New model, moving overseas, financial problems… There are plenty of reasons why someone might consider breaking a car lease. However there can be some financial repercussions depending on the fine print of the lease agreement and how you go about it.
Breaking a Car Lease
Buyers, or signers on a lease, often think that leasing a car is a lot like renting a car, but, they are two very different situations. Renting a car carries no obligation other than to return the car by the time and date agreed upon and pay the one time rental fee. Renting is always for a very short term. Leasing on the other hand is for an extended time period usually 2 or 3 years.
With leasing there is a legal contract to make the lease payments for the life of the lease (watch for car dealer scams). When it comes to breaking a car lease there are typically some stiff penalties in the fine print of the lease agreement. Most likely the leasing company will require that you either pay off the balance of all the lease payments or purchase the car. Obviously it is not in the buyer’s best interest to go with either of those options if the buyer is no longer going to use the car.
Break a Car Lease Options
There is a relatively inexpensive option for breaking a car lease that some people are not aware of and it can be done a couple different ways. That option is to transfer the lease to someone else. First you have to check if your lease agreement prohibits transfers. If it says nothing against transfers then you are good to go. There is a company that specializes in helping people out of their car leases, Swapalease has clients all over the county to help you out of your lease payments…..click here and see!
To transfer the lease to someone else, first you have to find someone who happens to be looking for a vehicle like the one you have and who wants to take over a lease. In the past that may have been a bit of a challenge. But, now there are companies that specialize in trading leases one of the best Swapalease Click HERE! The lease trading company will charge a small paperwork fee and there may be other fees involved from your bank or the leasing company but these fees add up to be far less than what you would end up paying when just breaking a car lease without someone to transfer it to and take over the lease payments. Click here Now! and search for all the ways to get out of your lease.