Terminating a lease can be a very expensive proposition. It is really a matter of timing and carefully reading the terms of your lease. If the terms include only small penalties and you are close to the termination date, it may be in your best interest to just turn the car in when you are ready. If you have many months left or there are substantial penalties, you may choose to transfer the lease or get another one from the same company, which may save you hundreds of dollars in the long run.

Lease Transfer

Contact a lease transfer company to have your lease bought out by someone else. These are companies that can help you get out of your lease with no penalties. Two of the more popular companies are Swap A Lease and Lease Trader. Your credit will not be negatively affected by this type of action to get out of your lease. At Lease Trader, register and post your vehicle and what the monthly lease payments will be for the buyer. Lease trader has many buyers who use their website to find a lease and pre-qualifies them through a credit check. This way, you know you will be transferring your lease to a worthy consumer. Register your vehicle at Swap A Lease. You can post pictures and pricing for your vehicle. There you can also track your activity and see how many people have viewed your advertisement. Once a buyer is interested, they are pre-qualified and you then work out the rest of the details yourself.

Early Termination

Turn your vehicle in to your lease company early. In some cases, this can be less of a hassle than a lease swap as there are costs that are incurred to work with a service of that kind. From listing fees to bank transfer fees, you may be better off turning your vehicle in to your lease company early and just paying the early termination fee. Pay the remaining balance due and any wear and tear fees imposed. In some leases, you most pay the entire lease off, so if you have more than a few months left, this may not be the best option. Turn your car in early and lease another vehicle from the same company. Swapping cars may be a good idea if you are looking to stay away from fees and penalties, and just want a lower-priced vehicle. They may be able to help you get out of your current lease into a more affordable payment with no penalties. They will look at the equity you have in your current lease and apply it to a new car with new terms.

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Lease Guide: Get Out of Car Lease? Break a Lease? End a Car Lease? Terminate a Lease? Exit a Lease Early? It's All the Same Thing