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How to stop or terminate a leasing contract

nicad 06/09/2021 1139

How to stop or terminate a leasing contract

Buy the vehicle before the end of the contract

To end your leasing contract, you have the option of buying your car before the end of the lease if you have subscribed for a leasing with option to purchase (LOA).

If you want to buy the entire car before the end of the contract, you must contact the financing organization which will tell you the amount remaining to be paid. Be careful before opting for this solution. You will then have to pay the sum of the monthly payments due until the end of the contract as well as the residual value of the car (called the value of the purchase option) to which are added any administrative fees or penalties.

By paying the missing amount of the original car price, which is the price minus the monthly installments you paid, you can become the new owner of the vehicle. You can only choose this solution if you have the funds to pay for the rest of the vehicle.

Return the car before the end of the contract

If you want to stop your leasing contract , you have the possibility of returning the vehicle to the lessor (always if your contract allows it). You can therefore return the vehicle but you will have to pay the rest of the monthly payments.

Therefore, returning the vehicle allows you to disengage from all obligations concerning the car but financially, this is not necessarily interesting since you will continue to pay for a service that you no longer use.

Transfer your leasing contract

The easiest and cheapest solution is to transfer the rental contract. This solution makes it possible to transmit the LOA contract to an individual or a company who would like to take it over.

Thus, the former tenant withdraws from all obligations concerning the car. He can therefore transfer the contract. The new tenant takes charge of the car and continues to pay the remaining monthly payments until the end of the contract.

For this, however, it is necessary to notify the leasing organization of this transfer and of the change of tenant. .

Do you want to sell your car under lease? Kyump / CapCar offers you to sell your car despite the fact that it is under a leasing contract! So go ahead, we will take care of all the steps for you. With Kyump / CapCar, you sell peacefully.

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