During my latest car hunting process, one of the questions I had was what to do with my three-year lease agreement with 20 months remaining. In September 2014, I decided to lease a Honda Fit for my business for only $235/month after tax. About 80% of the cost is deductible since I primarily use Rhino for going to conferences, visiting consulting clients, and giving the occasional Uber ride when they are going my way.
When I was in my 20s, I’d always just pay cash for a vehicle and flip it a year or two later for even money or a small profit. I loved the hunt and the negotiation process. As I got wealthier, I put more value on time and simplicity. I wanted minimal maintenance headaches. I also wanted the option of just handing the keys in when my lease term was up.
But due to the desire of owning a mid-life crisis car and only having one indoor parking spot, I wanted to learn what my options were for an early lease termination. Perhaps some of you want to terminate your car lease because you are bored with your car. Or maybe you’re relocating for a job or just can’t comfortably afford the payments anymore. Here are your options after speaking at length with a couple vehicle leasing department personnel.