There are so many ways for you to terminate your lease early. Out of the lots, selling your lease to a dealership or a third party is the best approach. Unlike what was widely announced about trading in a lease early not being a great financial decision, you can take advantage of the current increasing demand for used cars and save money while getting out of your Lexus lease early. But then, which of the option can help you save more? Will selling your Lexus lease to VIP Auto Lease help you save more than selling to a third party, including Carvana, Vroom, or CarMax?
Can I Sell My Lexus Lease Before The End Of The Contract?
Yes, you can sell your Lexus lease before the end of the lease term. One of the biggest gifts of auto leasing is getting out of your lease anytime you want. Under normal circumstances, you can choose to sell your leased car to a dealership like VIP Auto lease or a third party like Carvana, Vroom, and CarMax. However, with the recent inventory problem plaguing many dealers, some banks and credit unions have banned their customers from selling their leases to a third party. This means if your current lease is through these banks or credit unions (including Ally Bank, GM Financial, US Bank, Wells FARGO, etc.), you only can sell your lease to a dealership like VIP Auto lease.
However, if you got your Lexus lease through Lexus Financial, you still have the full option of selling your Lexus lease to either VIP Auto Lease or CarMax, Carvana, or Vroom. Regardless, saving big from selling your lease is largely influenced by your car’s buyout value, current market value, and the car’s equity.
Equity & Early Lease Buyout Value
Generally, if you want to exit your lease early, you’d be paying the termination fee, which could be so big for your pocket, and you also get to walk away without the car. However, the option of an early lease buyout allows you to pay the dealer all the outstanding payments on the lease and the residual value, and you also get to keep your car.
If you want to save money or possibly make a profit from selling your leased Lexus, you’ve to sell your car at a price higher than the early lease buyout value. This is only possible if you have good equity on your vehicle.
Your car’s equity is determined by comparing the residual value and the car’s current value. With the popularity of used vehicles today, there’s every possibility that you’d get positive equity when you want to sell your Lexus lease to VIP Auto.
Other Options
- Turn in your vehicle and pay the early termination fee
- Lease Transfer/Lease swap
- Lease Buyout
VIP Auto Lease Over Carvana
Compared to selling your Lexus lease to used car dealers, selling your lease to VIP Auto lease allows you to get out of your lease and into a new one with much ease. You can decide to use your profit from selling your current Lexus lease as a down payment for another new lease, thereby saving you the time and effort of going around to look for another car to lease.
If you want more than just saving money from selling your lease? Get in touch with us at 1204 Hylan Blvd, Staten Island, NY 10305 https://viplease.com/.
