Signature Auto can help New York and New Jersey drivers who need to terminate an auto lease before its term expires. All lease contracts contain a clause for early termination. It's obvious when you read them that they are intended to be for exceptions only. In other words, when you commit two of a lease agreement, you are expected to carry out the entire length of the lease. Of course, things happen, which is why we are here to help you. You always have the option to end a lease early.
The most expensive way to end a lease is to return the car. You will be required to pay early termination fees and penalties, which may be quite high. The longer you’ve had the car, the lower the penalties will be. In addition to these charges, you will have to pay off the residual value of the vehicle, which is the amount the car would be worth at the end of the lease.
To avoid costly expenses, you can trade in your car for a new vehicle. You would still be required to pay penalties, but they would be built into the new lease, allowing you to pay them all off over time. Unfortunately, people who are terminating a lease are not often in the market to be leasing another car. But if you are looking to end your lease because you are not happy with the vehicle you have, this may be a good solution for you.
Another option is to sell the car. This option depends on how much you owe on your lease. Understand that you will have to pay penalties and the residual value of the car in order to end your commitment early. Even if you can’t sell the vehicle four enough to cover these costs, it still may be a worthwhile way to terminate your lease.
The best way to end a lease is by a lease transfer. Basically, some one assumes the remainder of your lease. There are no penalties or fees and there is no negative impact on your credit. It’s important that a lease transfer is done legally and according to the terms of your lease. Click here for more information on lease transfers