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there are four ways to end your car
lease early
and if you're hardly driving anymore and
you want to turn in your leased car
without losing a small fortune here are
your options
the pandemic and the sagging economy has
many people asking the exact same
question
the good news is that the once rigid
leasing process has become a bit more
flexible
know your options before you decide
which option to use
review your lease contract and collect
this information
welcome back to the channel i'm lauren
fix if this is your first time here we
give you more than car reviews and first
looks of new vehicles
we give you car smarts because knowledge
is power make sure to subscribe
and click that little bell so you don't
miss anything before you make the move
to end your lease
you will need to know a few pieces of
information
your monthly payment how many months are
remaining on your lease
the amount of additional lease and fees
and the residual value that's the cost
to buy your vehicle at the end of your
lease
the total of lease end fees and the
remaining monthly payments is a good
estimate of
what you would have to pay to terminate
your lease early or walk away
from that leased car call your leasing
company and ask about both the cost of
early lease termination and the price of
buying out that lease altogether
you could simply turn in your car and
write a check which would not be the
smartest choice financially
compare your buyout price to the current
market value of your car
on online pricing sites like truecar
edmonds kelly blue book
or getting a real cash offer some online
dealer sites like carvana
shift vroom or even carmax and if you're
lucky
your car might be worth the same or more
than the buyout price the least
and if you saw last week's segment and
why not to buy a car right now
it's also a good time to sell a car and
you'll find different ways that might
work for you
all of these tips and more in my book
lauren fix's guide to loving your car
the link is down below option number one
sell your car to a dealer this is the
fastest and easiest way to step out of a
lease agreement
and because the pandemic has created a
shortage of used cars
your car might be worth more than you
expect pickups and suvs are in high
demand now
and the value of a desirable sedan and
other vehicle types
will depend on the popularity and the
availability of that brand
you'll get your best price from a dealer
selling the same brand for example
a ford at a ford dealership for the best
price
along with the research of your car's
value as a gauge however
if your residual value was low and your
payments are high
you might still be on the hook for some
more money and you may not want to pay
the difference
this is not a good option option two
swap your lease
most lease contracts allow you to
transfer the remainder of the lease
period
to another person like swap elise or
lease trader which are leased
trading sites and they can help you get
rid of the vehicle to someone who wants
to pick up the remaining payments
now there is a small fee of around 75 to
100
and you can post the terms of your
vehicle's lease on the site
but before you take that route be sure
to check your lease contract to see if
it is
transferable to another party in
addition
you may have to put some cash offering
out there because
it's not attractive enough to shoppers
who want to take that lease off your
hands
so make sure you do your homework before
you make this decision
it can help you save money but can also
cost you money
another way to transfer your lease is
simply ask a family member or a trusted
friend to take over your monthly
payments
make sure auto insurance still covers
the vehicle
and you have a clear understanding of
who's going to pay for any excessive
wear and tear on the vehicle at the end
of the lease
option number three buy your car and
sell it to yourself
most lease contracts allow you to buy
out before the term is ended
and this is a predetermined amount
that's an early buyout price and you can
either purchase the vehicle outright
with cash or you can even finance that
many auto refinancing lenders offer
lease buyouts that they will finance and
they'll even lend you
more than the car's book value option
number four buy your car
and keep it maybe you would like to keep
your lease vehicle
if the payments were lower well in this
case you can use the lease
buyout loan as well and the downside of
this
is that it's extending your financial
commitment but you will have lower
payments
your leasing company may offer a lease
buyout financing
but if not many auto refinancing lenders
will do this for you
now keep in mind this loan is going to
be a longer term but the payments will
be smaller
here's the bottom line do your homework
before you make a final decision
sometimes it's better to keep the
vehicle that you have if you got value
from this video
give it a like and subscribe for more
videos like this one and if you have any
additional questions put them in the
comments down below
and i'll be happy to answer them there
is more on our website
carcoachreports.com it's in english and
in spanish and more information on my
social media at laurenfix for best
prices and more auto information check
out our new podcast we're having a great
time it's called total car score and
it's on all platforms
thank you so much for watching and we'll
look forward to seeing you next time
