Breaking A Lease Car
When compared with buying a car, leasing one may seem like a better idea since you get lower or none up front costs and lower monthly payments. This way you can acquire a decent car for a period of three years, use it as you please, and then take it back. This is all ok and smooth, but if you are forced by a situation to break the car lease before the contract’s ending, things can turn really bad and you may end up loosing all those savings. There are various reasons for you to break the car lease early. It may occur because you didn’t make a good budget and you can no longer afford to make payments for the car, or you may require a completely different car for business reasons, or it has been stolen. When you are faced with the decision of breaking the car leasing contract early, you must know that transferring the lease can save you a lot more money than terminating it. Here are a few options and tips on breaking your car lease without bleeding you dry.
If you take into consideration a possible lease transfer than you’re making the right decision. By transferring a lease, you can save a whole lot of money since you are no longer forced to make payments, you don’t have to support any early termination fees which can get really steep and the best thing is that you keep your credit score intact. Even more, the person that is assuming your lease has a win as well since he gets a shorter leasing period, something he couldn’t do if he were to get a the lease from a dealership, not to mention that he’s avoiding all the hassle and up front payments he’d have to face by walking into a dealership.
Before you search for a prospective “buyer” you must contact the leasing company and make sure that your lease is transferrable. You don’t want to transfer the lease to a stranger if in the end you find out that the leasing company is actually still holding you responsible for payments even if a transfer was made. If this is the case, than you’d better go ahead and terminate the lease.
If you agree with the leasing company upon a complete transfer with no other responsibilities after the lease transfer has been made, than you’re good to go. Head online and look around for companies that specialize in lease transfers. Companies like Swapalease.com or LeaseTrader.com have great experience in finding potential clients and handling the lease transfers since they are able to work directly with the leasing company. Check out the ones that show the most promise, do your math and determine the one that suits you best.
If you found one that you like, get in touch with them and present your situation. They will surely want to help, but you got to pay a little advertising fee so that they place your advertisement on their online marketplace. Any interested individuals have the possibility of contacting you through the lease transfer company’s website. Be sure to check your e-mail every day since you may never know when an interested party may show up, and you don’t want to miss a deal. Make sure to respond promptly to any questions you may receive from interested parties. Provide detailed information about the car’s condition, maintenance, possible accidents and documentation. If you find someone that’s interested, than call the lease transfer company and tell them to initiate the lease transfer.
Post tags: Tags: lease transfer, leasing company, shorter leasing period