How to Get Out of a New Auto Lease
Getting out of a new auto lease is more of a financial nightmare than it is a challenge. You will be liable for the remaining lease payments, which could be a substantial amount if it is a new lease. You might also be charged a fee for breaking the lease early. But there are alternatives that don't involve you emptying your bank account or refinancing your home.
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Instructions
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Getting out of a new auto lease
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Call your financial institution and get some information regarding your lease. Ask them to provide you with your payoff (the amount you can purchase your vehicle for) and when the payoff is good until, how many remaining lease payments you have and what, if any, charges there are to transfer your lease into someone else's name.
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Give your car a full detail, both inside and out. Have it washed, waxed and vacuumed. Have it buffed if it has any minor scratches. Then take detailed pictures of your vehicle from every angle of the exterior, showing if there is any signs of wear on the interior and of the tires to show the amount of tread left on them. Use the photos to enhance online or newspaper classified ads for your vehicle.
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Go online and sign up with a Web site that specializes in lease transfers. There are a number of Web sites available, including Swapalease and Leasetrader, that will walk you through the process. These sites charge a small fee to help with the transfer process, but it beats the alternative of paying all of the remaining lease payments yourself.
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Sell your car to a dealer or private party. If lease assumption is not something that your leasing company allows or if it does not fully release you from liability, then selling may be a better choice. Try taking your vehicle to the dealership that you leased it from and ask what it's trade-in value would be. If the trade-in value and your payoff (that you called the leasing company for earlier) is close, then trading in your vehicle may be right for you. Unfortunately, in most cases, the trade-in value of a vehicle is close to it's wholesale value, which would still mean a large sum of cash coming out of your pocket. You can also try selling it privately on sites like Craigslist, Autotrader and Cars.com. While Craigslist is free, you might have better luck getting a buyer to pay closer to your payoff value on pay sites like Autotrader. Try a few and see which one works best for you in your area.
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