How to Change Cars Mid Leaseby Contributor
If you are tired for your leased car and would like to get a new one, there are some options that will allow you to change your car mid lease. Whether you sell the car or find someone to take over the payments, you can shop for new cars once you are free of your old lease.
Determine if it's really worth it to you to change cars mid lease. If you have several more years on your car lease and really want a new car, then it's probably worth the effort. If your lease is set to expire in less than a year, it's probably more practical to wait until the lease expires.
Find out what the buyout price is for your current lease by contacting your leasing company. If you plan on trying to sell your car, you will need this figure to know how much you owe to get out of your lease.
Check the Kelley Blue Book to determine how much your car is worth (see Resources below). If your buyout amount is much higher than the market value, you will either take a loss when you sell your car or you'll have to find someone to transfer your lease to.
List your car online classifieds to find someone willing to assume your lease. This is called "lease assumption" and will require a transfer fee. Alternatively, you can list your car in print and online classifieds if you are looking to sell your car. Use a website like Lease Trader to post your leased car for potential takers (see Resources below). These sites allow you to reach to people who would like to take over a lease because of the financial benefits and other factors.
Contact your leasing company to transfer your lease to a qualified buyer if you find one.
Pay off the leasing company with the money you get for selling your car and transfer the title to the buyer or the buyer's financing company.
- close Check your lease contract for any surprise charges derived from buying out the lease, early termination or assumption. You can't take it for granted that you will be able to change your car mid lease without incurring some fees and/or penalties.