How to get out of a car lease fast (and cheap)

At some point in time we’ve all faced the dilemma of buying a care new, or signing onto a fixed term lease. If you’ve taken the path to lease a car, you’ve then experienced that car lease contract can feel like signing a marriage contract.

Should something in your personal life come to of left field and you need to get out of a your lease, it will cost you dearly to terminate a car lease early. Leasing companies will have engrained in your lease agreement the various fees and penalties for existing a lease early. Should you have a chat with the dealership you leased the vehicle from, you’ll then be faced with the sales pitch to swap a lease for a new one. Continue reading “How to get out of a car lease fast (and cheap)” »

How to terminate a car lease

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.

Continue reading “How to terminate a car lease” »