Of course time has a lot to do with it. If you have 6 months remaining on your lease, chances are you will have to go out of pocket as the remaining payments plus the buyout option may far exceed the current value. For those with less time, you may be able to get out early. Several variables will play a factor on whether early termination is possible as it all comes down to current market and demand for your vehicle. Let me explain…
When you enter a lease agreement, the bank has a projected value of what your vehicle will be worth when they get it back. If a vehicle has become unpopular or is plagued with negative media coverage, chances are your buyout will not be anywhere close to current market value. Just because a vehicle starts at a certain MSRP, the original pricing isn’t what gives your car its value, it’s what others are willing to pay that does. Consumer demand drives the market, ultimately value is based on what people are actively paying for similar vehicles. If the vehicle has a solid reputation and strong resale, you’re in the right direction. Maintenance is also is a factor. If you have taken good care of your leased vehicle maintaining service and scheduled maintenance, haven’t gotten into any accidents and are current or under on your miles, your vehicles market value may be better than what the projected residuals you were quoted at lease inception. In plain English, we want your car!
RCO Cash for Cars buys cars under lease contract getting you out of your current agreement allowing you to alleviate unwanted payments for a car you don’t use or enabling you to get into a new deal for a current model. Transactions are typically quick and we deal directly with the financial institutions. Payment is overnighted by us to the bank and typically clears within 5 days of submission.
If you are looking for early termination, please feel free to call us toll free at (888) 589-1747 or fill out his short online questionnaire. Same day service may be possible!