If you want to get out of your Lincoln lease early, the good news is that there are several options available for you. The good thing about leasing a Lincoln is the endless options if you want to exit your lease early. While you may be faced with termination fees if you decide to end your Lincoln lease early, selling your lease to a dealership or a third party at a price close to or above the residual value and other lease termination fees is the surest way to save money when ending a lease early. If you want to save big, the question then is should you sell your lease to VIP Auto lease or a third party—Carvana, CarMax, or Vroom?
Understanding Your Equity
Before you sell your leased Lincoln, you need to determine its equity. Whether you end up selling your car to VIP Auto lease or CarMax or Carvana, the equity on your vehicle will determine if you’d be saving anything or not or even making a killing from selling your Lincoln lease.
To determine your car’s equity, first, you have to know your Lincoln’s residual value. The car’s residual value, always written on the contract, is the estimated car’s worth by the end of the lease contract. Next, you determine the car’s buyout value. Early lease buyout value includes the residual value, the money you still owe on the lease, and any possible depreciation or wear. You can contact your leasing company to get these details.
Finally, find out the current value of your Lincoln. Independent sites like Kelley Blue Book and Consumer Reports can provide you with an estimate of your car’s value. Next, you compare the early lease buyout value and the current market value. If your car’s current value is greater than its early lease buyout value, you’re in for some profits.
For instance, if the residual value for your Lincoln Corsair is $25,000 and its current market value is $35,000, and you have a buyout value of $31,000, then you’d be making a profit of $4,000 from selling your Lincoln at its market value.
Lincoln Credit & Lease Buyout
Generally, you can sell your Lincoln lease to just about anybody you want to. If you want to save money from terminating your lease early, selling your lease to a dealership like VIP Auto lease or used car dealers like Carvana or CarMax for more than the car’s residual value is the way. Only by doing this can you be able to pay off your lease and still pocket some profit. However, if your current Lincoln lease is through some banks and credit unions, including Lincoln Credit, US Bank, Ally Bank, and a growing list of other auto lenders, you can’t sell your lease to a third party.
VIP Auto Lease Over Carvana, CarMax, & Vroom
When it’s time to sell your leased Lincoln, there’s always a great reason why you should stick with a dealership such as VIP Auto Lease to used car dealers like Vroom, CarMax, or Carvana. If your lease is through any of these banks or credit unions that now restrict third-party lease buyouts, selling your lease to VIP Auto Lease could be the easiest way for you to negotiate with your lender and see yourself out of the lease and possibly into a new one.
Besides that, dealerships like VIP Auto will always level the playing field for you. After giving you a price, you’re always free to negotiate the price. Our lease buyout is always quick, smooth, and transparent.
Time to sell your Lincoln lease and save big? Visit VIP Auto lease, 1204 Hylan Blvd, Staten Island, NY 10305 https://viplease.com/.
