Leasing a car offers many benefits that often supersede buying. You aren’t financially tied to a vehicle for very long, and leasing is typically cheaper than financing. But is renegotiation possible with a Land Rover lease?
Refinancing, Not Renegotiating
When you signed your lease, you entered into a binding contract to make monthly payments. That contract cannot be renegotiated. That doesn’t mean refinancing is off the table; you can talk to the dealership about a lease buyout.
This involves taking out a loan and setting up another monthly payment plan, which has certain advantages and disadvantages. On the positive side, the car is yours; you may be able to negotiate better financing terms, and you can sell the vehicle at any time. On the negative side, your buyout usually involves fees or extra charges
Other Lease Options
Financing can be helpful, but it is not a one-size-fits-all solution. You still have options.
First of all, you can simply wait until the lease expires. Then you can turn the car in or start a new lease. With this new lease, you will have some negotiation power. This is often your best option if you’re close to the lease’s end.
Another option is to transfer the lease to someone else. This, too, will involve a fee, which should be considered.
Finally, you can end the lease early by paying the early termination fee. Because the fee is high and early termination hurts your credit, many lessees consider this a last resort.
Drivers most often consider lease renegotiations because of a change in circumstances or a financial hardship. To avoid compounding your problems, it’s essential to think through the consequences of each course of action. When you contact your Land Rover dealer serving Milwaukee, we will ensure you have the information you need to make an intelligent decision.