Need to get out of your Car Loan or Lease?

There are a variety of reasons why someone might want to get out of their car loan or lease, so we’ve written this article to help explain some of the options you have available here at Destination Mazda Vancouver. Whether the vehicle no longer suits your needs, your budget has changed, your lifestyle has changed, or you’d just like to get into a new vehicle - our team can help!

This article will highlight various options you have, including:

• Buying out your lease

• Lease takeovers

• Early lease returns

• Selling your vehicle

• Trading in your vehicle

What does ‘buying out a lease’ mean?

If you currently lease your vehicle, you may be eligible to “buy out” your lease before, or at, the end of your current lease term. Instead of returning the vehicle at the end of your term you would be able to purchase the vehicle outright, either by paying cash or financing the remaining amount owing, and then continue enjoying your vehicle. There are various considerations to keep in mind when determining whether or not you should buy out your lease, so don’t hesitate to contact our team at Destination Mazda Vancouver - we’d be more than happy to help you navigate this process!

What is a car lease ‘takeover’?

A car lease takeover can be a great way to get yourself behind the wheel of a vehicle with a great deal. This occurs when the current lease holder would like to get out of their lease contract. They would be looking for someone to take over the lease as well as the vehicle itself. Now, there are many considerations to review when determining whether or not a lease takeover is the best option. These include the term, mileage allowances if applicable, residual value, market value of the vehicle, any transfer fees, and overall wear and tear. If you are considering a lease takeover feel free to contact our team to learn more about this process!

What is an early lease return?

If you currently lease your vehicle and it no longer suits your needs you may be able to return it before your current lease term expires. Lease agreements generally have an early lease buyout option that would allow you to return the vehicle early. However, depending on the equity you’ve built up into the vehicle over the span of your lease so far, you may be required to pay out the remainder of your lease agreement, plus any potential early return penalties. Given all of the considerations involved in deciding whether to return a lease early we’d recommend reaching out to our team at Destination Mazda Vancouver to help you navigate this process.

How can I sell my vehicle?

The most common ways you can sell your vehicle are either through a private transaction or by working with a dealership like Destination Mazda Vancouver. Given the amount of money involved we’d highly recommend working with a dealership and our team is ready to assist you in this process.

Did you know that you can sell your vehicle to us without having to purchase one? That’s right, our team at Destination Mazda Vancouver can purchase your vehicle without the need for you to purchase one from us! You’ll need to come prepared with government issued photo identification as well as your vehicle ownership documentation. From there, our team will perform a vehicle inspection and appraisal to provide you with our best possible offer. Selling your vehicle to a dealership like ours is often less stressful and more efficient than trying to navigate a private sale yourself.

How can I trade in my vehicle?

Trading in your vehicle at Destination Mazda Vancouver, whether or not you still carry a loan, is a lot easier than you might think! Our team can help you navigate the trade in process and get you behind the wheel of your new vehicle with no stress! If you currently own your vehicle outright our team will perform an inspection and appraisal where we determine its market value. From there, we’ll be able to provide you with our best offer to purchase the vehicle from you. If you currently have a loan on your vehicle, we’ll help you in determining your remaining payout amount. We will then inspect and appraise your vehicle and consider both of these factors when determining the trade value.

Once either of these processes is complete, we will take possession of your old vehicle and apply the trade-in valuation to the purchase of your new one!

Contact our team today to learn more about why It's Different Here at Destination Mazda Vancouver!