Early Lease Termination/Return
I've been reading around the forum and doing some Google searches as well, but a lot of the info I found is either from the US or out of date by quite a few years. Wondering if anyone who has terminated a lease early and knows of the details can answer a couple questions for me.
I have a lease with Honda that is over at the end of February. If I wanted to return my current lease and get a new Honda early, I could do so without penalty as long as the current value of the vehicle is higher than the "buy-out" price right? Basically I need to be in a situation of positive equity I think. My understanding of this scenario is that the Honda Dealer would treat this as a trade-in for all intents and purposes and buy the vehicle from HFS.
If I wanted to move to a different brand, do I need to wait out the full term of the lease or can I contact HFS and see if they will allow an early return? If I went this route I would be on the hook for the remainder of my payment obligations I believe...? I know we don't own the vehicle, so it isn't as simple as taking it to a competing dealership of another brand and "trading" it in, like you can on a financed or owned vehicle.
Are there any other tips someone may have for me? Basically we are growing tired of our current vehicle, but the lease end is only a few months away at this point and we can ride it out until the end if it doesn't make financial sense to exit the lease early, or if it just simply isn't permitted by the leasing company.
**PS - I'm actively looking for my original lease documentation, but its harder to find than I anticipated... I would imagine a lot of this info would be on those documents?