Do you want to know how can you evaluate the state of your existing leasing contract? Is it really possible to find someone who is willing to assume your lease? Is this going to be an expensive deal? Am I left with refinancing the lease only? Every case is different but there are some common factors that can make your lease situation tough or easy:
Over mileage vehicle
Have you crossed the mileage limit on your lease? Are you wondering what to do next? One option is to pay the overage off directly to the seller when you are transferring your car lease. It is calculated on the basis of the number of miles the car is over at the point of transfer multiplied by the over mileage penalty that is already documented in your lease contract.
The second option is to buy the vehicle at the end of the lease. Most of the car leases have a buyout price which represents how much to pay if you want to purchase the car at the end of the lease. Turning the vehicle to the leasing company might means paying thousands of dollars in the form of early termination fees and additional fees. You might be better off purchasing the vehicle at its buyout price. Later on, you can resell the car or refinance it into a loan. In this way, you can avoid the excessive mileage fee.
Note: Your vehicle might still be worth less than what you are paying for because of the additional miles.
When your vehicle is at the beginning of the term
If only 6 months have passed and you are in a 60-month lease term that means the lease is relatively new. If someone even tries to assume your lease, they will have to bear the same cost structure as if they have entered into a brand new car lease. You might want to remind them that you have already made the down payment or paid the acquisition fees which the new seller won’t have to worry about. However, for the difference in cost, the seller might be more inclined to get a new vehicle with all the right options. Getting out of the lease in the very beginning of your lease contract is the hardest thing to do. You are typically better off transferring or refinancing the lease when you have less than 36 months left on the lease or when it has been at least 1 year.
When the vehicle is damaged
If the vehicle has been damaged, it can impact the resale of your vehicle. That’s because it is often more cost effective to repair the vehicle on your own so that you can market the car instead of passing on the damage in the sale of your car lease. Sometimes, you can get the lease buyer to negotiate the cost of the vehicle damages with you but that’s only possible if the lease deal is good or you are under miles.
If your car lies in any of the above-mentioned categories, then it will be difficult to transfer the lease, of course.
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