The first step is to contact your leasing company and let them know that you would like to get out of your lease early. They will be able to provide you with the necessary information and forms.
2. Pay off the remaining balance of your lease
In order to get out of your lease early, you will need to pay off the remaining balance of your lease. This amount will include the principal balance, any accrued interest, and any other fees that may be applicable.
3. Purchase the vehicle from the leasing company
Once you have paid off the remaining balance of your lease, you will be able to purchase the vehicle from the leasing company. The purchase price will be the residual value of the vehicle, which is the amount that the leasing company believes the vehicle is worth at the end of the lease term.
4. Register the vehicle in your name
Once you have purchased the vehicle, you will need to register it in your name. You will need to take the following documents to your local DMV:
- The vehicle's title
- Your driver's license
- Proof of insurance
- The sales tax form that was provided by the leasing company
5. Get a new loan (optional)
If you do not have the cash to purchase the vehicle outright, you may need to get a new loan. You can shop around for the best loan rates from different banks and credit unions.
6. Enjoy your new car!
Once you have completed all of the above steps, you will be able to enjoy your new car!
