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.
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:
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!
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!