Leasing your car is a solid financing option for those who desire lower monthly payments at the expense of mileage and wear restrictions. At Acura of Sherman Oaks, we’re often asked whether or not you can renegotiate your car’s lease. You can get answers to questions like these from the professionals at our Acura financial services department, but let’s briefly explore the issue.
Renegotiating a Car Lease: When Can I Do It?
In most cases, once your car’s leasing agreement has been signed, you cannot renegotiate it until it expires. However, the financial services department of any Acura dealer will work with you before the paperwork has been signed to determine what terms can be negotiated. Whether you want to reduce the monthly payment or increase the mileage allowance, these terms should be addressed before signing on the dotted line.
What Should I Do if Issues Arise During My Lease?
Life can be unpredictable, with job loss or a sudden addition to the family leaving you reevaluating your choices. While you cannot alter the lease after signing, there are still options. Which of them works best will be determined in no small part by how much time is left on your lease.
On the one hand, you can terminate your lease early. This can be expensive since you will still face the remaining payments, additional termination fees, and a negative impact on your credit score.
Another option is an early lease buyout, where you take ownership of the vehicle for the price agreed upon at lease inception. Since you’re switching from a lease to a loan, this is an opportunity to renegotiate. Similarly, there are occasional Acura lease incentives for early upgrades if you're getting toward the lease end.
No financial decision should be taken lightly. If you have a leasing question at any point in the process, get in touch with the team at Acura of Sherman Oaks. We’ll help you evaluate your situation and make a financially sound decision.
