Get Out of Car Lease, Break a Lease, Swap A Lease, Lease Transfer or Lease Trade, It's All the Same Thing...
Yes, you can get out of your car lease without financial liability or damaging your excellent credit.
You’ve probably already discovered that getting into a car lease is so much easier than getting out.
Quitting a lease means backing out of an original agreement that provided for low payments over a fixed number of years. Those low payments are only possible if the lease is completed as agreed.
There Are a Number of Ways to Get Out of a Car Lease:
In order to get out of your car lease early ("early termination"), you can return your car and pay the lease company what you still owe, which could be substantial. At least, that's one way to do it but not necessarily the best way.
The reason that this might not be the best way to get out of your lease is that the amount you owe on your lease can be much more than you might have anticipated; due to the way in which the lease company calculates your early termination costs (read the small print on the back of your lease contract).
Most people are very surprised when they learn just how much they owe. They quickly learn how little of their lease balance has been paid off.
There seems to be a common misconception that, to get out of a car lease, one simply returns the car, pays some kind of penalty, and it's all over. Not true. Unfortunately, this couldn’t be further from the truth.
The actual cost of early lease termination can be thousands of dollars, depending on how much of the lease remains.
Your Solutions to Break Your Car Lease Early:
Actually, you have a number of possible options for getting out of your lease, some of which will be better for you than the others. You're looking for the option that is the most cost effective that will get you out quickly and easily as well as protect your excellent credit rating.
Lease Transfer Is The Best Way.
Your best option is to transfer your lease to someone who would like to get into a little or no money down lease with a shorter than standard term — a lease assumption. There are significant advantages for this method. It is low cost (no penalties, no payoffs, however there is a small transfer fee), it’s, easy, and it does not affect your credit score.
There's a whole set of potential buyers out there who are looking for short-term leases without going through dealers and the associated extra costs.
However, to get out of your lease using this method, you need to follow the correct process and check to see if your lease company allows it. You can't simply let someone take over your lease without the lease company's knowledge and involvement. The new "lessee" must get approved and sign new lease papers.
The good news is that help is available online, just click here and start the process or give us a call 866-792-7669 option 3. Monday through Friday 9am to 8pm Eastern