Financing and Trading In Your Leased Car Early

 
Whenever you sign off on a new vehicle lease, you’re renting a vehicle for a limited amount of time, but you have to return it to the dealership. What if you want to return your leased vehicle earlier than the contract states? You’re not locked into a contract until the lease ends, so you do have the right to return your leased vehicle early for an early termination fee. If you’re interested in returning your leased vehicle to our North Manchester dealership, use this helpful guide to make the process quicker and easier so you can get back on the road. Contact our finance department, and they’ll also give you in-person service on this matter.

Ending the Lease Deal Early

Whether you’re going through with the agreed lease term or returning the vehicle early, the procedures are similar. The only difference, in this case, is the early termination fee that you have to pay, depending on what your lease stipulates. You should expect to pay the following:

• An early termination penalty, that’s either a flat fee or a series of monthly payments.
• The vehicle’s remaining depreciation.
• The due balance that’s left on the lease.
• The cost of any repairs needed to satisfy your lease agreement.

Trading In Your Leased Vehicle Early

It can be hard to make financial maneuvers when you still owe money on the vehicle you’ve financed, but that doesn’t mean your options are dry. Having positive equity on your vehicle is the best way to help trade it in.  Positive equity is when your vehicle’s value surpasses the amount of money that you owe. With this, you can apply the difference to the new vehicle you’re thinking about purchasing. Now, if you have negative equity or upside-down equity, this means your vehicle is worth less than what you owe, and to trade in this vehicle, you’ll have to pay the due total. Our financial experts at our Wabash-area dealership can clarify this even further for you!

Visit our Finance Department at Shepherd's Chevrolet Incorporated!

Ending your vehicle’s lease or trading it in with a balance due can be tricky, but it can be done. If you have more questions about what was covered above, visit our Warsaw-area dealership to speak with our financial experts. We’ll be happy to help you! Contact us if you have any questions!