How to Cancel a Lease on a New Car

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Canceling a lease agreement on a new vehicle can impact your finances and credit rating. However, unexpected events do occur; some people endure financial hardships shortly after signing a lease agreement. Fortunately, there are techniques to help you get rid of a newly leased vehicle.

Give the car back. Return a newly leased automobile to the dealership within three business days to cancel the agreement without damaging your credit rating. Lease contracts vary. Read the conditions of your agreement to see if you're eligible for this option.

Find a buyer. Speak with your finance company and ask for the pay-off balance. Place ads in your local newspaper and find a buyer for the leased car.

Do a lease trade. Read your lease contract to see if the finance company allows lease trades or assumptions. Place a detailed ad on websites such as Leasetrader.com to find someone to take over the lease.

Return the car and accept the consequences. If unable to sell or transfer the lease, bring the car back to the dealership and deal with the financial or credit consequences. Expect the finance company to sue for breach of contract, wherein you're expected to pay off the lease balance.

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