Many automobile consumers find it easy to get into a car lease but difficult to get out.
To get out of a lease usually means a process of "early termination", as lease companies call it.
Unfortunately, the process is typically expensive. It's similar to being "upside down" on a car loan. More is owed on the lease balance than the vehicle is worth at the time of the desired termination. The customer is responsible for paying this difference.
To get out of a lease early is not the same as exiting at normal lease-end. You can't simply return your vehicle and walk away.
To get out of a lease early is not the same as exiting at normal lease-end. You can't simply return your vehicle and walk away.
Your lease company can tell you how much it will cost you to get out early. But prepare to be shocked unless you are very near the end of your lease term. The way in which the lease company calculates the amount you owe (explained in your lease contract), is usually not favorable to you, the lessee.
The best and least costly way to get out of a lease early is to have someone "assume" your lease. This is a process by which you transfer responsibility for the lease to someone who is interested in taking your vehicle and making the remainder of your lease payments. Your lease company must approve first. Be aware that not all lease companies allow lease transfers.
Finding someone to take over your lease is not as easy as it may sound. There are a number of online companies with names that imply lease swapping or lease trading or lease takeover. They all do the same thing. They help match up lease "sellers" with lease "buyers." There are fees involved but the cost if far less than an early lease termination. One such company is SwapaLease.
The best and least costly way to get out of a lease early is to have someone "assume" your lease. This is a process by which you transfer responsibility for the lease to someone who is interested in taking your vehicle and making the remainder of your lease payments. Your lease company must approve first. Be aware that not all lease companies allow lease transfers.
Finding someone to take over your lease is not as easy as it may sound. There are a number of online companies with names that imply lease swapping or lease trading or lease takeover. They all do the same thing. They help match up lease "sellers" with lease "buyers." There are fees involved but the cost if far less than an early lease termination. One such company is SwapaLease.
