At Green Mazda, we love to help customers like you find the right vehicles for their budget. Sometimes that means helping them explore and readjust their financing options as their lives change. Unforeseen circumstances can make it difficult to keep up with payments on your current Mazda lease; when that happens, consider these options.
What to Do When You Can’t Afford Your Car Lease
If making lifestyle changes isn’t sufficient to help you make your car payments, other options exist. Regardless of which option works best for you, it’s a good idea to get in touch with your leasing agent and explain your situation. We’re always here for you!
Trade In Your Lease
While you can't refinance your lease, you have the option to trade in your leased vehicle. If the new car loan offers a lower monthly payment compared to your lease, this can be a viable solution. While this may entail settling for a vehicle with fewer features, it ensures that your credit report won't hinder your ability to secure another auto loan.
Find a Buyer for Your Lease
Seek out potential buyers interested in assuming the remaining lease payments, as many lease contracts may be transferable. This avenue provides a means of exit without negatively impacting your credit score.
Repossess Your Car
As a final resort, you can opt for voluntary repossession by contacting the leasing agent. Engage in discussions with the lender (if not done already) to explore options for reducing or deferring payments. Arrange a suitable time to return the vehicle, ensuring all personal belongings are removed beforehand.
Ask About Your Current MAZDA Lease Options at Green MAZDA
Whatever solution works best for you, your trusted Mazda dealership in Springfield, IL can help. Green Mazda is happy to discuss your options — get in touch today.
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