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.
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.
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.
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.
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.
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.
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
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