Posts Tagged early termination of Toyota lease
Relocating overseas, getting downsized , or getting into financial difficulty are just of few reasons why someone might consider breaking a Toyota lease. However there may be some financial consequences depending on the fine print of the lease agreement and how you go about it.
Buyers, or signers on a lease, frequently think that leasing a car is a lot like renting a auto , but, they are two completely different situations. Renting is always for a short period of time and requires no further obligations other then paying the rental fee and returning the vehicle by the agreed upon date and time.
Leasing on the other hand is for an extended period of time typically two or three years. With leasing there’s a legal contract to make the lease payments for the duration of the lease. When it comes to breaking a car lease there are typically some rigid penalties in the fine print of the lease agreement.
Understandably [spin] it isn’t in the purchaser’s best interest to go with either of those options if the buyer isn’t going to use the car.
There is an [spin] affordable option for breaking a car lease that many people are not aware of. That option is to transfer the lease to someone else. There are a number of ways to do this. First you need to check if your lease agreement restricts transfers. If the agreement doesn’t mention anything against transfers then you’re ready to go.
The first step is to find someone who is looking for a similar automobile and would be willing to take over your lease. This can be accomplished fairly quickly by using a company that specializes in trading leases.
The lease trading company will charge a nominal fee and there may be additional costs involved from your bank or the leasing company but these costs together would be significantly less than the penalty you would end up paying if you were to break the Toyota lease.
To learn more about how to break your Toyota lease visit
break a Toyota lease.