So you have come to the point where you can’t quite make your monthly payments and need to end your car lease early and fast. Getting out of a lease is always more difficult than if you owned your car. Here are a few things to expect when trying to get out of your lease.
Some leasing companies will charge you many fees for exiting early. Some of these fees are the early termination fee, costs to prepare the vehicle for sale, storage and transportation of your vehicle, and the taxes associated with leasing. It isn’t a fun process and can become quite the headache.
If you decided, let’s say, in a 36th-month lease that you want out by the 21st month, you will be required to pay the remaining months. Even though some leasing companies do not require it, be prepared to shell out the rest of the payments. Also be prepared to deal with the negative equity between your lease amount and the current value of your car.
You do have the option to buy and the sell your car as well if the payoff or buyout of your lease is less than the resale value but you still will encounter the early termination fee. If you decide to purchase a new car from the same dealership where you leased your current car, they may either waive certain penalties or at least reduce them. This can seem as hassle-free but all those fees will still creep up on you.
When you have run out of options, the only thing you can do is default on your lease. When you are that crunch where you can’t make those payments anymore, you would need to consider defaulting to get out. However, this option can take a critical hit on your credit. When your credit history is pulled up in the future, it will not look good on your part and you will have trouble buying.
Fortunately, you don’t have to be stuck in your lease. Swapalease.com is the largest online lease marketplace and they have what you’re looking for. Functioning as a sort of matchmaking service for cars, Swapalease.com helps individuals get more car at an affordable price. The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease exit, contact Swapalease.com at 866-SWAPNOW.