Can you end a lease agreement early?
Customers occasionally ask us if it’s possible to end a lease early, and the short answer is yes. It is possible to trade out of your lease prior to the end of your lease agreement, but there are a few factors that come into play. Some things to consider:
• How far are you into your lease agreement?
• How many miles do you have on your current vehicle?
• How does your remaining payoff amount compare with your vehicle’s current market value?
With used car values at an all-time high (especially with Honda vehicles) and incredible incentives from Honda, you may be in a position to make a switch.
When you lease a vehicle, you have a payoff amount — just as you do with a traditional auto loan. Depending on the market value of your vehicle, there is a strong possibility that you can trade out of your current vehicle 6 to 9 months prior to the end of your lease agreement.
Many customers jump at the chance to drive a brand new Honda with a similar monthly payment.
If this is an option you’d like to explore, contact your Don Ayres Honda salesperson. He or she can take a look at your current situation and let you know what makes the most sense for you.