There are several reasons why a lessee might want to break their lease before the lease-end date. The following are a few prime examples:
- If a leased vehicle has excessive extra miles and/or extra wear and tear that would be extremely expensive to pay off at lease-end
- If the lessee has grown tired of the vehicle
- If a lifestyle change requires a different vehicle
Exiting your lease does not have to be a painful process if you understand your options. In most cases it is best to attempt a vehicle lease transfer first because this is the most cost-effective method of eliminating your lease liability.
Try to remember that if you are currently in a lease agreement, you are locked into this liability for the remainder of your term. It is not a month-to-month liability. Therefore if you can find someone who is willing to assume your lease or discover a way to exit your lease without paying huge penalties, you are really avoiding a much larger total liability than your monthly payment. You need a little bit of time and patience to exit your lease. Between the buyer, the leasing company, and any third parties you may have to deal with, it’s just a small exercise in logistics and patience before you can walk away from your lease.