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If the early termination fees are too high, you may be able to transfer your lease instead. Lease transfer requirements and eligibility vary among states and are dependent on your car lease agreement.
A car lease includes fees you should understand before you sign the paperwork. Even though your monthly payments might be around $400, you'll probably need to pay fees at the lease signing.
Oftentimes there are early termination fees if you try to get out of the lease early. And pay attention to the upfront payment, the residual value and how they relate to the monthly payment ...
Lease agreements typically stipulate an early termination fee and limit the number of miles a lessee can drive (for passenger cars, a common number is 10,000 miles per annum though the amount can be stipulated by the customer and can be 5,000 to 25,000 miles per year). If the mileage allowance is exceeded, fees may apply.
Termination fees are common to service industries such as cellular telephone service, subscription television, and so on, where they are often known as early termination fees. For instance, a customer who purchases cellular phone service might sign a two-year contract, which might stipulate a $ 350 fee if the customer breaks the contract.
In general, by paying the negotiated fee to the lessor, the lessee (also called a tenant) has possession and use (the rental) of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant. The most common form of real property lease is a residential rental agreement between landlord and tenant. [7]