How to Cancel a New Leased Car the Next Day With the Dealer

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If you find yourself in the position of having just signed a new car lease agreement and discover, for whatever reason, that you're not in a position to honor it, your options are limited. Unfortunately, the Federal Trade Commission's three day cooling-off rule doesn't apply to car leases. Once you've signed the paperwork, your lease contract is effective immediately and there are few ways of getting out of it.

Contact your local attorney general's office and ask whether any state cooling-off laws would allow you to cancel your lease contract. If there are, contact your lease dealer and ask to cancel, citing the law.

Visit your dealer and appeal to his better nature. If there are no state cooling-off laws, your only option is to explain the reasons behind your change of heart and hope that your dealer is in compassionate mood. Don't be afraid of tugging at his heartstrings if there's any way you can link your predicament to an emotional personal story.

Register your lease vehicle on websites like LeaseTrader and TakeMyPayments (see Resources) to find somebody interested in taking your lease over. If your dealer hasn't been sympathetic, finding somebody to take your lease of your hands is the only way you'll get out of paying punitive cancellation fees.

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