Simply terminating your lease early is not the only option you have if you want to end your lease early, but it is certainly the simplest. Whenever you trust us with your car needs, we do our very best to ensure that we provide you with the very best service and value possible. Check out our guide to early lease departures. Are you ready to end your current lease? Perhaps you want to keep leasing, but are just tired of your current car? Consider returning your auto lease early and starting fresh!
1. How does terminating a lease impact my credit?
Car lease companies in New York report your payment every month to the credit card companies, luckily terminating your car lease and returning the vehicle doesn’t affect your credit score unless you don’t pay the remaining fees.
2. When is it a good idea to get out of a car lease early?
Usually not, almost always there is a penalty or fee for terminating a car lease early. But sometimes there is no other option. If your financial situation changed or you simply can’t afford the payments anymore then turning in your car lease early might be the only option. VIP Auto Lease has local offices in Queens, Manhattan, Brooklyn, the Bronx, Staten Island, and Long Island and we can help you so safely exit your car lease.
3. How much does it cost to return a leased car early?
Returning your car lease early in NY can come with additional fees. It is not unusual to be charged an early termination fee depending on the clause in your contract that can be a few hundred dollars ($100-$500). Also since car leases are based on the car’s depreciation you might be responsible for paying the depreciation cost which is the difference in the payment vs the value of the vehicle.
4. How can I find out if I qualify to terminate my car lease early?
VIP Auto Lease of NY offers an online form to submit details pertaining to your car lease. We will review it and help you get the best possible deal for your car lease exit. Please submit the form found on this page or call us at 718-477-7888 today.
5. Can I trade in my leased car for a cheaper one?
Yes! If your payments are straining your wallet, you can bring your leased car to any one of our locations in the 5 boroughs of NY or apply online. We can help you to trade in your car for a less expensive lease that will be easier to manage.