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Get Out of a Car Lease

The expense of a brand new car purchase or the cost of maintenance on an older vehicle has led many consumers to explore the option of car leasing.

A car lease is an opportunity to use a car that you might not have the financial resources to purchase brand new or otherwise. The leaseholder may purchase the car at the end of the lease for the residual value or explore the opportunity of leasing another (hopefully newer) vehicle. What happens though when the lessee decides for whatever reason that they no longer wish to lease their automobile?

There are a multitude of reasons that one might wish to get out of a car lease early. Changes in employment location, altered personal relationships, fluctuating incomes or dissatisfaction with the vehicle in question or the terms of the lease are just a few. At first glance, it might seem that there are no options for the individual looking to get out of a car lease early. That is not so. There are several possibilities that one might explore to break a car lease. If you have not already, check over your lease contract to determine the terms by which you might get out of your car lease early.

In many cases, you can find a clause that states the terms by which the lessee may pay out the lease and, if they desire, purchase the vehicle at any time covered by the duration of the leasing contract. There may be a penalty involved but after the lease is paid out the lease contract is considered completed. If or when the residual value assessed on the vehicle is paid, the vehicle is owned outright by the lessee.

The cost of paying out the auto lease and or purchasing the vehicle can be prohibitive to many lessees. An individual may choose to explore other methods to get out of their car lease. A number of financial car leasing companies will allow a lessee to transfer their lease to another person who is on an equal standing with the original leaser in regards to credit and income levels. The person who takes over a lease can benefit by avoiding the sizable down payment that is normally required when entering into a leasing contract with a financial institution. The new lessee may instead pay a relatively small transferal fee when they take over the lease.

The shorter term offered by a transferred lease offers greater flexibility as the new lessee can explore the benefits of the lease without enduring an extended payment period. Because the new lessee most often pays the transfer fee in lieu of a down payment the lease transfer will cost the original leaseholder nothing. This makes the lease transfer a very attractive solution for the leaseholder looking for a financially inexpensive way to get out of a car lease.

Finding a new buyer for your car lease or locating someone who is looking to transfer their existing contract is easy enough. There are many Internet based services that specialize in connecting lease buyers with lease sellers. They can often provide a solution that suits all parties in a short period of time and with a very minimal amount of difficulty.