It`s not the same as buying the lease because you don`t pay to buy the car. They only pay to end the lease without holding the car. This means that you pay the rest of the costs, fees and penalties of the lease without withdrawing anything from the lease. In addition to normal fees, fees and penalties, you also have to pay a very high termination fee. You can also have a penalty for your credit score if you can`t afford to pay all termination payments. The monthly amount to be paid for a rental contract. It is determined by the amortization period of an agreement. The longer it takes to repay a loan, the lower the monthly amount. Some leasing companies have a policy in which you voluntarily abandon the vehicle, sell the car and the money you need to reduce the amount for which they sell it. You could still follow you for the remaining payment due, but it will be much less than it would otherwise be. This is another reason to warn them in advance and offer to give it directly to them. To exchange your current lease for a new one, just go to your dealer or leasing company and ask if they accept a trade-in for a new lease.
If they allow you to act, they include all the costs, fees and penalties of your original lease in your new lease. If the original vehicle .B. is worth less than what you still owe to the lease, you must add the difference in the calculation of payments to the new lease. Similarly, any excessive damage or annual mileage penalties you have incurred on the original vehicle will be added to the new lease. The most popular type of leasing is an option lease or lease. This type of leasing allows consumers to return a vehicle at the end of the lease and either leave or purchase the vehicle for a forward-agreed amount. They are not required to make additional payments unless there is property damage, the kilometres travelled are greater than agreed or there is excessive wear and tear. Most manufacturers` leases are entered into. Then you should check if you want to take out a loan to pay for the cost of leasing the vehicle. Find out what the loan would cost you. Then do some in-depth research on what the vehicle might be worth on the resale market in your area based on the year, model, trimm, kilometers and options. You can use sites like AutoTrader, CarGurus, Kijiji and Canadian Black Book to help you with this search.