There are so many benefits to securing an Alfa Romeo lease from Helfman Alfa Romeo of Sugar Land. So much so, that we see countless drivers opting for a lease rather than financing or buying. However, we understand that your needs for a vehicle can change. What happens if you want to end your lease early?
How Does a Lease Work?
When leasing a vehicle, you are essentially paying to drive a vehicle, rather than buy one. This can help people save significantly on a new vehicle. When you lease a vehicle, we look at the vehicle’s value and then determine its estimated value at the end of your predetermined term.
You are only responsible for the vehicle’s depreciation during that time. Then, once your term is up, you simply return the vehicle to the dealership.
What are My Options at the End of My Lease?
As we mentioned, once your lease is up, you need to return your vehicle to the dealership. However, there are a multitude of options for you once you do so.
- Simply return your vehicle
- Return your vehicle and finance/lease a new one
- Buy your leased vehicle
- Extend your current lease
What if I Want to End My Lease Early?
Your car lease agreement should spell out what can happen if you choose to terminate a lease agreement early. Oftentimes, that includes paying all the remaining costs when you turn your vehicle in. There may also be fees and penalties included.
However, you may have other options. Can you transfer your lease to someone else? This can help you save significantly, maybe even thousands. You may also be able to buyout your lease now too.
Still have questions? Contact our Alfa Romeo dealership in Houston, TX – we’re happy to help!