Can You Turn in a Lease Early?

What are your options if you’re in the middle of a car lease, but you’d like to purchase the vehicle or trade up for a new lease? For a small early termination fee, you can turn in a lease early at your local Pulaski-area Chevrolet dealership. To learn more about the process and find out whether turning in a lease early could work for you, read the guide below from the Burritt Motors Chevrolet finance center.

How to End a Car Lease Early

Ending a car lease early entails pretty much the same process as waiting until the end of the term. Just return your car to the dealership you leased it from, and they’ll take care of the rest! Before turning in a lease early, be sure to check your lease documentation for any fees or penalties that may apply. These could include:

• Early termination fee
• Remaining lease balance
• A flat penalty or series of monthly payments
• The vehicle’s remaining depreciation

How To Avoid Penalties When Turning in a Lease Early

If the buyout price for your vehicle is lower than the current market value, getting out of a lease before the end of the term could result in a financial loss. So, how can you turn in a lease early without paying extra? To avoid larger penalties, you may be able to purchase the vehicle from the leasing company (“buy out” the lease) and then sell it privately. You will still owe a small early termination fee — typically a few hundred dollars — but this will most likely be offset by what you save with the buy-out.

Preparing to Turn In Your Lease Early

Whether you’re waiting for the end of the term or turning in a lease early, you can get a head start on the lease-return process by taking care of any necessary research or inspections before heading to a Syracuse-area dealership:

• Schedule a pre-inspection for a estimated summary of repair costs
• Ask the leasing company for the vehicle’s payoff or buyout amount
• Research your car’s current market value at Edmunds or Kelley Blue Book
• Make repairs before turning in a lease early if your dealership requires it
• Finally, schedule a final inspection at a certified Chevrolet dealership like Burritt Motors Chevrolet!

Rely on Burritt Motors Chevrolet for Lease & Finance Info

Wondering if you can turn in a lease early without paying a penalty? Our team of auto finance professionals is standing by to help you determine if turning in a car lease early is the right path for you, and to find a financing solution that fits your needs. Whether you’re looking for lease deals on popular Chevy models like the Equinox SUV or have other car-buying questions, don’t hesitate to reach out or visit our dealership near Baldwinsville!

Contact Us Today About Your Lease Return