How to Get Out of A Car Lease Early
 

How to Get Out of a Car Lease Early

A car lease is a great alternative to purchasing the vehicle outright. Many people enjoy car leases because it gives them the opportunity to drive newer cars every few years with lower monthly payments. However, people often need to get out of a car lease due to different circumstances such as job relocation, the birth of a child, or financial standing. Unfortunately, most people do not know how to get out of a car lease without penalty since terminating the lease early can become difficult, complex, and expensive.

  1. Early termination fee: The exact early termination fee calculation depends on the leasing company. Regardless of the leasing company early termination fees can add up quickly and be expensive for consumers.
  2. Negative equity: This is the difference between the current value of the vehicle and the lease payoff amount at the time of early termination.
  3. Remaining payments on current lease: This could be the most expensive option because this would require you to pay the rest of your car lease payments immediately in order to exit the lease early.
  4. Costs in preparing a vehicle for sale: If somebody decides to buy the car and sell it themselves, then they may incur costs for repairs, maintenance, and/or reconditioning. Sales tax will also be a significant cost when purchasing a leased vehicle even if you intend to resell it immediately.

ALTERNATIVE WAYS TO GET OUT OF A CAR LEASE:

RETURN THE CAR

Returning the vehicle is probably the most simple and expensive way to get out of a car lease early. If a lessee decides to return the car to the leasing company early, they could be charged thousands of dollars in early termination fees and penalties. Costs stemming from turning in a lease early will typically be greater early in the lease term and less significant as the end of the term nears.

BUY THE CAR, THEN SELL THE CAR

People are able to buy the car outright during the middle of the car lease then try to sell the car on their own. This option sounds reasonable, especially if the payoff or buyout of the lease is less than the resale value of the vehicle. Unfortunately, this method can become very complex and potentially time consuming. You will need to communicate with the leasing company in order to obtain a current lease payoff. You will then need to research the current value of the vehicle from resale perspective, market the car, and ultimately find a buyer. Additionally, a vehicle may have to be prepared for sale by performing any necessary repairs, maintenance, and/or reconditioning. Applicable sales taxes often make this scenario more difficult and expensive, as well. This option also would still include the cost of an early termination fee.

BUY OR LEASE A NEW CAR FROM THE SAME DEALER

Some people might be able to exchange their current car lease for a new car lease. The early termination fee will still be required with this option. However, this fee will now most likely be distributed over the monthly payments of your new car lease.

There are many different options for getting out of a car lease early. Unfortunately, very few are able to do so without incurring penalties such as an early termination fee or the cost of the negative equity.

Transfer Your Lease with Swapalease!

Swapalease shows you how to get out of a car lease without penalty by transferring the lease and saving thousands of dollars.

Along with offering substantial savings, Swapalease is the largest lease assumption marketplace in the United States. The core of our business is to assist you in getting in or out of your automotive lease in a timely fashion.

We have streamlined the process of connecting people that are interested in a lease transfer. Furthermore, we have trained our team of specialists to know exactly how to handle these situations. Our service is one of the simplest ways to achieve that goal in existence.

Let's take a look at your options.

1. Check Your Eligibility

While many lenders have a transparent process to allow someone to assume the lease of another person, there are a few that don't offer a way to do it at all.

Unfortunately, not every car lease can be transferred to another party. While many lenders have a transparent process to allow someone to assume the lease of another person, there are a few that don't offer a way to do it at all.

Of the ones that do allow it, the terms and conditions that must be met to transfer a lease differ from one lender to the next. Unfortunately, there is no easy rule of thumb you can use to determine if you're eligible for this easy solution to terminating your lease early.

Other factors that can affect your lease transfer are the mileage on your car and how much of a down payment you made when you initially signed your agreement. Sometimes, you will have to make an offer of some kind to entice people to assume your lease. Any money you offer will lower the monthly payments for the new lease-holder.

The good news is that we’ve made it simple to get started— just enter the year, make, and model of your vehicle (along with the lender that financed your lease), and our team of experts can tell you what your eligibility is in just minutes.

2. List Your Vehicle

The next step is to create a listing for your car on Swapalease, which we make as easy as it can be.

Congratulations! Since you’re at step two, that means your lease is eligible for a transfer!

