It is a fact of life that situations change and so do your
transportation needs. Families expand, new expenses arise
and now a car lease that was a good deal no longer suits your
lifestyle. When we walk into a dealership we make a lease
decision based on what our life is at that particular moment
and more often than not we do not realize that the decision
we are making will affect us for at least three years. So
what to do? Can I do an early
lease termination of my lease agreement?
Your options are simple:
- Get someone to assume your car lease. By using this option
you are able to transfer a car lease to someone else for
the reaminder of the lease term. Lease Trader will try to
locate a new lessee who is credit worthy so that the transfer
goes through. Saving thousands in early termination costs.
If you want to find out more about this exciting option
- Privately sell your car. Call your leasing company and
ask for the current car lease buyout amount. Once you get
that number, look at the Edmunds.com True Market ValueSM
price for a private party. Make sure to adjust the figure
for mileage, color, options and region. If the current market
value is close to the buyout number, try to sell the car
yourself and pay off the bank. You are better off than continuing
the payments or walking away from the car, even if you have
to take a $1,000 or $2,000 loss. Remember, in addition to
your lease payment, there are insurance payments, too. (Note:
Sales tax can cause a problem if you buy the car, then have
to resell it immediately. The bank may help you by arranging
to transfer the title directly to the new owner.)
- Turn in the keys and walk away from the lease. This isn't
a good option. If you give the car back to the lessor, and
walk away, it will go on your credit report as a "repo."
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