Getting tired of your leased car and don't know how to get out of it or a new one? Pioneer Chrysler Jeep wants to make sure you know how you can get our of your lease! Here are 3 different ways you can get out early!
1. Changing your car lease: You can ask to terminate the lease with your present car by changing it
for a new one and starting a new car lease. This option isn't
accomplished by dismissing the situation on the first car. The amount left to pay on the first lease, i.e. the capital balance, the residual value and the taxes, will be taken in consideration. When the market value of the vehicle is lower than what is left to pay, the difference will be put onto the new lease!
2. Stop Payments:This is the option with the lowest financial cost but with the heaviest consequences. Simply stop your payments and the company takes back the
automobile, or return the vehicle and walk away. The dealership or
the financial institution will take procedures to collect the
missing payments, but you decide simply not pay. This will burn your credit rating and generally means your next lease will be more expensive or have a higher interest rate!
3. Lease Transfer or Swap:This option consists of transferring a lease agreement to another
party. The new lessee will now assume the payments and become responsible
of the vehicle. Ending a lease early with this method has the lowest cost,
because only the administrative fees are included in the sale.
The original lessee can then walk away,
avoiding a possible major financial hit!