How to get out of your lease early
So, you want or need to get out of your vehicle lease before the contract ends? You may have the right to end your agreement early; however, depending on how far through the lease you are, the financial consequence may be severe.
Remember: a financed vehicle purchase or PCP (Personal Contract Purchase) is different from a lease, so if you have taken out a PCP, follow these links on ways you can terminate your PCP early.
Read on for ways you can terminate your vehicle lease agreement.
What if I just want a change, or don’t need the car anymore?
If you can still afford the cost of your lease, but your circumstances have changed and you wish to end the agreement, there are several options you can take.
This tends to be the costliest of your termination options, as it involves paying your leasing company, in a bulk sum, the remainder of the money you owe them for the rest of the lease. This is called an ‘early termination fee’ (more on this further down), set by the leasing agent, and it will have been laid out in your contract. The easiest way to find out how much this will be in your specific case is to call your leasing company and discuss it with them.
What is a Termination Quote?
This is the quote you will receive if and when you request early termination from your leasing company. It constitutes the amount you will have to pay to end the agreement early.
How Are Termination Fees on Car Leases Calculated?
This can vary from contract to contract. As a general rule, early termination fees are approximately 50% of the outstanding payments.
Will Ending My Lease Early Hamper My Credit Score?
Getting into any debt will affect your credit score – especially when you are struggling to meet your monthly repayments.
But, remember, leasing with bad credit history isn’t impossible. Speak to our customer services team to find out more. There are also many resources available on our website about choosing the best car for your budget.
What Are My Cancellation Rights When Leasing A Car?
This will depend on the contract you signed with your leasing company and any good leasing company will be completely transparent about their terms.
If you have further questions about potentially ending your current lease, then please do contact our team here.