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How To Get Out Of Your Car Lease in 2022?

get out of lease

There could be many reasons why you want to get out of your car lease. Maybe you’ve realized it’s too expensive. Or better yet, you’ve realized that the car just isn’t for you. Whatever the reason may be, getting out of a lease can be tricky. If you’re not careful, you could end up paying large fees.

In this article, we will go over a few ways that you can get out of your car lease without breaking the bank.

How To Get Out Of Your Car Lease in 2022? 1

What Are The Main Reasons People Try and Get Out Their Lease

There are multiple reasons why people want or need to get out of their car lease. The most common reasons are:

The Car Is Too Expensive

This is probably the number one reason people try to get out of their leases early. Monthly payments, insurance, and gas can add up.

Safer Car For Family

If you have a family, you may want to upgrade to a safer car. This is especially true if you have young children.

Job Changes

Sometimes job changes include longer commutes. If the car someone is leasing isn’t great on gas, they may want to consider trying to get out of their lease to get a more gas-efficient car.

Just Want a Change In General

Sometimes people just want a change. If you’re bored with your current car or just want something different, getting out of your lease may be the best option.

What Are The Downsides Of Trying To Get Out Of Your Car Lease?

Before we get into how to get out of your lease, let’s first go over the potential downsides.

Early Termination Fees

The biggest downside is that you will likely have to pay an early termination fee. This fee can be quite expensive, sometimes costing as much as the remaining payments on your lease.

Can Affect Your Credit Score

There are many fees when it comes to your lease, and if you’re not careful, you could end up defaulting on your payments. This can lead to your credit score taking a hit.

If your credit takes a hit this could make it difficult for you to get approved for another lease or even a mortgage in the future.

Disposition Fees

When you turn in your leased car, the dealership will inspect it for damage. If there is any damage, you will likely be charged a disposition fee. This fee can range from a few hundred to a few thousand dollars depending on the severity of the damage.

What Is a Good Way To Avoid All Of These Hassles?

If you’re looking to avoid all of these hassles, the best thing you can do when you get a lease in the future is to review the terms and conditions carefully. This way you will know exactly what you’re getting into and won’t be caught off guard by any fees.

Now that we went over some of the downsides of getting out of your car lease early, let’s go over some ways you can do it without breaking the bank.

Find Someone To Take Over Your Payments

One way to get out of your lease is to find someone to take over your payments. This person will essentially be taking over the rest of your lease and will be responsible for making the remaining payments.

To do this, you will need to find someone who is qualified and willing to take over your payments. You will also need to get approval from the dealership or leasing company. Once you have found someone and have gotten approval, you will be released from your lease and will no longer be responsible for the payments.

The financing company will look into the person taking over the lease to make sure they are qualified and have a good credit score. Not every single lease will be able to be transferred so it’s important to check with your particular company to see if this is an option.

Pros and Cons Of Getting Someone To Take Over Your Lease Payments

There are a few pros and cons to this method that you should be aware of.

Pros

  • You will no longer be responsible for the lease payments.
  • Once the transfer is complete, you will be free from your lease.
  • This is in most cases the cheapest way to get out of your lease.

Cons

  • You will need to find someone who is willing and able to take over the payments.
  • You will need to get approval from the dealership or leasing company.
  • Depending on the deal, you may be liable if the person doesn’t end up making the payments. It’s important to make sure that the lease swap is done through the finance company, and not a company that will still hold you liable. 

Jump Into a New Lease With The Same Dealer

Another option would be to jump into a new lease with the same dealer. This way you can trade in your current car for a new one and start a new lease. This isn’t always possible, but sometimes dealerships have incentives for people who are looking to do this.

For example, they may offer you a lower monthly payment or a longer lease term. If you’re interested in this option, it’s important to talk to your dealership about what they can offer you.

Pros and Cons Of Jumping Into A New Lease With The Same Dealer

Here are some pros and cons of this method.

Pros

  • You can trade in your current car for a new one.
  • You may be able to get a lower monthly payment.
  • You may be able to get a longer lease term.

Cons

  • This option isn’t always available.
  • There may be some hidden fees. Make sure you take a good look at the agreement before actually going for it. The cost of doing this a lot of times is very high.
  • If your financial situation has changed, you may not be able to qualify for a new lease.

Switch To Financing

If you’re interested in keeping your current car, another option would be to switch to financing. This way you can make monthly payments until the car is paid off and then own it outright.

To do this, you will need to get approval from the dealership or leasing company. You will also need to qualify for financing. Once you have been approved, you can make the switch and will no longer be under a lease agreement.

Pros and Cons Of Switching To Financing

Here are some pros and cons of this option.

Pros

  • Every payment you make goes into the equity of the car and once it’s paid off, you own it outright.
  • Unlike going from lease to lease, you don’t have to worry about mileage restrictions. You can drive as much as you want without having to pay extra.
  • Once the car is paid off you won’t have as many monthly payments to worry about.
  • You can customize the car to your liking, being that you will own it.

