What Is the Best Way to Terminate a Car Lease Early?

Many people want to terminate a car lease earlier than they are allowed to by the contract. As long as there have been lease contracts, there have been people that want to get out of them. Therefore, it is a common problem that many people run across. Although many people come across this problem, there is really no easy solution. It is going to take some work on your part and some persistence in order to make it work. The best way to terminate a car lease early is to transfer it to someone else. If you can successfully do this, it will make the process a lot easier on you and minimize the money that you have to pay out of pocket. Here are the basics of how to transfer a car lease to someone else. 

Find a Buyer

The first thing that you need to do in order to transfer your lease is to find someone that wants to take it on. You can not transfer the lease unless you have a willing party to transfer it to. One of the first places that you should check is in your immediate circle of contacts. Many times, a friend or family member will be considering picking up a car in the near future. A short-term lease may be in their best interests depending on their financial situation. Dealing with someone close to you will make it a very simple process to go through.

If you do not have anyone in your immediate circle of contacts to transfer to, consider marketing your opportunity. You could put an ad in the classified section or on a number of websites that promote this kind of activity. There are most likely many people out there in the market that would love to get their hands on a short-term lease. Leases offer much lower than normal payments and when you can secure one for less than the normal lease term, they can be very attractive. Try marketing your lease transfer opportunity and you are bound to find someone that would be willing to deal. 

Contact the Leasing Company

Once you find a suitable transfer partner you need to contact the leasing company and alert them of your plan. You can not transfer your lease without their involvement. If you were to transfer it without their approval, you would still be on the hook if your new transfer partner stopped making the payment. 

You need to make sure that you are eligible to transfer your lease to someone else. Some companies prohibit this transaction from taking place. Once they give you permission to transfer your lease, you need to ask them what the next step is. They will most likely want you and your new lease partner to come in at the same time and handle the paperwork. You may have to pay a transfer fee depending on the company. Then the lease transfer will be complete. 

Need an Auto Loan? Get a Free Quote Here!