Free Personal Finance & Budgetting Articles

Professional Authors - Professional Articles

How to Get Out of a Car Lease When You Absolutely Have To!

If you have a leased car you already know that a leased car is one that is bought by a leasing company from the car dealership and then they lease the car out to people like you and me. If you are in the middle of your lease and you no longer want to be leasing the car, you can get out of the lease early. Probably the best thing to do is to find someone that would like to take over the lease for you. You can also sell the car or you can walk away from the lease. However, that would be your worst choice since that would go against your credit report.

If you are considering looking into having someone take over the lease for you, the first thing you will need to do is to call the company that you are leasing the car from. You need to find out if what they call “assumptions” are allowed with your lease.

Once you have done that you will need to find someone that you know that might want to take over the lease of your car. You need to make sure that they are willing to take over the payments completely so that you will no longer be associated with the lease. If you don't know someone personally you can always check out the website, this is a site that will help you find someone and it will also help you go through the entire process of a lease takeover.

Before you agree to a lease takeover make sure that you evaluate the condition that your car is in. Your car is in good condition if the tires are balanced and all of them match and they don't have any uneven wear on them. The paint job has no chips in it, there are no major dings or dent in the body, the interior is clean, it has a current tag on it, it needs to be registered and has no mechanical problems. If you need to, you should have the car detailed and give it a tune-up.

Once all of this is done you can then transfer the lease over to the person who you have chosen for the lease takeover. You will need to go with this person to the leasing company and you will be required to fill out all the necessary transfer documents. You will more than likely have to pay what is called an assumption fee and that is usually around $300.00.

If you decide you want to sell the car to someone to get out of the lease you are going to have to call the leasing company and find out what the buyout price would be for your car. This is the amount of money that the lender is willing to sell the title for.

Then you should look up the true market value of the car so that you will know what you should sell the car for. You will need to adjust your price for the car according to the mileage, the color and the area that you are trying to sell it in. is a good place to find the true market value of your car.

Take a look at the sale price and compare it with the bank buyout price. If the two prices are close then it should be easy for you to try and find a buyer since you won't have to do much adjusting if any at all. You may however have to take a loss of a thousand or two on the sale, but if you must get out of the lease and this is the only way you can do it then it's a small price to pay. Once you pay the lender their required amount you will then be able to transfer the car over to the new owner.

Note: If you are doing a lease takeover, understand that the person taking over the lease must have their credit approved before they can be eligible to take over the car lease.

Dallas Deals commented on 13-Jan-2016 08:44 AM
Astonishing topic on this site. I was just speaking about this with a coworker. Cool

Post a Comment

Captcha Image

debt settlement financial basis stop procrastinating emergency spending car dealer retirement years income credit score financial affairs make a will dealership self help insurance company financial issues need maternity care miss payments party theme banners buying a home lease takeover manager specials money issues half price personal finance tips leasing company car sites interest rate tight budget top preparing dinner quiet time local dealer home equity loan personal finance resources secured loan common estate planning grocery shopping property tax car payment save money computer payroll software package compare prices payment plan overspending best credit gross income personal finances secure finances home improvement loan birthday party sticker price creditors getting a loan time management enough money financial agent medical history medicare estate planning errors improvement loan stop paying bad credit car credit policies home loan money conscious dream income tax managing time finance tips planning bankruptcy avoid personal bankruptcy legal power stock market car finance trade in value sticker shock power of attorney decorations gross pay voluntary present car major financial issues lower tax handling problems estate planning major debt health insurance finance tips different models get rid of debt cash flow insurance test drives car lease personal finance unsecured loan debt management company fast paced cash research social security number car insurance poor credit deductions afford a car party supplies specials store ads new car car payments attorney credit right estate planning lawyer periodic payments salvage groceries chapter 7 va loan possibility mortgage payments payroll assessor estimate grocery list enjoying property value actual loan quick sale owe money loan possibility start investing payment range reduce tax coupons veteran loan debt management meat specials saving money car lot estate planning lawyer get help retirement fund employees retirement planning finances spend less shop online family member wills discounted items financial power balloons household tips community property law firm homemade food car loan net pay personal bankruptcy true market value debts invitations W-4 forms finance company own business reduce interest rebates certain stocks good credit financial crisis qualified veteran new car smell reality getting health insurance repair credit pay bills budget structured settlement printer

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs