Can You Turn In A Lease Early To Another Dealer?

Can you turn your leased car into another dealer?

You can take your car to any dealer, not just the one where you arranged the lease, and let the dealer buy the car at the trade-in price.

The dealer will pay the leasing company what you owe and give you a check for the equity.

Can I return my leased Honda to any dealership?

If you have a lease from a captive lender – a manufacturer-specific financial company such as Ford Motor Credit or Honda Financial Services – you can return your leased car to any franchised dealership of that brand.

How does a trade in work with a lease?

A consumer looking to lease a vehicle is still able to trade in their current car. Trading in won’t change the overall cost of the lease, but a lessee can use the equity from the trade to reduce the monthly payment.

What happens if you turn in a lease early?

According to DMV.org, penalties for terminating a car lease early include requiring you to pay some or all of the following: Remaining payments on your lease. An early termination fee. Negative equity between your lease amount and the current value of your car.

How much does it cost to return a lease?

The leasing company is the one that owns the car so if you communicate through a dealer, you’re just adding a middleman that can potentially screw you over. The payoff amount will include an early termination fee of around $200 to $500 plus any remaining depreciation cost.

What do dealerships do with lease returns?

Dealerships don’t own the car that is returned after a lease. Generally, the vehicle is owned by a leasing company that wants the car returned. Many do offer the dealer the option to buy the vehicle, some don’t. The ones that do not, put the cars up for auction where other dealers may purchase them.

How much do you pay when you return a leased car?

When your car lease ends, you may think you’re even with the dealer. But you’ll often find you still owe money because of what’s called a disposition fee. This fee, which typically runs $300 to $400, covers the dealer’s costs of putting the vehicle back onto the market to sell as a used car.

What happens when returning a leased car?

If you can afford to buy out your lease, you have the option to return your leased car to the dealership. Provided you pay the difference between the amount you have paid to date and the amount you owe for the remainder of the lease, your credit will not suffer when you return the vehicle.

How much is Honda lease turn in fee?

The lease allowed 36,000 miles and the car had 28,000 miles when I turned it in. They waived a $300 excess wear/tear fee but not a $350 turn in fee.