How to Get out of a Car Lease with Minimum Penalties

If you want to get out of car lease responsibility, you might think that you have no options. The whole idea behind a lease is that you finish the term. The reason that you can get such low monthly payments is because the financing company believes that you are going to be there for the entire term of the lease. If you cut the term short, they do not make enough money to cover the use of the car. While it may seem bleak at the time, you do have a few options. Here are a few things to keep in mind when trying to get out of your car lease. 

Pay What You Owe

Probably the simplest way to get out of a car lease is just to pay what you owe. You can basically take the monthly payment and multiply it by the number of payments that you have left in order to figure out what you owe. Most of the time, people do not realize exactly how much they owe and the number takes them by surprise. 

This is by far the most expensive way to get out of your lease, so it is most likely not your best option. If you use this method it is simply so you can get out of your lease quickly with minimal hassle. However, it is pretty much pointless because you are paying for a car over a certain period of time and then giving back the car. You could drive the car for free for the rest of the lease if you wanted to. Most of the time you will want to avoid this method and try something else.

Lease Transfer

If you do not want to pay for your entire lease, your best option is most likely going to be a lease transfer. With this method, you are not actually breaking the lease. You are simply transferring the lease over to someone else. This is also sometimes referred to as a lease assumption. With this method, you are going to need to find someone that is willing to take on your car at the exact lease point that you are in. Often, finding a person that is willing to do this may be the most difficult part of the process. To find someone, you can talk to your friends and family, or even put out an ad. Sometimes you can locate someone in the classified section that may be willing to take on the lease for you. 

In order to go through this process, you will have to involve your lease company and make sure that they allow it. You can not simply let someone take over your lease without the leasing company's approval. If the person were to stop paying your lease, it would negatively affect your credit. Ask your leasing company what the proper procedure is for this process. Then do the necessary paperwork and take the necessary steps to transfer your lease to someone else. 


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