Monday, October 02, 2023

Car Lease - The Wrong Way to Get Out


Many people who lease cars often assume that leasing is like renting. Based on that erroneous assumption, they believe they can simply return their vehicle to the lease company if they become unhappy with it, or can no longer afford it.

This is the wrong way to get out of a lease early. To simply return a leased vehicle to the finance company or bank is a form of repossession, sometimes called "voluntary" repossession. This can cause serious damage to the person's credit history. It can create future problems with getting loans, mortgages, and even car insurance.

Furthermore, the lease company will take action to collect the remaining balance owed on the lease after the vehicle has been sold at wholesale auction. The difference can easily amount to thousands of dollars.

By simply returning a vehicle and walking away before normal lease completion, a person can destroy their credit rating, create a financial disaster, and end up with no transporation, all at the same time.

This is not the way to get out of a car lease. Read our other articles here to find out how to end a car lease the right way.