Personal leasing is a method of acquiring a new car which is popularly used in Britain nowadays. While some motorists find it appealing, there may come a time where circumstances change for a motorist who has started a lease and they feel it is no longer a viable thing to do.
If you’re currently leasing a car and personally decide that you need to put an end to it, then you may not be sure if it’s actually possible. It is in fact, and this guide will explain what is involved in ending a car lease early.
It can potentially feel awkward wanting to end a lease on a car early, considering that you originally agreed to be the keeper of the vehicle for probably two, three or four years. But the contract you signed when arranging the car lease should include details about terminating the deal early, should you make that decision.
While it is up to you to decide whether ending your car lease early is the best thing to do or not, you can expect to have to pay a substantial amount to make this happen. This payment is sometimes referred to as an early termination fee.
The early termination fee and alternative choices
An early termination fee which crops up when ending a car lease early will likely cover all the remaining time in which you were originally meant to have the car for.
If you’re considering ending a car lease early because you’re struggling with the monthly payments, there’s one thing you could do besides ending the deal early that could be worth considering.
You could try to arrange with whoever’s providing your car to extend the leasing contract, that means keeping a car which you don’t necessarily need or want for longer. But if you can do this, then the monthly payments should be reduced, potentially to a point where they are hopefully no longer considered an issue.
