Changing a vehicle during a lease is a common occurrence, as you may need to swap your current lease for another, for a wide range of reasons. Whether you are simply tired of your current leased vehicle, or are close to exceeding the maximum allowed mileage in the lease contract, you can change your leased vehicle by completing an early termination at a local dealership. Upon completing an early termination and paying any necessary penalties, you can get into a new lease ahead of schedule.
If you are ready to change your vehicle during a lease, you will likely be able to do so. Undertaking such arrangements will require direct communication with your local dealership in order to further explore your options.
Evaluating First Steps
Contact a dealership that sells the type of vehicle you are looking to return. Ask the dealership to get you the early termination amount for your current lease. In order for the dealership to get the right info, it needs your vehicle identification number and the current mileage on the vehicle. Next, schedule an appointment to look at your ideal new car after you have an idea of your early termination amount. If you are looking to replace your current lease with another from the same manufacturer, you can take care of both things at the same dealership and with the same salesperson you spoke with earlier.
Exploring The Deal
Request a lease quote on the vehicle you want to purchase. When working the quote, ask the dealership to include the early termination amount you were quoted earlier. You cannot return your older leased vehicle to the finance company without paying the early termination amount. Agree on a deal for your new vehicle. Verify with the dealership that the lease payments quoted include paying the early termination on your old lease.
After you agree on a deal, you must sign up for your new lease. Make sure the purchase order for your new vehicle includes a statement that guarantees the dealership will pay the early termination amount on the older lease you want to swap. Also, get these promises about paying off your old lease in writing, just in case the dealership fails to pay off the old lease in a timely manner and you face late fees assessed by the leasing company.
Return Your Previous Vehicle
If you are leasing a vehicle from a dealership that does not sell the same make, schedule an appointment to return your vehicle to a dealership that sells the make in question. Upon returning the vehicle to the dealership, an independent inspection will be ordered. If there is excess damage on your old lease, you may get an additional bill from the leasing company to cover the damage.
Michael Ryan is a freelance writer with professional experiences in the auto industry and academic training in music. Ryan earned a Bachelor of Arts with honors from Olivet College. Since college, he has been a featured speaker at music conferences at the University of Michigan and Bowling Green State University. Ryan is a published writer, with work featured on websites including eHow and CarsDirect.com.