If you're getting ready to sign a Chrysler lease here at Hall Chrysler Dodge Jeep® RAM Virginia Beach, you probably have some questions. You want to be prepared for any eventuality, and we get it. That's why our dealers are ready to answer any questions that you have, including “Can I end my lease early?”
The simple answer is “yes.” The more complicated answer is that you can end your lease early, but there are important considerations to make before making such a decision.
Early Lease Termination Fees
If you decide to back out of your lease early, you could end up paying extra fees. Your lease agreement outlines these costs clearly in accordance with federal law, so you can see for yourself what kind of expenses you can expect to incur when terminating early.
A lot of calculations go into a lease agreement. How much a car will depreciate during a lease term, how much you're paying, and what a dealer will do with the vehicle once you return it all factor into your agreement. Ending it early can throw a wrench in things. In some cases, terminating early can cost thousands of dollars when all fees are tallied up.
Lease Transfers
A better option might be a transfer of your lease to another driver. If it's permitted under your lease agreement and the new driver meets the lender's standards, you should be all set. Just remember that you may need to pay a fee for such a transfer.
Leasing a car is a serious obligation, and if you're ready to take on such an agreement you should visit our Dodge dealership near Norfolk, VA. We can answer any other questions you have about leasing, financing, or anything else!