How to Swap a Lease
While leases are an excellent way to free up cash by avoiding a down payment, they also have the downside of being for fixed terms. This means that if your situation changes and leasing is no longer a good option for you but the lease term is not yet up, you can be charged a hefty fee for backing out. The way to avoid this is by getting someone else to take over the lease payments and equipment usage. This is also called a lease swap.
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Instructions
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Verify that the company or individual you lease from allows swaps. This varies from company to company, but many do, as swapping ensures the same payments come in at the same rate. It's an easier option for the company or individual than charging you a fee.
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Find a family member or friend to swap your lease to if your leasing company does not allow swaps. The reason you should do this is because you are still probably going to be liable for the lease payments. Strangers are more likely to default than people you know.
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Advertise your lease in a newspaper or on a website (see Resources) if step 2 does not work.
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Lower the price of your lease to create a bigger incentive for the buyer if step 3 does not work with your original price. This should leave you paying a small amount, but it will not be as much as if you had kept the lease or paid the exit fee.
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References
Resources
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