Many leasing companies use one-of-a-kind leasing programs to entice clients, allowing them to accommodate their specific needs. When determining where to rent a car, don’t hesitate to ask a leasing company questions in order to get acquainted with all the details of the leasing programs and bonus programs that it may provide. One of those questions might be – can you trade in a lease early? In many cases it is possible. With Grand Prix Motors’ buy-back program, you may turn in your lease early and save money on a new car or sell it for a profit.
People with a vehicle lease that is reaching the end of the lease term can trade in their automobile and utilize the equity (value) to acquire a new leased car or as a down payment on a new car purchase due to the strong demand for used cars and a lack of used car inventories.
Here are some operative things to know if you wish to swap in your lease for another vehicle:
- Financial consequences: early cancellation of a car lease may cost you an arm and a leg. The longer the contract is in effect, the more you will most likely be charged.
- The estimated value of the vehicle at the conclusion of the lease period – it’s also the sum you’d pay if you decided to buy the automobile.
- The leasing firm may give you a reduction on the lease termination expenses if you trade in your rented vehicle for another automobile of the same brand.
The terms of early trade-in must be written into the contract, and the lessee must read them before signing it.
There are also situations when the lessor wants to keep profiting from the car leasing, while the customer wants to keep the money he’s already put in to eventually buy a car. As a result, even if you are experiencing financial difficulties, you may always agree to extend your lease and lower your monthly cost.
Cooperating with a leasing company is the best strategy to trade in a leased automobile early. Grand Prix Motors will accept practically any vehicle as a trade-in. You may trade in a lease for a new car sooner, trade in a paid-off car for a lease, or avoid any penalties. Our leasing specialists will walk you through the whole process and help you choose the best solution.