You have signed the car rental agreement, thinking that you will not have a problem with making the payment. Now you must leave quickly. Can you turn in leased car early?
Earlier termination of the car rental agreement is probably the most expensive mistake you can make. Although you have several options, each will cost you money and time.
One of the advantages of the lease is to be convenience, but all this is thrown out the window if you speak earlier.
Transfer your lease
Probably the easiest and most popular way to get out of your lease early is to transfer it using a third-party service such as Swap A Lease or Lease Trader.
Most leasing companies allow you to transfer the lease to another person, but remember that in most cases you will still be technically bound by the contract and will be responsible if that other person stops making payments. You’ll also need to pay a transfer fee, which can range from USD 50 to USD 500.
Depending on the mileage and the amount you spend on the lease, you may need to offer an incentive that will reduce the monthly payment for the new tenant. It can range from 500 to 5000 USD.
Early termination of the lease
If your leasing company offers this option, the earlier termination of car leasing means that you have been exempted from paying for the remaining leased vehicle. But it also means that you must return the car and pay the balance due, including any costs, fees and penalties associated with early termination. The Federal Consumer Lease Act requires that details of the early termination of the lease be disclosed in the contract.
Replace your vehicle with another one
You may be able to exchange your current lease agreement for another in the salon. You will still have to pay early departure fees, but they will be included in the monthly payments for the new car.
This option is ideal if you do not have a serious cash crisis, but need a different vehicle – for example, if you have rented a luxury SUV, but now you prefer a smaller, cheaper sedan.
Be careful and check all the numbers in the contract to make sure you understand what you are signing.
What do I have to do to organize a voluntary contract termination?
The first thing you should do is call the House of Finance and discuss the options available.
If you have difficulty making payments, Dom Finansów can offer you help that will help you avoid terminating your contract early. If you still decide to terminate the contract earlier, it is best to notify Dom Finansów by phone first. After making your first contact, you must send a written notice of termination to the finance house. If you’re unsure where to start, there are many template sites that you can use as tips.