How to Get Out of a Car Lease Early
Get out of a car lease early by using this step by step guide.
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Instructions
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Get out of a car lease early by selling the vehicle.
Determine the current buyout amount by calling the car dealership or the leasing institution. After you know the current buyout amount, use Kelley Blue Book to determine the private sale value of your leased vehicle. A link to Kelley Blue Book is provided in the additional resources section below, along with a guide to determining the Kelley Blue Book value.
Once you have the private sale amount, determine the difference between the current buyout amount and the private sale amount. If the difference is nominal, it may make sense to sell the vehicle. If the difference is substantial, consider finding another person to take over your lease (step 2) but try at all costs to avoid simply walking away from the lease (step 3).
Even if you have to pay $1,000 to $3,000 out of pocket to cover the difference to get to the current buyout amount, it may be worth it.
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2
Determine if an assumption of your lease by another person is possible.
Call the leasing institution, ask if they allow an "assumption" of lease by a third party. If it is a possibility, try to find someone to takeover your lease for you. The fee for this is usually around $500 dollars.
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As a last resort, simply walk away from the lease and hand in the vehicle.
This is HORRIBLE for your credit, as "repo" will be included in your credit history. This is a last resort for extreme situations!
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Resources
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