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I want to return a car im leasing to the bank. Im 19 months into a 36 month lease. What are my options?

Instead of falling behind on payments, I want to see if the leasing company would negotiate with me and take it back. What would be the best way to go about this?

Public Comments

1. You can usually negotiate an early termination of the lease but it will cost you big money to do it. Your lease payments were based on your fulfillment of the term on the lease. If you break the lease and fail to fulfill your obligation it will cost you. Look at your contract and see what it says about early termination fees.
2. I did that, and they put it down as a forclosure on my credit! Be VERY careful, and make sure this is not going to kill your credit!
3. They will definately say no. They will charge you for breaking the lease early. That's why I don't go for leasing. The monthly payment might be a little lower (?) but you have to maintain THEIR car and supply plates and insurance and it's up to you to have the oil changed, etc. I think leasing is a rip. You will find that out!
4. why don't you find someone to take over your leasing?he can give you back the money you already payed for the car,you give him the car and he will continue paying every month.of course,make some kind of contract with him.i try to take over the leasing for an apartment.i have the money to pay every month but it's difficult to get the bank loan.
5. Most lease companies will give you a lease buyout, which is not negotiable. Years ago you could negotiate, however things have changed. Also, it depends on who your lease company is. National City for instance, will not let you turn in a lease whatsoever. You can either keep it or have it repossessed. Even if you offer to make all the remaining payments, they will require you to keep the vehicle as well as full coverage insurance. This is an exception, so most lenders will offer a buyout. What you will want to do is to contact your leasing company and ask for a lease buyout. You can take the car to Carmax and see how much they will offer you for the vehicle. From there, your options are either to pay the difference and sell it to Carmax <or an indivudual> and pay the difference yourself, or turn the vehicle in early, which will result in a repo on your credit. In addition, you will still be liable for the difference of what they sell your vehicle for v/s your payoff. You might also want to look into swapalease.com. As long as your lease is assumable, you might be able to list it there and find a potential customer. Good luck and I hope this helps.