How to Terminate a Vehicle Lease
Getting out of your lease is not impossible but it does come at a cost most of the times. When you leased your vehicle you agreed to pay a certain amount per month for a specific amount of time. You can terminate your lease early but there are heavy fines and penalties you will pay for just giving the car back. Don't worry there are other options available to you.
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Instructions
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Obtain your payoff from the lender. This is the number that you can buy your vehicle outright for. This number is usually good for about 30 days after you receive it.
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Bring your vehicle back to the dealership and return it early. You will be liable for the remaining payments and disposition fees that go along with turning in your vehicle. This is usually the most financially irresponsible way to end your lease early.
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Find a buyer for your vehicle. You can list your car online for free using sites like craigslist.com, which is a free community of peers with no charge to list items. Find a buyer to pay what you owe on your car and your obligations will end with your lease.
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Transfer your lease into someone else's name. This is probably the best way to exit a lease early with the least amount of penalties, if any. Using sites like swapaleaes.com and leasetrader.com you can list your vehicle and find buyers that want to take over short-term leases and not pay big down payments to get a lease.
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Buy your car outright from the leasing company. This will end all obligations you had in the lease contract but this probably cost you more per month if you decide that you are financing the vehicle.
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Tips & Warnings
Always check with your leasing company if any obligations will be left with you if you decide to transfer the vehicle into someone else's name.
