If you are already locked into a lease contract but fear you are paying too much for your car, one option is to re-lease your car at better terms. Just like you would refinance your home to take advantage of better mortgage terms, you can re-lease your car.
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Difficulty:
Moderately Easy
Instructions
1
Contact your original lender to get the current lease buyout amount. You will need this to calculate payments for another lease because when you re-lease a car, the new lender buys the car from the old lender.
2
Contact other car lease lenders for lease quotes based on your buyout amount. Use an online service like Lowermylease.com, to compare lease offers from different lenders (see Resources below).
3
Look for leases with lower money factors. Overinflated money factors are a major reason why some leasers pay too much for their lease. Lower money factors allow you to get the same terms or better in a re-lease for a lower monthly payment.
4
Pay attention to the length of re-lease term when evaluating the deal. If you can pay the same monthly payment but get out of your lease 12 months earlier, that is also a good deal for you.
5
Compare payoff amounts between your original lease and a possible re-lease offer. If you can lower your payoff amount by re-leasing your car, you can save money if you buy the car after the lease. If you know you won't buy the car after the lease, this figure is mostly irrelevant to you.
Tips & Warnings
If you are currently paying off car loan versus a car lease, you can also take advantage of re-leasing offers. A lender will buy off your loan and write a lease on the car for you. This can lower your payments significantly.
Avoid being overcharged for a lease again in the future by doing your research. You should know what the correct money factor is and do your own lease calculations to make sure you are not being cheated either intentionally or unintentionally. Don't take the dealer's word that you are getting a fair deal. Do your homework and prove it.
It isn't always possible to find a better lease than you have. If you find that leases are relatively comparable to your current lease, you might as well keep your lease because you may have to pay a service fee to re-lease.
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