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Managed By: danielle
Managed Since: 06/02/2009
Views: 407
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Managed Since: 06/02/2009
Views: 407
Money Earned: M$5.98
Page revenue is subject to change as we obtain data from our partners
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Breaking a Lease
- You've just seen your dream car in the dealership window and it's on sale... The problem is, you're still tied into a lease on your current vehicle for another year. So what can you do? What happens when you break the contract? No matter what your reason is, there are several ways to end your car lease early.
- Unfortunately, there's no way to end a lease early for free. But here are a few options you can choose from, and what you can generally expect to pay for each of them.
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Termination
- You do have the option of bringing your car back to the dealer and terminating the lease.
- You will still be responsible to pay the remaining lease payments plus termination fees (usually around $200-400).
- This can be incredibly expensive and usually adds up to thousands of dollars, so you should really weigh your options before you opt for lease termination.
- In some cases, you can avoid penalty fees by immediately leasing another vehicle from the same dealer. However, you will still be responsible for any remaining payments of your initial lease, which are usually incorporated into your new lease's payment plan.
- Talk to your dealer to learn all of your options.
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Transfer
- The lowest-cost option is usually to transfer ownership of your lease to someone else.
- The first thing to do is talk to your dealer; some leases do not allow transfers at certain times during the contract period (or at all).
- Transferring your lease will allow someone else to take over the payments and have their own short-term lease.
- You will be responsible for paying for the credit application fees of the new lessee ($300-500).
- You can find someone to transfer your lease to by placing an ad in the paper or online. Ask around your friends, too, as you might already know someone who's interested.
- If you can't (or don't want to) find someone to take over your lease yourself, you can use a service such as Swapalease.com. They will help you through the process, typically for a few hundred dollars.
- Transferring a lease can take some time (particularly when finding a new lessee), so plan accordingly.
- You cannot simply transfer your lease to another person yourself. You must go through the dealer.
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