What to do When Cancelling Your Car Lease
As with most things in life, trying to end a car lease is not as easy as trying to start one. Canceling your car lease means a breach of the original agreement provided for low payments over a fixed number of years. Those low payments are only possible if the lease is completed as agreed.There are several ways to get out of your car lease if you want to. Your first option would be "early termination" and to return your car and pay the lease company what you still owe; which; mind you, can be substantial. However it wouldn't be as simple as returning the car and paying the penalty, this unfortunately is not how it works. The actual cost can be thousand of dollars , depending on how much of the lease remains.
Your other option is to transfer your car lease to someone who's interested to take it off your hands (otherwise known as car lease assumption). There are several advantages for this method. It is low cost (no penalties, no payoffs, but transfer fees), it is relatively easy, and it won't affect your credit score.
There are even a lot of buyers who are seeking for short car lease terms without the need of going to the dealer and associated extra cost which is why car lease assumptions can be so appealing to them. Before doing this, make sure that you get the permission of the car leasing company. The new lessee must get approved and sing the car lease papers before the car lease assumption can fully consummate.
You can find several car lease transfer companies that has a list of potential buyers who are interested in taking over your lease. They will also help in the assumption process and the paperwork and will charge a reasonable fee for their services -- a fee that is more affordable than the early termination costs.