December 1st, 2008 | Author: admin
To break a lease on a vehicle is exactly like breaking a legal contract, there will always be penalties involved whether big or small. There can be several reasons behind this decision such as loss of income, employment, change of life style. You should learn as much as you can regarding this issue before walking through the door to your local dealership.
Many of us will likely to bring the leased vehicle back to the same dealership where they purchased it from. Thinking by returning the vehicle to the point of purchase this may help them ease the transition. Well wished thinking but not always true, the original dealer will have very little to gain from breaking your current lease. Sales person will likely not be paid at all from the transaction unless you are purchasing another car. There is very little incentive to help you break your current lease other than the possibility you may return in the future to purchase another car. It is important you have all the facts and figures ready to make the process as painless as possible for the dealership.
When returning a lease early, you will see first hand about just how important is your vehicle’s resale value. Use a GM vehicle for example, the 3 year old “Chevy Malibu” is only worth 7500 but you still have 14000 out standing from your current loan with GM Canada. You will be responsible for the difference your self to break that lease. Use a “Honda Civic” for example, your 3 year old Civic will easily resale for 12000, and your outstanding balance of 14000 will be a lot easier to deal with. Can I sell the vehicle myself to get more money you ask? Of course you can, feel free to take your time to advertise your vehicle in the local papers, and compete with dealers. Get a few door knocks and tire kickers. There is a good chance you will be pressed for time when trying to break your lease. Therefore this scenario is unlikely.
When it’s a good time to break my lease? Generally speaking the later the better, that is because your lease is calculated based on the vehicle depreciation value. The closer you are to your expiry date on your lease contract, the closer the calculated resale value will be to the real market value.
Who determines the “market value”, well the short answer to that question is “consumers”. Just like the volatile stock market the value of a vehicle is determined by demand. More demand means higher resale value, and less demand means lower resale value. How many people do you know will first consider a 1997 Geo Metro as their next used car to purchase? And what do you think a used 1997 Geo Metro will be worth in the eyes of the consumers?
Can I shop for a higher value for my trade in when I am breaking my lease? Yes you can, feel free to spend some time with few dealerships to get a trade in value for your car. Chances are they will only be 500 apart, after all the resale value of your vehicle is carefully documented by a book dealer often use called “Canadian black book”.
This article is brought to you by Auto Credit Financial, your used car financing specialist in Toronto. For more information on used vehicles financing and bad credit car loans please visit our website at http://www.autocreditfinancial.ca
About the Author:
Auto Credit Financial
Article Source: ArticlesBase.com – How to break a lease on a new vehicle?
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