When signing a vehicle lease agreement, you may have every intention of fulfilling the contract and keeping the car until your lease agreement ends. However, life can take sudden turns, and you may find yourself unable to afford the vehicle, or perhaps your family expands and you need a larger automobile. Whatever the reason, there are techniques to help you get out of a car lease early.
Take care of the car. Returning the automobile in good condition helps you negotiate an early termination. Perform any scheduled maintenance on the vehicle such as oil changes and tire rotations. Fix scratches or dents, and clean the interior and exterior.
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Switch the leased car for a more suitable option. Leasing companies may agree to terminate your car lease early if you agree to lease another car. Choose a less expensive or larger car, and roll any fees and penalties into the new lease balance to reduce your out-of-pocket expense.
Sign the car over to someone else. Contact your leasing company to get information on lease transfers. If eligible, locate someone to take over the agreement and monthly payments. Requirements for lease transfers vary according to leasing company.
Use the payoff option and sell the car. Every leased car has a payoff amount. Talk with your leasing company and inquire about this amount. If unable to find someone to assume the payment, place classified ads and sell the vehicle outright. Forward money from the sale to your leasing company to pay off the lease.