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How do you get out of a auto lease? what are the options?

I am downsizing and will buy a used car. comments and suggestions welcome. thank you.

Public Comments

  1. not easy..... you have only two options. Trade in the lease, and eat all the negative equity, or let the lease company take back the vehicle and take the hit on your credit score. No other options are viable.
  2. Options: 1.) Conduct a lease takeover. Consult your paperwork and see if this is possible, some lessors will not allow this within certian timeframes. Then list the car on Swapalease.com, Leasetrader.com or a similar site, and find someone to take over your lease. Pay the lease transfer fee, complete the required paperwork, and you are out. 2.) Contact the lessor and see what your "payoff" will be. You can always buy a lease car for the residual value + the total of any remaining payments. Buy the car for the value they give you then turn around and sell it to a private party. You will be liable for any difference between what you can sell the car for and what you have to pay. 3.) Similar to #2 above, you can trade the car in to a dealership where you buy your used car. They will either take the remaining lease payments and roll the total into your new loan balance or they will give you the difference between the trade in value and what the car is worth. Most likely you will be "upside down" meaning you owe more than the car is worth, so you will still be liable for this amount. If you can't trade your lease, you are probably best holding onto the car if you can.
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