Ending your Mercedes-Benz lease early is easy, but not without consequences. You'll most likely be held liable for the remainder of the payments on the lease, any disposition fees involved with turning in your vehicle and damages incurred on the vehicle while in your possession. But there are other ways to end your lease early without putting a huge hole in your wallet.
Contact the lender that holds your lease to find out how many monthly payments remain and what the payoff figure for the vehicle would be.
One option is to buy your car outright from the bank. This will end any obligations left with the lease, but will most likely cost you more money per month if you decide to finance. You will also have to pay the sales tax due on the vehicle when you purchase it.
Another option is to find a buyer for your car. Find out your vehicle payoff and seek out a buyer willing to pay as close to that amount as possible, in hopes of minimising the out-of-pocket amount you will have to pay to exit the lease.
Transfer your lease to someone else. Websites such as swapalease.com and leasetransfer.com can held you find potential buyers interested in taking over your remaining payments. Contact your financial institution and let them know you are planning to have the lease transferred to someone else.
Trade in your Mercedes-Benz for a new one. Mercedes-Benz Financial will sometimes offer special deals that wipe out your last six lease payments as long as you lease or buy a new vehicle through them.
Always ask your financial institution if any financial or liability will stay with you even if you are transferring the vehicle into someone else's name.
Tips and warnings
- Always ask your financial institution if any financial or liability will stay with you even if you are transferring the vehicle into someone else's name.