Can you return a leased car

If your lease doesn't mention a grace period, you don't have this option. Sometimes, a lease might be subject to contingencies on the part of the dealer. Check your lease to see if any contingencies exist during the first four days of the contract. This means that you return the car, and the dealer returns any money you paid. You could simply turn in the car and write a check. Or, you could figure out what your car is worth on the open market. Compare your buyout price to the current market value of your car on an online pricing guide such as TrueCar, Edmunds or Kelley Blue Book, or by getting a real cash offer from online car dealers like Carvana, Shift or Vroom, or your local CarMax.

This is the fastest and easiest way to step out of a lease agreement. And, because the pandemic has created a shortage of used cars, your car might be worth more than you expect.

Pickups and SUVs are in high demand now, in part because of low gas prices, and might fetch a higher price from a dealer. The value and desirability of sedans and other vehicle types will depend on the popularity and availability of those brands.

However, if your residual value was low and your payments high, you might still be on the hook for a lot of money. You may have to tap your savings. Or you might want to explore other options. Most lease contracts allow you to transfer the remainder of the lease period to another person, says Scot Hall, executive vice president of Swapalease, a lease-trading site.

Swapalease and its competitor, LeaseTrader, help you find someone who needs a car and can assume the remaining payments. As part of the deal, experts from these sites make sure the paperwork is completed accurately.

But check with your leasing company for the exact number! Usually, you can purchase extra miles before the end of your lease.

So, consider this next time you lease a vehicle. When signing the lease, focus is usually placed on the upfront charges and monthly payments. Usually, financial providers include a disposition fee in the lease agreement. This can also be called a turn-in fee or an admin fee. The purpose of this admin fee is to pay for the cleaning, moving, storing and admin work on the vehicle until it is resold. It typically amounts to a couple of hundred dollars.

The only way to avoid it is by doing a car buyout, which avoids the end-of-lease process and all associated charges. Skip to content Below Invoice. See all results. Table of Contents. Share on facebook. Share on google. Share on twitter. Share on linkedin. Recent post. Get Started. Luxury Car. Exotic Car. Hyper Car. No Comments. Exotic Car Cost Of Ownership. Moneyshake saves you time and money, simplifying your search for a brand-new vehicle. Ever wondered what happens when you return a lease car?

But how does collection of your vehicle work? And do you have to be home when it all takes place? Afterwards, you can take out a new deal on a different model, or look elsewhere and walk away. Regardless of whether you have leased a car for personal use or through your business, the procedure at the end is the same.