Lease Turn-In Help

Situation 1: Your lease is up right now

Here is what to do:

  • Get a copy of your lease contract and verify lease end date and mileage allowance
    • Check if there is a disposition fee. Some banks charge $300 - $400 when you turn in your lease to cover the expense of cleaning up and selling the car after you return it at lease end
    • This amount might be waived if you lease again from the same lender (i.e. Toyota Financial)
  • If the vehicle is in good condition, all payments have been made and mileage is at or below contracted amount…
    • Selling dealer will take your car at the time of delivery and handle the turn in process with the lender on your behalf
    • You will be required to sign a mileage affidavit verifying the miles on the vehicle are actual miles
  • If the vehicle has damage, worn tires, and/or excess miles…
    • You are responsible for costs associated with any of these issues
    • Dealer might be able to apply some or all of this cost to the new vehicle contract
    • If your new car is financed or leased, this would help spread the cost over several months instead of writing a check for the whole amount
    • All of the above will be subject to bank approval
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Situation 2: You want to get out of your lease early

Things to be aware of:

When you lease a vehicle you are contractually obligated to the terms of the lease. If you are looking to return the car prior to the end of the term of your lease, there are a few things you need to know; generally if you are early into a lease, you should plan for the early turn-in to cost thousands. Towards the end of your lease, that amount becomes less. In all cases you should never owe more than the remaining payments and lease disposition fee, as well as the cost of physical damage to vehicle if any.

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