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How can I get out of a car lease?

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asked Oct 22, 2015 in Finance by Chloe
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Signing up for a car lease is exciting, getting out of it not so much. It can take quite a bit of work to get out of it, but how does one go about it in the first place? Let's take a glance.

 

The easiest way is to simply return the car back and give the amount that is owed earlier. This is something many people do and/or they trade in for another vehicle. This might not suffice for those who don't wish to go down this route and blow their budget, but it is an option to consider nonetheless [1].

 

Another option is to have the lease transferred to another individual who is willing to take it off of your hands. This is fine with the dealer and they will be more than happy to make the transfer. It is important to be patient with this process as it takes more work, but you will save a lot of money [2].

 

There are some who go down the route of 'repossession', but this is not recommended at all. This is when you stop paying the payments and just wait for them to come and collect the car. This is not a good idea and will hurt your credit [2].

 

References

 

1) http://www.leaseguide.com/articles/terminate/

 

2) http://www.creditfinanceplus.com/articles/get-out-car-lease-before-end.php

answered Oct 22, 2015 by kingusama92 (23,380 points)

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