Cons

  • When it comes to leasing, payments are usually lower than financing. Financing could be a couple of hundred dollars higher per month which isn’t good if you have a lot of expenses.
  • Vehicle maintenance throughout the years will be your responsibility.
  • Vehicle values, unless you finance certain cars, don’t appreciate as homes do, so you may not get as much money back if you do sell it.

Buy the car (then sell it) 

Another option to get out of your lease would be to buy the car and then sell it. You would need to get approval from the dealership or leasing company to do this.

If you decide to go this route, make sure you do your research on the car’s value. You don’t want to end up upside down on the loan, which means owing more than the car is worth. If you’re desperate to get out of your lease though, this may be the best option.

Pros and Cons Of Buying The Car And Then Selling It

Here are some pros and cons of this option.

Pros

  • You can get out of your lease agreement and eventually into a new one.
  • If you do your research, you can sometimes make a profit off of selling the car.

Cons

  • You will need to get approval from the dealership or leasing company.
  • You will need to qualify for financing if you don’t have the cash upfront.
  • You may end up upside down on the loan, which means owing more than the car is worth.
  • Negotiation might be hard with the dealership or leasing company.
  • There also may be fees associated with buying out your lease.

Work with OzLeasing

With Ozleasing, we make it easier to get out of your current lease and into a new one. We will work with the dealership or leasing company to get you out of your old lease and into a new one with us. We will also work with you to find a car that meets your needs and budget. Once you give us your information on your car including your VIN and other important details, we will figure out your best option to trade in your lease.

If you own the car outright, we will give you an estimate within three hours on what your car is worth and how much we can give you for it.

Pros Of Ozleasing

  • There are many vehicles to choose from.
  • You will get a personal Concierge every step of the way to make sure everything goes smoothly.
  • You don’t have to step foot into a dealership if you don’t want to.
  • You can trade in your current car and get a new one without having to go through the hassle of selling it yourself.

Other Frequently Asked Questions

Do you lose money buying out a lease?

It depends on the terms of your lease and what kind of deal you’re able to get. In some cases, you may be able to buy out your lease for less than what you would’ve paid if you stuck it out until the end. However, there are other times when it may end up costing you more money in the long run.

Is it a good idea to trade in a leased car?

Again, it depends on the terms of your lease and what kind of deal you’re able to get. If you’re able to trade in your leased car for a new one with a lower monthly payment, then it may be a good idea. However, if it’s going to cost you more money in the long run, then it’s probably not worth it. If you’re doing it to make things better for your family and you’re good financially, then it might be a good idea.

What are the benefits of leasing a car?

There are a few benefits to leasing a car. One is that you’re usually able to get a lower monthly payment than if you were to finance. Another benefit is that you’re usually only responsible for maintenance and repairs up to a certain amount.

What are the downsides of a lease in general?

The biggest downside of leasing a car is that you never actually own the car. This means that you’re never able to sell it or trade it in for its full value. You’re also responsible for any damage that’s done to the car, even if it’s beyond your control. This can end up costing you a lot of money if you’re not careful. Lastly, if you go over the mile limit, you’re usually charged a fee.

Does leasing a car build credit?

Paying your lease on time is a lot like paying off your credit cards right away. It shows that you’re responsible with your money and it can help to improve your credit score.

Conclusion

We hope this article gave you the answers to your questions when it comes to getting out of your lease early. We understand that things don’t always go as planned, and sometimes you need to get out of a lease early.

Ozleasing is the best way out of it. We will do our best to get you out of your current lease and into a new one that better fits your needs.

We have a wide range of options for you to choose from and we’re here to help you every step of the way. Contact us today to get started!

How To Get Out Of Your Car Lease in 2022? 1

Protect Your Car During Hurricane Michael

How To Get Out Of Your Car Lease in 2022? 3

Hurricane Michael is fast approaching the Florida panhandle, and you should take every precaution to protect yourself and your property.  You should begin to immediately take steps to protect your home, like setting up shutters, bringing in outdoor furniture, and stocking up on water and instant meals. Even if you’re outside the evacuation zone, you may wish to relocate to a designated hurricane shelter before the weekend! Always protect life over property!

Featured Video: Protect Your Car during Hurricanes

Without a reliable source of transportation, you cannot get to work or school. Hurricane Michael will likely cause devastating floods as it tears down trees, roof tiles, and other debris. Fortunately, you can take very practical steps to protect your car and ensure your insurance policy covers any damages.

Here are 6 easy step you should take immediately:

 

1: Take Pictures

Just as we’d recommend taking pictures right after an accident, you should take some now and in the aftermath of the hurricane. Photos can give you direct evidence to verify and expedite claims from an insurer for storm-related damages. Capture shots of the interior and all angles of the exterior body. Be sure to safely and securely store these photos in a cloud or somewhere digitally so they cannot become destroyed by the hurricane themselves.

