Exit your lease

Get Out of Your Car Lease Early

Q: Can I get out of a car lease early?

Usually, yes. The question is what it costs. If the car is worth more than the payoff figure your lessor has set, that difference is equity and can cover some or all of the cost of leaving. If it is worth less, the gap has to be settled or rolled into a new payment. We check both numbers before you decide anything.

Q: How much does it cost to exit a lease early?

It depends on the gap between your payoff and the car's current market value, and on what your lease agreement says. Possible charges include an early termination fee, the remaining payments, disposition and transport fees, and anything beyond normal wear and tear. Equity in the vehicle can offset some or all of it.

Q: Is it cheaper to wait until the lease ends?

Often, but not always. Waiting avoids early termination charges, but if you are heading for a mileage overage at 15 to 25 cents a mile, or the car currently carries equity that will erode, leaving early can be the cheaper outcome. The maturity date and your mileage decide it.

Q: What do I need to check my lease?

The VIN, which identifies the vehicle, and ideally your lessor, account number, payoff figure and maturity date. Those last four are on your monthly statement or in your lessor's app, and they make the answer exact rather than approximate.

Most people assume leaving a lease early costs money. Sometimes it does — and sometimes the car is worth more than the payoff and the lease owes you. Enter your VIN and we will tell you which one you are looking at.

1 Enter your VINWe identify the exact vehicle from the 17 characters.
2 Tell us about the leaseLessor, payoff and maturity date if you have them to hand.
3 See where you standMarket value against payoff, and the routes out, the same business day.

Serving Nassau County and Suffolk County on Long Island, plus New York City, New Jersey and Connecticut.

Exit my lease

Takes about three minutes, and your numbers come back the same business day.

Exiting a car lease early on Long Island

People look to leave a lease early for ordinary reasons: the payment stopped being comfortable, the family outgrew the car, a new model arrived, or the job changed and so did the mileage. None of those are unusual, and none of them require waiting out the term.

Start with the two numbers that matter

Every early exit comes down to the gap between your payoff — the figure your lessor will accept to end the agreement — and what the vehicle is actually worth today. Residual values are fixed years in advance, so when used values run high the car can be worth more than the buyout. That difference is equity, and it belongs to you.

When there is equity

Positive equity can cover the cost of leaving and sometimes more, going straight toward the next vehicle. This is the case people most often miss, because a lessor has no reason to tell you the car is worth more than the number they quoted you.

When there is a shortfall

If the payoff is higher than the market value the difference has to be settled or rolled into a new payment, which raises it. Worth knowing before you decide rather than after. In that situation waiting for maturity is often the cheaper route, and we will say so.

What early termination can cost

Early termination fee — set in your lease agreement.
Remaining payments — some or all, depending on the lessor.
Disposition fee — charged at the end of most leases either way.
Excess mileage — typically 15 to 25 cents a mile over the allowance.
Wear beyond normal — panel damage, tyres, curbed wheels.

Equity in the vehicle can offset some or all of these. That is exactly what the check is for.

Is it cheaper to wait?

Sometimes. Running to maturity avoids termination charges, but if you are on course for a significant mileage overage, or the car holds equity now that will erode over the remaining months, leaving early can cost less overall. Your maturity date and your mileage decide it, which is why we ask for both.

Where we do this

Long Island is home. We are based in Ronkonkoma, in Suffolk County, and most of what we handle is across Nassau County and Suffolk County — Hauppauge, Huntington, Islip, Smithtown, Babylon, Hicksville, Massapequa, Garden City and Hempstead. We also cover New York City, Westchester, New Jersey and Connecticut.

Thinking about what comes next?

Browse current lease deals, ask for a quote on any make or model, or have us appraise the car so both halves of the picture are priced together.

Lease exit questions

Can I get out of a car lease early?

Usually, yes — the question is what it costs. If the car is worth more than the payoff, that equity can cover some or all of it. If it is worth less, the gap has to be settled or rolled into a new payment. We check both numbers first.

How much does it cost to exit a lease early?

It depends on the gap between your payoff and the car's market value, and on what your agreement says. Possible charges include an early termination fee, remaining payments, disposition and transport fees, and anything beyond normal wear and tear.

What is lease equity?

The gap between what your leased car is worth today and the payoff fixed at the start of your term. Residual values are set years in advance, so a lease can be worth more than the buyout — and that difference is yours.

Do I have to lease another car to exit?

No. Finding out where you stand costs nothing and carries no obligation. Once you have the numbers a specialist will talk through the options that apply to your situation.

Is it cheaper to wait until the lease ends?

Often, but not always. Waiting avoids termination charges, but a mileage overage at 15 to 25 cents a mile, or equity that erodes over the remaining months, can make leaving early cheaper. The maturity date and your mileage decide it.

What do I need to check my lease?

The VIN identifies the vehicle. Your lessor, account number, payoff figure and maturity date make the answer exact — all four are on your monthly statement or in your lessor's app.