Can You Get Out of a Car Lease Early?

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Breaking a car lease is a common scenario with multiple paths. If you’re considering terminating your lease early, learn about what to expect. Then, reach out to the Pfaff Leasing dealership you leased your car through for assistance. We have locations in Toronto, Vancouver, and Calgary and are on standby to guide you through the process. But first, read our handy guide on what to expect. 

Breaking Your Lease Early

Yes, you can get out of a car lease early, but the first thing to know is that if you break your lease 30 or more days before the lease expires, you’ll have to pay an early termination fee. To get a sense of what kind of fee to expect, take a moment to review these factors that dealerships consider when calculating your termination fee: 

  • The dealer will first subtract the sale price of the vehicle, along with any sales-related expenses, from the remaining balance of your lease agreement at the time of your turn-in.
  • Then, they’ll add up your outstanding monthly payments and end-of-term liability, which often includes potential fees related to wear-and-tear, excess kilometrage, and disposition.

More Early Lease Return Tips 

Though it’s possible, breaking your lease early isn’t always the most cost-effective solution. Here are a few more things to note about breaking your lease early: 

  • You may need to take care of late payments. 
  • You may owe personal property taxes on the vehicle, depending on the state in which you live. 
  • Make sure to turn your lease-end form in within one day of the actual lease return so that we can accurately assess fees. 
  • It may be more cost-effective to sublet your car. 

There are many sites designed to connect those of you looking to break your lease early with potential subletters. In this case, you can transfer your lease to another lessee, in which case, you won’t be on the line for nearly as many fees. 

You Can Get Out of Your Lease Early With Pfaff Leasing!

If you’re considering breaking your lease early, you can discuss your options in much greater detail with our financiers. Simply call us at 289-236-0357 for assistance. While you’re on our site, however, take a moment to learn more about the services we provide

Pfaff Leasing 43.783521716326185, -79.54834986378602.