Can I get out of a finance lease agreement before the agreed term ?
Hello, we can always look at ending the agreement early, however, there may be a charge depending on the type of agreement you have. If you have a contract hire then there will be an early termination fee which will be 50% of the remaining rentals. If you have a finance lease, to come out of the agreement you will need to sell the vehicle to a 3rd party and depending on the settlement figure at that time and of course the value of your vehicle will determine the cost if any. As an example, if you are paying £300 + VAT a month with 12 months left and an end payment of £6000 + VAT you will owe a total of £9600 + VAT. You will then need to sell the vehicle for as much as you can to try and settle this payment. I hope that helps and if there is anything else we can help you with then please let us know. Kind regards, Richard Wells.
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