How to Get Out of a Car Lease
getting out of a lease has never been easier
The first thing you have to do is to determine if you can get out of your leased car by way of a lease transfer. Lucky for you this is much easier than you think. Your first thought might be to call the dealer where you leased your vehicle from. Once you signed the lease contract the dealer no longer owns that vehicle. You need to contact the leasing company that you make your monthly payment to each month (example: Ally, BMW Financial Services, US Bank). If the thought of calling your leasing company and punching in a million prompts before you can talk to a live person is not your idea of fun there are other ways to find out if your lease is transferable.
Leasing Company Information
Simply click on the links above, select your leasing company to find out their lease transfer policies.
Now that you know that your lease is transferable the next step is to find someone to take it over. The first step is to let people know that you want out of your lease. Swaplease.com allows people to search for your vehicle and provide all the lease details to interested buyers.
Once you have a buyer that is interested in taking over your lease, let the negotiations begin. Remember that the details of your lease like the term remaining, mileage, and monthly payments are set by the leasing company when you signed the lease and cannot be changed. Things that can be negotiated are things like, who pay for the transfer fees, transportation cost, and if an incentive or cash back is required. An incentive is typically cash that the seller gives the buyer to sweeten their lease deal. This can be used to effectively lower the monthly payment, buy extra miles, or help pay some of the transfer fees.
Once you and your buyer have worked out any negotiations it is time to get your leasing company involved. You will need to call your leasing company at this point to get the transfer process started. Make sure that you either have your lease account number or the VIN (vehicle identification number) when you call. Let your leasing company know that you have found a person that is interested in taking over your lease and that you need to start the transfer process. They will send out the credit application for the lease buyer to fill out. Once approved there is final paperwork to be completed and then you can hand over the keys.