Do you have other projects requiring financing ? Has your personal or professional situation changed ? Various reasons and events may prompt you to terminate your leasing. You therefore wish to stop your car leasing. Find out what happens if you stop your car lease.
When and how can I terminate a current car leasing contract ?
Car leasing is a rental formula. The duration of the lease is from 12 to 60 months. As a motorist, you can break the lease before it expires. There are several ways to legally terminate the lease.
When can I return the car to stop leasing ?
In general, it is possible to return the leased vehicle after three months of use. While the financing company can only terminate the leasing contract if the unpaid leasing fees exceed three monthly payments, the lessee can terminate the leasing contract by observing a minimum period of 30 days for the end of a quarter of the contract (the leasing contract can be terminated four times a year). You must return the vehicle in good condition. If the leased car is damaged (scratches, stains, etc.), you are responsible for the costs of repairing it. In order to fulfill the terms of the leasing contract, you must also pay the penalties for early termination of the leasing.
How to resell the vehicle during the leasing period ?
Another way to end the contract is to sell the leased vehicle. With the money recovered, you can pay off the lease. All this, hoping that the resale will be enough to cover all the monthly payments due and the residual value mentioned in the contract. If this is not the case, LeaseTransfer accompanies you in this process in order to optimize your situation and thus limit your losses.
How to get out of a lease thanks to the residual value ?
The advantage of leasing with trade-in value is that you can buy the car. You can buy the car in advance without waiting for the end of the leasing period. Your leasing contract will end immediately and you will be the happy owner of the vehicle.
Can we stop a current car lease for a new contract ?
From a technical point of view, changing the vehicle is an alternative to stop a current car lease. In this case, a new leasing contract will be opened. If your supplying garage accepts it, you can decide when to change your leased car if you want to drive a new leased car as soon as possible.
What are the possible pitfalls of a new car leasing contract before the end of the old one ?
If there are still outstanding payments on the first leased vehicle, these amounts and the taxes will be carried over to the new leasing contract.
What can be the amount of the monthly payments and indemnities on the new leasing contract ?
If the value of the old car is less than the amount due on the contract, this difference will be transferred to the leasing contract of the new car. This means that you, as a motorist, will have to pay the leasing company a depreciation on two vehicles.
Lease transfer : the cheapest way to break a car lease
The leasing transfer allows you to transfer the leasing contract to a third party. A solution for terminating a lease without penalty for the motorist. With a lease transfer, the new lessee undertakes to pay the monthly payments to the leasing company until the end of the lease, without penalizing anyone. This is the cheapest solution if you want to get out of the lease before the end of the contract.
Ensure the smooth operation of the lease transfer
You opt for the solution of transferring the contract to an interested buyer. This can be a private individual or a company. LeaseTransfer assists you in this process, from the setting up of the file to the effective transfer approved by the financing company.
