How to Get Rid of a Leased Carby Michelle Carvo
A good number of Americans lease their cars, rather than buy them because it's much cheaper. However, some find themselves getting dissatisfied with the car or the lease itself before the lease contract is up. You might be finding that you're anxious to get out of your current lease, and don't want to wait a few years to do so.
Attempt a lease transfer. With a lease transfer, you transfer your car's lease rights over to another person, and they are held accountable for paying on the lease. This is the best way to get rid of a leased car, but only works if you can find someone else to step in and if your lease company allows it.
Go to your local dealership and ask them what they can do for you. Many dealerships recognize that people want to get out of their leases, and so they may offer something like a "lease pull away" deal where you can turn in your current car/lease and begin a new lease for a new car.
Call your lease company and ask them if you can get out of your lease early without any termination fees. Believe it or not, but many lease companies now allow leasees to get out of their lease early and without fees, particularly if the lease is almost complete. It definitely doesn't hurt to call and ask, so do that.
Call your lease company and ask how much it'll be to buy out the car. Then attempt to sell the car to someone else for at least this much money, if not a little more to recoup some of what you've paid into it. This isn't the easiest way to get rid of a leased car, but it's certainly an option worth considering.
Find a good friend or family member who wants to take over your lease. This is not the same as a lease transfer, as you'll still be legally responsible for the lease, but it will allow you to get out of making payments with your own money. You'll simply have the friend or family member give the money to you which you'll then send to the lease company. It's not the best choice, but it could work for you.
Go to the dealership and turn the keys in. This is the worst way to get rid of a leased car, as the car will be repossessed and will show up as a negative on your credit report. However, for some, this is the only option. You should only consider doing this if you've exhausted all other options.
- close Repossession can and does haunt people for years to come, which is why you should always try to get rid of a lease some other way.