Planning on leasing a vehicle in the Providence, RI area? If so, you may be wondering about the timeframe to return a leased car. A new car lease typically lasts two or three years and your leasing company will usually contact you 30 to 90 days before the actual lease-end date to start preparing for the lease return process. What happens if you lease a car and realize it’s not a good fit for you? Can you cancel a car lease within 30 days? In general, you can return a leased car early, but there will be a fee to pay. Learn more from the experts in the finance center at MINI of Warwick.
While there is no “grace” period or “3 day return policy” in which you can cancel the deal, you may have the option to return a leased vehicle early. Can I return a leased car within 3 days? Can you return a lease after 1 day? With most car leases you can return the vehicle early, but it is going to cost you, since canceling a car lease within 30 days is often associated with a substantial fee.
Depending on the terms of your lease, an early termination fee could include all the remaining lease payments, the difference between the current lease balance and the projected lease-end value, or other fees. Keep in mind that the earlier you terminate a lease, the more you’ll be required to pay. So if you’re wondering, “Can I return a leased car within 3 days of signing?”, you should know that you could end up paying for the entire lease anyway.
What to Ask Before Ending a Car Lease Early
Most Newport, RI drivers who are considering an early lease termination are more than just a few days into the lease. If there is only a year or less left on the lease, and you don’t need a vehicle anymore, the early termination fee most likely won’t be as severe as if you were looking to cancel the car lease within 30 days. Some factors to consider before ending your car lease early include:
Why do you want to end the lease early? If you don’t like the color of the car or wish you would have gotten a trim level that included more features, it doesn’t justify the large fee you could pay for ending your lease early. If you’re moving far away or if the vehicle doesn’t suit your driving needs, the early termination fee may be worth it to you.
How much are you willing to pay to cancel your lease? Depending on just how early you want to terminate the lease, you could end up paying several thousand dollars or more.
What are the leasing company’s policies? Contact your leasing company to ask about their early termination policy. They can tell you more about the associated fees, and if you’re really in a tough position, they may be able to work with you on a more favorable solution.
Learn More About the Lease Options Available at MINI of Warwick
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