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I have two years left on a three year GMAC lease. What are my options for returning the car?

The car takes too much gas, and I really can't afford it anymore.

Public Comments

1. Talk to your auto dealer or your banker--they may be able to help you out and give you all the information you need.
2. You will have to pay the difference in the balance of the lease, and what the car sells for. You may also have to pay a penalty for ending the lease early. You will have to most likely pay several thousand dollars. It may be better to keep the vehicle.
3. Option 1: Trade the vehicle in. You probably owe more than the value of your car so you will either need a large downpayment or you can add the balance to a new vehicle. If you are adding the balance to a new vehicle it is a good idea to find a vehicle that has large rebates. Option 2: GM does have a early termination program. This will cost you a lot of money but it is possible. Call GMAC and ask them how much it would cost you. Option 3: Find someone to assume your lease. As long as their credit is approved they can take over your payments. Option 4: Sell your car yourself. It still probably is worth less than you owe but the difference would be less than if you traded it in.