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Buy, then sell the vehicle There will usually be an early termination fee equal to several hundred dollars, but that may be a small price to pay for getting out of the lease early. To do this, you first need to get the payoff or buyout amount from the leasing company, and get it in writing.
You may return your vehicle prior to your lease maturity date; however, early termination fees may apply. For more info about turning in your lease early, refer to your lease agreement, or contact TFS at 1-800-286-0652. You may also reach out to your dealer to get answers to any questions you have about your options.
The leasing company is the one that owns the car so if you communicate through a dealer, you're just adding a middleman that can potentially screw you over. The payoff amount will include an early termination fee of around $200 to $500 plus any remaining depreciation cost.
According to DMV.org, penalties for terminating a car lease early include requiring you to pay some or all of the following: Remaining payments on your lease. An early termination fee. ... Negative equity between your lease amount and the current value of your car.
Transfer Your Lease. Probably the easiest and most popular way to get out of your lease early is to transfer it using a 3rd party service such as Swap A Lease or Lease Trader. ... Sell or Trade the Vehicle. ... Return Vehicle and Pay Penalties. ... Ask Leasing Company for Help. ... Default on the Payment.
Read Your Agreement Carefully. Try to Find Someone to Take Over Your Lease. Trade It for Another Vehicle. Take the Early Buyout Option. Or, Just Wait It Out.
The good news is that you have several options to end your lease early. ... The only cost to you will be any administration fees to complete the lease transfer. Early Buyout. If you want to end your lease, but you still want to KEEP your vehicle, you usually have the option for an early buyout.
Transfer Your Lease. Probably the easiest and most popular way to get out of your lease early is to transfer it using a 3rd party service such as Swap A Lease or Lease Trader. ... Sell or Trade the Vehicle. ... Return Vehicle and Pay Penalties. ... Ask Leasing Company for Help. ... Default on the Payment.
Return your vehicle to your Toyota dealership For now, simply bring your vehicle back to your dealer by lease-end. You can also view our Return Checklist.
Most lease customers pay less cash upfront and have lower monthly payments than they would with a finance contract. You may get 24-60 month lease terms on new Toyota and qualified Toyota Certified Vehicles. ... You'll even have the option to purchase your vehicle at lease end.
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