How to Get Rid of a Car Lease
Are you ready to get rid of a car lease? Maybe you have found a newer vehicle that you just have to have, or the current conditions of our economy have caused those never ending payments to be less of a priority. There are many ways to get out of an auto lease, some simple, and some that may cause you a headache. Compiled here is a list of three of the easiest ways to get that nasty lease taken off of your hands.
Look into a Lease Assumption
“Lease Assumption” is the act of transferring your lease over to somebody who is willing to make the payments. If you decide it is time to get a lease of of your hands, post advertisements in newspapers, online, or even through fliers in your neighborhood. When someone who is interested sees your advertisement, they will contact you and you can take the proper steps for them to take over your lease. When terms and conditions are explained to the new lessee, the leasing company will begin to process the transfer. All liabilities for this lease will now be placed on the new lessee. Be careful however, because some leasing companies hold the original lease holder responsible in the event that the new lessee fails to make their payments.
Buy Out the Car
“Buying out the Vehicle” is exactly as it sounds, purchasing the vehicle you currently lease. Contact your leasing company and talk to them about buying out the car and how much this process will cost you. When all is said and done and you have purchased the car, free from your lease, try and put it up for sale. When selling the vehicle, you want to set the asking price at about the same price you paid to buy the car out in the first place. This process is often difficult, but it can be a win-win. You are out of your lease, and after sale you re-make the money you lost when buying out the vehicle.
Turn Your Car In to the Dealership
If all else fails and you cannot find a better way to get rid of a car lease, walk in to the dealership and turn the vehicle in. Damage will be done to your credit report as this is considered repossession, but you are now free from your lease.
Many options are available for getting rid of a car lease, and these three are steps that are commonly taken. Sit down and consider all options to decide what will be best for your wallet today, and your credit in the future.