I have a leased car. The lease is six months away from being over.
Apparently, I can take my car into the dealership to get a complimentary assessment on how it is doing and options that I have, including buying it. I also have the option to break my lease and get a new car without any penalties, depending on the car that I choose, I am guessing.
This process is completely new to me. I have never had a six-month-before-the-lease assessment in my life. It must be recent, as I have leased a total of four cars in my life, including this one. I can only guess that it is to retain customers.
It seems like the trade would be from my Scion iM (it has been rebranded as the Corolla iM) to the Corolla Hatchback. I don't know whether selecting a different car model is eligible for breaking a lease and keeping my payments roughly the same. We'll see.
If you have any insight, please let me know. It's all new to me as I continue my research on cars.
I recommend being very careful. Some leases are good deals, but the leasing dealer will always try to make more money at the termination point. Calculate out what all the costs are before making a final decision, which implies not making that decision during your first meeting with leasing dealership. Your bank's loan department may be able to help you with the calculations and options for replacing the vehicle.
ReplyDeleteHere's a useful summary of the key points in any lease:
https://www.consumerreports.org/car-financing/how-to-get-the-best-car-lease/
Thanks so much for your advice and link. They are helpful and I appreciate your insight. I continue to research everything. There are so many aspects to consider!
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