The next step is to create a listing for your car on Swapalease, which we make as easy as it can be. You’ll want to have a few pictures of your vehicle to put with your listing, showing the interior, exterior, and any other features you think will make it attractive to those that see your listing.

Along with your pictures, you'll write some simple text to describe your car. Remember, your goal is, to be honest, and transparent but still make your car enticing for people that want to assume a lease. Details like the condition of your vehicle, maintenance performed, and other information could be what pushes someone over the edge and gets them to contact you to discuss assuming your lease.

You’ll also need to list the current mileage on your car, and how many miles are left before the mileage exceeds the amount allowed by the lease, and any incentives you’re offering to make assuming your lease more appealing will be listed as well.

Once you give us the basic info on your car, we’ll create a listing that shows potential buyers exactly what it will cost them per month (including the lower payments that may come from offering an incentive) and other important details.

Once the work is done, it’s time to sit back and let Swapalease work its magic. Millions of people have successfully transferred their lease, helping not only themselves as they get out of a car lease, but also giving the other party a great deal on the exact vehicle they want.

Once someone has decided that your lease is the one they would like to assume, it’s time to move on to step three.

3. Lease Freedom!

The best part is that, by transferring your lease to another person, not only are you no longer tied down to your monthly lease payment, but you can avoid early termination penalties from your leaseholder.

This step is what you’ve been working toward, and now that someone wants to make a deal, it’s time to do just that.

There's little negotiation involved because the details are all included up-front in your listing. Someone may occasionally ask for an incentive (or a higher amount, if you've already offered one), but once both parties have reached an agreement, we make it very simple to complete the deal.

The best part is that, by transferring your lease to another person, not only are you no longer tied down to your monthly lease payment, but you can avoid early termination penalties from your leaseholder. Our team of experts has years of experience helping millions of people just like you to get out of a car lease, and we know all the tricks to keep your costs to a minimum.

Unfortunately, there are sometimes transfer fees that are unavoidable, but we know how to keep those as low as possible—plenty of our clients have had a lease transfer fee as low as just $50. However, even with a transfer fee, this is the most cost-effective way to end a lease before it comes to term.

No Time Like the Present

If you’ve had a life event that makes it necessary to get out of a car lease, there is no wrong time to look at transferring your lease to another person if your agreement no longer makes sense for your situation.

Many people choose other methods of trying to end their car lease early but transferring your lease with Swapalease is the only method that avoids potential damage to your credit rating. It’s also the only way to prevent the need for a large lump-sum of cash to pay off the entirety of your lease at one time.

A lease transfer makes the most sense for both you and the person that assumes your lease—you end your lease early, and they get a great car that meets their needs. It doesn’t matter how long you have left on your lease, either. There are plenty of people that are looking to assume a lease for a short time, in many cases due to a job change or other situation.

If you’re eligible for a lease transfer from your leasing company, there’s someone out there that could benefit from assuming your lease.

Why Swapalease?

Not only is Swapalease the world’s largest automotive lease marketplace, but we also pioneered the online lease transfer process. If you need a leased vehicle or want to exit your current lease early, we can help.

Each year millions of Americans use Swapalease to acquire, sell, and trade vehicles. The Swapalease marketplace consists of existing leases available for transfer along with new and used lease offerings. By choosing to assume or transfer your lease rather than buying new or buying your existing lease out, you could save thousands of dollars.

At Swapalease, we make it quick and simple to find someone to assume your lease payments while transforming the transaction itself from a complicated process into an easy-to-follow series of steps.

Someone Is Searching for Your Car Right NOW

Before another monthly payment is due, check your lease transfer eligibility right now! There are thousands of people searching Swapalease every day, looking for a vehicle just like yours. Before you know it, you can be free of that monthly payment and ready to handle whatever life has thrown your way to make transferring your lease the best option for you.

Call at 1-866-SWAPNOW (1-866-792-7669) to speak to one of our automotive lease specialists today to begin or end your vehicle lease.

YOU’RE NOT STUCK

Before another monthly payment is due, check your lease transfer eligibility right now! There are thousands of people searching Swapalease every day, looking to lease a car just like yours. Before you know it, you can be free of that monthly payment and ready to handle whatever life has thrown your way to make transferring your lease the best option for you.

Call at 1-866-SWAPNOW (1-866-792-7669) to speak to one of our automotive lease specialists today to end your vehicle lease and/or find your next leased vehicle.

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