Tuesday, July 18, 2006

How to get out of a lease before your contract expires

How to get out of a lease before your contract expires

When your lease is up, you can simply turn in the keys and lease another
car or buy a new one. But how about getting out before the lease ends?
Maybe you can't afford the sky-high payments on that silky Jaguar JX V6
model anymore or you've just had a baby and you need a larger and more
spacious vehicle?

Unfortunately getting out of a lease is not as easy as getting in! A
leasing contract is difficult and expensive to terminate early. Simply
turning in the keys and walking away from a lease can result in stiff
penalties. You credit could be ruined and you could even get sued for
breach of contract.

It's not all doom and gloom though. Actually, there is a number of
options available to you.

You can sell the car yourself and pay off the bank. This can be cost
effective if the market value of the car is close to the buy-out number.
Do not hesitate to exercise this option even at a loss if it happens to be
lower than the termination fee.

Your best option, though, is to transfer your lease for someone who would...


To continue How to get out of a lease

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