive and difficult to get out of a lease early. However, here are a few things that you might be able to do.
Contact the dealer or leasing company to discuss your situation. They may offer you some options that can work out well for both of you. If you are within a few months of the expiration, the dealer or leasing company may be willing to take the vehicle back early, especially if you are considering a new lease or purchase from them. You might also want to consider buying out the lease and then selling the vehicle on your own. You can also consider transferring the lease to another person.
However, make sure that your dealer or leasing company will allow this, follow all proper procedures, and complete the transfer before handing the keys over to another person. Also, check out the Bluebook value of the vehicle, have it appraised by another dealer, and make sure that you are working with reputable companies and people.
If you are hoping to end your lease early, it is a good idea to weigh the pros and cons, especially if the costs outweigh the benefit.
