Yes, you can return a leased car early, but there may be some penalties involved. Typically, if you return a leased car early, you will be responsible for any remaining payments on the lease, as well as any early termination fees specified in your lease agreement. You may also be responsible for any damages to the car. Be sure to check your lease agreement for specific details.
How early can you return a leased car?
You can return a leased car at any time. However, you may be responsible for early termination fees. These fees can vary depending on your auto lease contract, but typically amount to several thousand dollars. If you're looking to get out of your lease early, it's best to talk to your leasing company first to see if they'll waive any fees.
What are the consequences of returning a leased car early?
When you sign a car lease, you are agreeing to make monthly payments for a set period of time, typically two to four years. You are also agree to keep the car in good condition and to refrain from making any modifications to it. If you decide to return the car before your lease is up, you may be charged an early termination fee. This fee can be quite substantial, often equal to several months' worth of payments. In addition, you may also be responsible for any damage to the car that occurred while it was in your possession. If you leased the car with the intention of purchasing it at the end of the lease, returning it early will mean that you forfeit that option. Finally, returning a leased car early can damage your credit score, making it more difficult to lease or finance a car in the future.
What if I need to return my leased car early for medical reasons?
If you need to return your leased car early for medical reasons, you should contact your leasing company as soon as possible. Most leasing companies have a process in place for early return due to medical reasons. You will likely need to provide documentation from your doctor explaining your need to return the car early. Once you have submitted this documentation, the leasing company will work with you to determine the best way to proceed. This may involve returning the car early and paying a fee, or extending your lease and making additional monthly payments.
Frequently Asked Questions
What happens if you return a leased car too early?
If you return a leased car before the lease ends, the renter may be responsible for any remaining balance on the lease, as well as damages to the vehicle. Leasing companies may also charge a fee for early cancellation.
What are the additional lease car return charges?
There may be additional charges for early termination, excess mileage, driving in a different state, or vehicle damage. It's important to read the lease agreement carefully to know all of the possible charges that could apply.
What is an early termination for a car lease?
An early termination for a car lease is when a customer wishes to terminate their lease contract early before the end of the contracted term.
What happens when you break up with a lease car?
If you have terminated a lease, the company may require you to return the car in the same condition as when you received it. This usually includes having the car clean and free of any damages.
What happens if I end my lease early on a car?
If you end your lease early on a car, you have to turn in the car and pay the balance due, including any costs, fees and penalties associated with early termination.
Sources
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- http://www.germainhondaofsurprise.net/honda-lease-return-lease-end-options/
- https://www.cashcarsbuyer.com/how-to-return-a-leased-car-early/
- https://www.honda.ca/lease-and-finance/faqs/lease-end-of-terms
- https://teslamotorsclub.com/tmc/threads/returning-lease-but-lease-balance-is-greater-than-vehicle-value-and-tesla-is-charging-the-difference-does-it-make-sense.285583/
- https://www.ratelab.ca/returning-leased-car-before-lease-ends/
- https://clawsonhonda.com/honda-lease-return/
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- https://www.chase.com/personal/auto/education/leasing/returning-a-leased-car
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