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Step 1
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.
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Step 2
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.
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Step 3
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.
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Step 4
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.
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Step 5
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.
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Step 6
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.
Comments
krystlhol81 said
on 10/8/2008 Cont'd
4. Once the paperwork has been signed and returned to the leasing company, then the seller needs to release the keys to the purchaser and send the transfer paperwork over to the leasing company.
5. Within about week the leasing company will send out confirmation paper work to both parties. The new owner will begin to receive payment coupons for the lease.
Are There Company Restrictions?
Although the above sound so easy, there are restrictions. Every leasing company works differently, and every lease has its own restrictions. Some companies do not allow a transfer of the lease.
When transferring your lease you should consider: The ability to transfer, Transfer restrictions, Contingent Liability, and Transfer Fees. Do beware that some companies even charge the transfer fee before the buyer is credit-approved.
What are the fees associated with transferring a lease?
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krystlhol81 said
on 10/8/2008 The Process For Transferring Your Car Lease
The process of exiting your lease does not need to be painful. You simply need to understand your options. A lease transfer is likely one of the lease expensive and easiest methods for removing your liability to a vehicle. If you are under a lease agreement, most likely you are locked into that agreement for the remainder of the term.
The basic process for transferring your lease takes these basic steps:
1. The person who is assuming your lease needs to pass a credit check and needs to fill out the correct forms with your leasing company.
2. The leasing company will perform background and credit check and then will decide whether or not to accept the applicant.
3. If the person is approved, then the necessary documents will be prepared and subsequently sent to the buyer and seller. These need to be signed and returned to the leasing