If you are interested in how to get out of your car lease, you should know that there are several ways to do so. You probably know that getting out of a lease is not as easy getting in and quitting one means that you will be backing out of an original agreement that consisted of low payments over a fixed amount of time. Taking into consideration that leasing is not renting, you do not have the possibility to return the car to the company and simply walk away.
Your first option to terminate the contract would be to return the vehicle and do the remaining payments, which could cost you a great deal. In most cases, this isn’t the greatest way to get rid of the lease because most likely, what you will actually pay will be a lot more than what you anticipated. The reason for this is because the lease companies have their own ways of calculating what you still owe. Remember to read the small print on the back of the contract before signing the deal. You would be surprised finding out how much you still have to pay although you have made lots of payments.
Moving on to another alternative. Transferring the lease is the best and most affordable way to get rid of the payments. A lease assumption comes with significant advantages like the fact that you will not have to pay any penalties or payoffs. However, you will have to pay some transfer fees but the good thing is that your credit score will not be affected by this lease assumption. You would be surprised to find out how many people are looking to take over a lease.
Keep in mind that this lease transfer is not allowed by all companies and even if they do, you’ll have to follow a procedure as you cannot “give” the lease to the other person without notifying the leasing company. The “lessee” must get approval and sign new lease papers.
Another way to get out of your car lease would be to get in touch with the leasing company and ask about a trade-in. Nowadays, dealers are eager to get rid of the cars in their lots and you will have plenty of room to negotiate. Always remember to use well-though tactics like offering the leased car as a trade-in before signing the deal.
Your last attempt would be to negotiate the terms and conditions of the lease, although these two are non-negotiable. Try to do your homework and learn all there is to it about the lease and maybe the company will let you break the lease without charging any penalties or at least change the contract so that it will be more convenient for you.
As you can see, there are several ways to get rid of the car lease, but we highly recommend only one: transferring it to another person. This way, your credit score will not be affected and you will not have to pay those ridiculously high fees.