Terminating a car lease can be expensive, and will likely attract charges. Luckily, there are options available to those that, for whatever reason, want to opt out of their current deal. Lease transfer service providers like Leasequit offer their users the opportunity to;
Transfer the lease to another person
This is probably the easiest and most common method. In most lease transfer service provider websites, one will normally set up an account describing the vehicle and the nature of the lease. Through a search option, when one looks up a lease with the same parameters, they get this profile in the results section. While most leasing companies allow one to transfer the lease to another person, technically, they are still part of the contract and will be liable if the third party does not make payments. Depending on the state of the vehicle and the mileage, one might have to offer some incentives to lower the monthly payments.
Sale or trade
Most do not realize it, but one can buy out their lease from the company at any time, at least most companies allow this. If a buyer for the car can be found, this is a great way to get out of the lease. If this is the chosen method, then make sure to find a buyout amount for the vehicle. Always do this directly with the leasing company and not the dealership. Technically, this process involves buying a car from the leasing company and selling it to a third party. One might therefore be require to pay taxes. Those looking for a faster transaction can trade it in at a dealership. This often means selling the car at a cheaper price, lower than it would have been sold privately.
This is every leaseholder’s nightmare, having to return the vehicle and pay the full amount of the lease. This option normally has one ending up with a large termination fee and paying for the remainder depreciation of the car. The leasing company normally uses the lowest possible price that one can pay for the car for this option.
Ask for help
Sometimes, even though one might be in temporary financial trouble, situations arise where given a few months, one will be able to get on their feet. Before terminating the lease, it is worth going to the company for help. Ask them whether it is possible to find relief for a few months’ worth of payment. If lucky, one might find that their company can suspend their lease or even offer relief for a few months. While one will obviously have to make this up in the later months, it is a great opportunity and beat shaving to pay fines to get out of the lease. Sometimes, leasing companies agree to this because the only other option is to default on payments, in which case the leasing company will incur extra costs. Defaulting payments also hurts the credit rating of the individual, and might even have them sued.