Returning the keys does not necessarily end your obligation to pay. Before changing cars, ask the leasing company for written options and the cost of each one.
Start with the contract's early-termination section. Regulation M requires covered leases to explain the conditions and charge or calculation method. The amount can be substantial.
Ask for figures for the same date
Request an early-return estimate, your purchase payoff if available, and any transfer option. Ask when each figure expires, which charges or taxes are excluded and how the final amount is determined.
An early-return estimate and a purchase payoff answer different questions. Neither is automatically the sum of your remaining payments. Your end-of-term residual is not necessarily today's purchase price.
Compare the possible paths
| Path | Questions to resolve first |
|---|---|
| Keep the lease | What will the remaining payments, insurance, maintenance and expected return charges cost? |
| Return early | How is the final charge calculated, and could it change after the car is sold? |
| Transfer, if allowed | Does the lessor approve the new driver, what fees apply, and are you fully released? |
| Buy the car | What is your dated payoff, including taxes and purchase fees? |
| Sell or trade through an allowed buyer | Can that buyer purchase directly, and does it receive a different payoff? |
A transfer listing or a private agreement does not release you from a contract. Get the lessor's written approval and release terms before handing over the car. Some contracts do not allow transfers or third-party purchases.
Keep old debt separate
If a dealer offers to handle the remaining lease, ask exactly what is paid, waived or added to the next contract. Ask the lessor to confirm any waiver.
Rolling an exit balance into a new lease spreads the debt into the new payments. It does not make the debt disappear. Compare the next car's cost with the old balance shown separately; dealer quote traps explains the risk.
Do not stop paying while an exit is arranged
Confirm the effective completion date, final bill and any release in writing. Keep payment and insurance arrangements in place as your contract requires until the lessor confirms the change. Ask how registration and plates should be handled.
If military orders may give you special rights, ask for the lessor's military assistance process. This general comparison does not determine eligibility for legal protections.
Use the lease-end equity worksheet to organize a permitted purchase comparison. It is not a live payoff or an early-termination calculator. Use the lease-end guide for return preparation.
Sources and limits
The CFPB's leasing overview explains early-termination risk. The Federal Reserve's early-termination guide supplies background definitions; it is archived material, not current lessor policy. Ask your lessor for today's contract-specific options.