 

2: Store Important Items Indoors

Many people make a habit of keeping important files stored away in their car’s console or glove box, for instance, your vehicle registration, insurance records, and important receipts. Remove these and safely bring them indoors, preferably in a lockbox and in a sealed zip lock bag. You might want to also to laminate them or scan and upload digital copies. In case of flooding, you don’t want these documents destroyed or, worse, stolen! Make additional copies of your car keys and give them out to every licensed driver, since you may need to make a prompt evacuation or runs for supplies.

 

3: Fill Your Tank!

Everyone is already scrambling to fill their vehicles with lines crawling out into the streets! It may seem a hassle for you to find an open pump, but don’t procrastinate! You need a full tank of gas in the event of a state-ordered evacuation. If Irma remains a strong category 5 on its current trajectory, it will significantly affect all of Florida! You don’t want to drive through flooded waters, and you should never drive through an active storm. Take steps now to ensure you can get as far away as needed!

Price gouging is illegal in the state of Florida! Report any outrageous gas and water sales to the state attorney general’s hotline: 1-866-966-7226

 

 

4: Park Safely

During a severe weather event, never park your car under trees or power lines. Instead, park all your vehicles inside a covered garage. If you don’t have a garage at home, it’s possible local businesses, commercial malls, government buildings, houses of worship, and charities may open their parking garages to the public. However, public buildings will close their lots eventually, so begin exploring options and contact community members as soon as possible. Dade County offers the voluntary Miami Vehicle Protection program for residents to pre-register their cars in public parking before hurricanes. The higher up you can park your car, the better the chances your vehicle has of avoiding damage.

 

5: Inspect Your Vehicle for Damage

After Hurricane Michael, your community will look very different. We could expect knee-high flood waters, fallen trees everywhere, and wreckage scattered about the ground! Take your time to completely inspect and evaluate your car’s condition and performance ability. Document any amount of damage with clear photographs.

 

6: Drive Safe After the Storm! Be Smart!

Don’t try to drive through flooded waters or over debris. Let me repeat: NEVER drive or walk through flooded areas as they may be much deeper than they appear and have downed power cables in them. Wait until city officials have cleared the roads and approved them safe for drivers. If you absolutely must drive, stick to major roadways that are not in flood zones.

For more information on securing your property during the Hurricane Michael- Read tips on Ready.gov

Call your insurance company to verify your vehicle is covered adequately:

  • Geico: 800.207.7847
  • Progressive: 800.776.4737
  • State Farm: 800.782.8332
  • Allstate: 800.782.8332
  • Liberty Mutual: 888.398.8924
  • Infinity: 800.782.1070
  • Travelers: 800.842.5075
  • USAA: 800.531.8722
  • Nationwide: 800.421.3535

Florida Court Outlaws License Plate Frames

How To Get Out Of Your Car Lease in 2022? 4

Florida Court Outlaws License Plate Frames

Florida Court of Appeal finds common, dealer-issued license plate frames are illegal.

License plate frame
Driving in Florida with a license plate frame is illegal under a state Court of Appeal ruling handed down Wednesday. A three-judge panel overturned a Miami-Dade County judge’s decision declaring that Officer Carl Sanabria illegally stopped Marcelo Aron Pena on September 9, 2015. Pena’s car had a license plate frame advertising the local car dealership that partially obscured “MyFlorida.com” at the top and “Sunshine State” at the bottom.

In her January 2016 ruling, Miami-Dade Judge Diane Ward cited a 1997 case in which the Court of Appeal ruled that it was not a traffic violation to drive with a plate frame that covered the name of a county. Judge Ward reasoned that covering up “Sunshine State” or “MyFlorida.com” should be no different. The three-judge panel disagreed, noting that the Florida legislature had updated the license plate law in 2005 to require the word “Florida” always remain unobstructed — a decision the legislature explicitly reversed in 2016.

“Because Pena’s tag frame obscured the word ‘Florida’ at the top of the plate, he violated the 2015 version of section 316.605 and Detective Sanabria had probable cause to stop Pena’s car,” Judge Robert J. Luck wrote for the Court of Appeal.

Wednesday’s decision did not comment on whether the 2016 change in the law would affect cases going forward. Instead, the court noted the likelihood that ordinary motorists would be swept up by the precedent.

“We share the fifth district and the trial court’s concern that license plate rims and frames are a common practice of long-standing among the citizens of our state… and many otherwise law-abiding citizens install them specifically to show allegiance to a club, fraternity, college or sports team or, as a means of other self-expression,” Judge Luck wrote. “But the legislature gets to make the laws that govern our public roads and highways.”

Please call our friends at the traffic ticket team at (954) 967-9888 or email Jason@TrafficTicketTeam.com, www.TrafficTicketTeam.com