When you signed your Toyota lease, you entered into a contract with the dealership. You agreed to lease the vehicle for the designated term, and while binding, it’s not set in stone. That means if you have to, you may be able to get out of it early. Here are some ways you can do that.
Buy the Car
Presuming you want to end the lease for financial reasons, this may sound kind of silly. However, it’s possible that the monthly financing payments might be lower than what you’re paying to lease it.
Sell the Car
If you decide to buy the vehicle, then you can do what you want with it, and this includes selling it. An individual buyer may want it, but typically, dealerships like trade-ins as well. Because of the current car shortage, dealerships may give you a great deal for it.
Transfer the Lease
If neither of those options would work, you may want to try to find somebody who would be willing to take over the lease. This option does come with a transfer fee.
Another thing to keep in mind is that your name will still be on the lease, so you’ll want to make sure that this person will make their payments.
Accept the Early Termination Fee
If you really want to get out of the lease and do it quickly, you can pay the fee for ending a lease early. You’ll want to explore all other options ahead of time, however, because this can be expensive.
Centennial Toyota near Henderson wants to help you make the best decision with your lease. Visit us to get more details about your choices!