Are you thinking of ending your Mazda lease early? It is possible, but other options are available to avoid paying penalties. Read on to discover which lease-end option is best for you.
Early Lease Termination
If you decide to end your lease early, you will be required to pay the balance, additional costs, and penalty fees for early termination. As leasing contracts vary, consult with your leasing company to determine the cost of terminating your lease early.
Leasing a New MAZDA Vehicle
If you plan to return and lease a new Mazda car, this will allow you to waive early termination penalties, but you will still be required to pay for the lease payments on the returned vehicle and the newly leased car. The monthly payment may be considerably higher.
Lease Transfer
You also have the option of transferring your lease to another person. You may be required to pay a transfer fee, which is usually less than the cost of an early lease termination. Not all leasing companies allow for a lease transfer. Consult your leasing company to learn if you can transfer your car lease.
Be cautious if you choose this option because you may be held liable if the new lessee fails to make a payment.
Buying Out Your MAZDA Lease
A lease contract will have a buyout or payoff fee, which you will be required to pay if you wish to purchase the car. If your lease allows you to buy out the lease before it ends, you will be responsible for paying the rest of the lease payments and the car’s residual value at the end of the lease term.
Visit Sansone MAZDA to Lease a New Car
If you’re looking to lease a Mazda car, visit Sansone Mazda. One of our skilled dealers will be happy to help you find the right vehicle. During your visit, we will review your Mazda finance options, so you can leave with a new Mazda car the same day.
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