Most of the time renters want to terminate the lease in the middle of the term. Before thinking about it, one must know that it is a very difficult task. Renters never think about terminating the cheapest rental car deals that they get after making painful efforts. The idea to terminate the lease strikes in the minds of the renters instantly. Maybe, they do it because they get relocated to another city or face the financial constraints in paying the monthly rental fees. Whatever may be the reasons of termination but the renters will have the following option with them.
Return the hired car:
Returning the hire car is one of the ways for bringing the lease to an end before time. But, one will have to clear one’s rental car dues such as monthly payments, excesses and charges associated with the tears and wears of the vehicle. One will not be waived of the car rental penalties or excesses if chooses to return the hire car before the dealer. It may not be a befitting solution for the problem in case hirers are not able to pay the unpaid bills at a time.
Bring the term to an end by leasing another hire car:
Leasing another vehicle is the second option. Renters who think that the first option would not work well can try this option. But one must bear one thing in the mind that one can confront the situation leasing another vehicle. But all the outstanding of the first term will be transferred into the second leasing. The burden of payment may be doubled because you will have to pay the fees you are owed to pay and the fee of the new leasing also.
Buying the leasing:
Buying the lease may come heavy on the renters because the rate of the vehicle projected by the dealers is always higher than the market price of the vehicle. So there are off-chances to be profitable in this deal. If the estimated price of the dealer becomes lower than the market price of the vehicle, in that case, a customer may be profitable. But it happens rarely as car hire companies have a great expertise in estimating the true value of the vehicles.
Renters uninterested in all the above three options may choose it. But, they will have to motivate another party to transfer the lease to his name. He will enjoy many benefits also. Once the process is ended, you will have to pay the outstanding fees. This process is called a lease swapping.
Source by Alissa Dukakis