Getting Out of a Lease Before Your Contract Expires

Once your lease is up, you can simply turn in the keys and lease another car or get a new one. So how about getting out before the lease ends?




Perhaps 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 have to have a larger and more spacious vehicle?

Sadly getting out of a lease just isn't as easy as getting in! A leasing contract is hard and expensive to terminate early. Simply submiting the keys and walking away from a lease can result in harsh charges.

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 are 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.

Don't hesitate to exercise this option even at a loss if it is actually less than the termination fee. Your best option, though, is to transfer your lease for someone who will “assume it” and take it off your hands.

There is a whole list of potential buyers looking for short-term leases without all the hassle and extra costs.

Talk with family and friends or use the services of lease-assumption web sites, like swapalease.com, to list your car.

You should examine the credit worthiness of the new lessee and provide the car in good shape.

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