Leasing a car is supposed to be very convenient but suddenly living in New York City you realize that you don’t need your car anymore? We get you! Getting out of your car lease in NYC is not easy but certainly not impossible. Check out our top tips and tricks to exit your car lease early and legally.
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Transfer Your Lease to someone else
One of the common options you have is transferring your lease. Using a third-party company that provides this service is the easiest way to do this.
You can also find someone who wants to lease your car, most car leasing companies will allow this but you still be responsible for the car lease if the other person stops paying and you will still need to pay a transfer fee.
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Sell or Trade the Vehicle
You can always buy the car you are leasing so if you need to get out of the car lease you can buy it and sell or trade it, you will need to pay a fee for the early payoff. Paying a big down payment at the beginning of the lease will make it easier to exit the contract.
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Returning the Vehicle and Paying Penalties fees
Often the car leasing companies will give you the option to return the car early paying a penalty fee that is usually the difference between the remaining balance owed and the credit you receive for the current value of the car, you also will have to pay other fees like transfer fees, and taxes.
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Ask Leasing Company for Help
Is always good to ask your leasing company for advice they may have options that you are not aware of and will make it easier but keep in mind that exiting a car lease is not easy and cheap, you will have to pay some fees.
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Default on the Payment
This is not recommended but still, an option if you don’t care about your credit or being sued or simply because you can not make the payments but make sure to check all of the other options before you decide to stop the payments.
SUMMARY
There are ways to exit the car lease early, but you need to decide which one works the best for you, check your financial situation, do your research and talk to your leasing company, they will be able to help you and find a solution that works well for both of you. if you want to find out more about exiting your car lease in New York City, please contact us directly at 718-477-7888
VIP Auto Lease makes it easier than ever to get out of a car lease early by applying online or at any of our Leasing Branches in the greater NY area:
VIP Auto Lease 1204 Hylan Blvd, Staten Island, NY 10305 https://viplease.com/
VIP Auto Lease Of Queens 139-46 Queens Blvd, Jamaica, NY 11435 (347) 384-7214 https://viplease.com/jamaica-ny-office/
VIP Auto Lease Of Brooklyn 2509 E 64th St, Brooklyn, NY 11234 (347) 384-6631 https://viplease.com/brooklyn/
VIP Auto Lease Of NYC 506 W 150th St #3C, New York, NY 10031 (646) 568-5288 https://viplease.com/manhattan-nyc-office
VIP Auto Lease Of Bronx 1200 Waters Pl, The Bronx, NY 10461 (718) 571-9970 https://viplease.com/bronx-ny-office/
VIP CT Car Leasing Stamford 6 Landmark Square 4th Fl, Stamford, CT 06901 (201) 878-6961 https://viplease.com/stamford-ct
VIP Auto Lease Of NJ 32 US-46, Lodi, NJ 07644 (201) 366-2228 https://vipautonj.com/
