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Step 1
Review your lease contract for any provisions allowing you to break the lease for a fee. Many dealerships understand that circumstances change and consumers may need to get out of the lease early. Break lease fees are typically much less than paying off the lease in full.
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Step 2
Talk to your dealership about upgrading your lease. This is similar to trading in a car you are still making payments on to the same dealership in order to buy another car. Your dealership may allow you to "trade up" while you are still within your lease. This will require you to sign a new car lease.
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Step 3
Consider transferring your lease to an individual who is interested in having a short term lease. Sites like Swapalease.com allow you to post your car and lease information on the site for a fee. Individuals may then browse the available leases in their area and contact you if they are interested in assuming your lease. Any person wishing to take over your car lease must quailfy to do so with your dealership.
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Step 4
Pay off the lease. If you only have a month or two left on your lease, it may be in your best interests to simply pay it off. In some cases, break lease fees can be more expensive than paying off the lease--depending on the dealership.
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Step 5
Beware non-transferrable liability. If you lease and Audi, Nissan, or Chysler, you may transfer your lease to another individual but you may not be able to fully transfer your liability. If the other person damages the car or ceases to make lease payment you could be liable. Be sure to read the terms of your dealerships lease transfer paperwork carefully before agreeing to a lease transfer.
