Over the last 5 years, more and more consumers in America and Canada have sought options to terminate a car lease early due to the economic downturn resulting in stressed financial obligations.
Car lease termination traditional is thought of returning the car lease early to the leasing company, and incur the expensive penalties originally agreed to in the lease agreement. In some cases, consumers have simply walked away from their lease, though the result impacts their credit ratings.
However, over the last decade, leasing companies have begun to accept car lease termination through the lease transfer process, or lease assumption process. Primarily leasing companies have turned their view to the preference of having anyone who is credit worthy retain the lease throughout the remainder of the lease term (ex. 3-5 years), vs. incurring costly legal and operational fees to chase after the original lessee who is already financially strapped.Read more How to terminate a car lease