Top Tips on How to Get Out of a Car Lease Early

If the need to get out of your car lease early has brought you here, then you probably want to know the best options available to you. These solutions must be easy, fast, and most importantly, money-saving. So, congratulate yourself for being wise enough to do your research.

car lease

Transferring Your Lease

This is in the top spot on the list because it is reassuring to know that help is only a phone call away. The reason why this method of car lease swap is so popular is that the companies that offer these services are highly reputable and efficient. They source the third party wanting to take over the lease for you and hook you up.

When a car lease swap company hear the words, “I need someone to take over my car payment” they leap into action on your behalf. They are completely transparent in their transactions with both parties. You and the person taking over your lease for you will be clued into every step of the process so that you are never confused about the process and what will be your final financial obligations.

Leasing companies do allow you to transfer your car lease to someone else. Technically, you will still be on the contract, except the other person will be making the payments for you. Car lease swap companies vet these people very carefully so that you are only presented with the best person with whom to swap your lease.

Returning the Car and Paying Penalties

The worst option on this list is to return your car to the leasing company and pay the resulting penalties. Lease companies hate it when you do this because they budget on having a certain amount of money coming in from you every month. You will end up having to pay a considerable termination fee.

On top of the large termination fee, you will also have to pay into the lease company the remaining balance of what they determine the depreciation of the vehicle to be. Then they sell your car at a fire wholesale auction and deduct the bargain price they receive from this from the amount you still owe.

This is why when you need to get rid of your car lease agreement, it is always better to think “swap” and not, “termination.”

Ask for Help

If it is for financial reasons that you need to get out of your car lease, and you know that this is only a temporary setback, it is worth it to approach your car lease company with the problem. They are in the position to be able to suspend the lease payments for a few months while you get back on course. They may even lower the monthly payments you owe.

The above solutions have been carefully presented to you so that you know the options that are available to you when you need to get out of your monthly car lease payments. We hope they help.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan