Last year I leased a new car and now I really can afford the high payments. How can I terminate my lease early without losing a fortune?
This is one of the questions I’m asked most often. It’s unfortunate that so many consumers are in leases they can’t afford. That’s why I tell folks over and over: think twice before you decide to lease. Remember, car salesmen love to push leases because they’re so profitable for the dealership. Now here are the two best ways to get of your lease early: 1. Sell your car on your own: – Call the finance company or bank that’s handling your lease. – Ask them for the “pay-off” or “buy-out” amount. This is how much it will cost you to buy the vehicle outright. – Try to sell the car on your own to a private party with the goal of making that “pay-off” amount — or at least getting very close to it. 2. Find someone to take over your lease: – Visit the Swap-a-Lease website. – Place an online ad to sell or trade your lease. It’s not always easy to get out of a lease, especially when you owe more than the car is actually worth. (That’s a very common problem). But it can be done. So give it a try
