![]() Most leasing companies allow you to transfer the lease to another person, but be aware that in most cases, you will still technically be on the contract and liable if that other person stops making payments. Probably the easiest and most popular way to get out of your lease early is to transfer it using a 3rd party service such as Swap A Lease or Lease Trader. One of the advantages of a lease is supposed to be convenience, but all of that is thrown out the window if you terminate early. Although you have several options, each one is going to cost you money and time. Head to our guide for more information on what happens at the end of your car lease, or how personal contract hire compares to personal contract purchase.Guide → Car Leasing 5 Ways to Get Out of a Car Lease Early Terminating a car lease early is possibly the most expensive mistake you can make. If you change your mind within 30 days of delivery of your lease, as long as the mileage is under 50 miles, we will collect the vehicle from you free of charge. If you’re unhappy with your new car, we offer a 30-day return on your leasing agreement. If your monthly income drops, we can also discuss negotiating and changing the contract particulars to lower your monthly costs. If you want to proceed with the cancellation, we can arrange this for you with the finance company. We’ll be able to get you a no-obligation quote and negotiate the lowest price.ĭuring this time and once you receive your quote, you can decide which is the best option for you. How To Terminate A Car Lease Earlyįirst off, you should contact your leasing provider and we’ll be able to discuss cancelling your car lease with the finance provider. We can discuss your options and try to come up with the best solution for you without damaging your credit.įind out more about what credit score you need to lease a car in our expert guide. If you are struggling to lease, contact us before missing a payment. Will Ending My Lease Affect My Credit Score?Įnding a lease can affect your credit history, especially if you’re unable to make your monthly payments. This should be a last resort and avoided at all costs when possible. This is like repossession but has fewer penalties. If you can’t make your monthly payment, your final option is to voluntarily surrender the vehicle. You may have to find someone to take over the agreement or find the lease transfer process. It isn’t an option for the majority of finance companies but is worth exploring if you’re struggling with your lease vehicle. This will depend on the terms of your agreement set out in your lease agreement. On some occasions, you may be able to transfer your lease to another person. ![]() There are other options for ending your lease, however, the availability will depend on your finance company. Other Options To Terminate Your Car Lease Your lease agreement will detail an early termination along with the fees you’ll incur. If you need a copy of your leasing agreement, please contact us and we can arrange for the document to be sent to you. You’ll have to sign the agreement before you take delivery of your new car. Your lease agreement will be sent to you when you take out your lease. Additional charges can include having to pay to return your vehicle and even storage costs for a lease car, if required. ![]() You may also be responsible for other fees when returning your vehicle early. To find out how much you’ll have to pay, check your car lease agreement for the full details or contact your lease company. However, the fee is not set and some finance companies will expect you to pay more or even all of your remaining monthly payments. So if you’re paying £300 a month and have 18 months left on your contract, your early termination fee will be £2,700 to cancel your contract hire agreement. This is typically 50% of the remaining monthly lease payments. If you want to return your vehicle before the end of your contract date, you’ll be subject to a termination fee from the finance company. How Much Does It Cost To End A Car Lease Early? ![]() However, cancelling your lease contract early can result in expensive early termination charges, especially if you have a long time left on your contract. Yes, it is possible to cancel your car lease early - you can terminate your agreement with your finance and leasing company. In this guide, we’ll walk you through how you can end your car lease early to help you decide which is the best and most cost-effective option for you. But you do have several options if you’re struggling to make your monthly payments, no longer need a vehicle or just fancy a change. You may think that once you take out a car lease, you’re stuck with your new car and its monthly fees no matter what. ![]()
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