Leasing a car vehicle is a great way to enjoy the privileges of driving a brand new car. The best part of leasing a car is that the user need not have to think ways of selling it or maintaining it. But there are times when users want to discontinue their lease or get rid of the vehicle before the leasing period. There may be several reasons to break free your car lease and let’s run through a few ways.
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Few lease transfers permit the leaser to transfer the lease to a third party. By this way, there isn’t a loss for the car company and the monthly payments are paid regularly by the third party. When the lease is transferred, the user need not have to pay early termination costs and can also get rid of monthly payments.
2.Trade for another vehicle
For ones in financial trouble or desire to leave the country can opt to trade another vehicle. An early exit fee has to be paid and the user can drive another category of vehicle. By this way, the user will not be under the payment schedule in the present lease. By swapping to a less expensive model, the user is saved from monthly instalments.
3.Returning the car
The modest and stress-free way to get rid of a car lease is to return the car to the leasing company. Though it’s expensive, the user is breaking a car lease. Moreover, the company takes the complete responsibility for handling the complete details. In this case, all the penalty provisions that are applied in the agreement are applicable. Also, an early termination fee is applicable in this situation. The leasing company would sell the car for wholesale which gains a minimum value for the car. The variation amount also needs to be paid.
4.Buying the car and selling it again
Almost all car lease companies permit users to buy the car during the period of the lease. This condition would be perfect if the resale value is a bit higher than the buyout or payoff value. For example, if $ 30000 is the buyout or payoff value and the market value of the car is a bit higher. Then the car can be bought from the leasing company and can be sold. This idea works but an early termination fee of a few hundred dollars needs to be paid. To execute this idea the buyout or payoff needs to be authorised by the leasing company and must be obtained in writing. The user needs to analyse and find out the present resale value of the car in the market. There are ample websites to do this. At times the sales value can be less than the payoff or buyout, but this is a less expensive method to break the car lease.
5.Lease trading sites
Based on the terms and conditions of the lease agreement the lease can be transferred to others. To accomplish this task, there are several sites such as leasetrader.com, swaplease.com, etc. These sites help in selling the car and also find a third party to take over the lease. These websites charge a nominal fee for the listing and also a small amount is to be paid for to car leasing company for transfer. These fees are considered to be lower than the termination fees. Though there are many tough conditions in the transfer or lease, these sites make their best effort and get the right customer to take over the lease easily.
6.Seeking help from the lease company
Some people undergo financial issues and may need time to get back to usual. In such cases, the user can approach the lease company and explain the situation. There are chances that the payment company would relieve payment for a few months. They may also temporarily suspend payment or lower the payment. This can be a great way to avoid penalties and extend the period for payment.
For individuals, who are moving to a different state and want to terminate the lease can think of leaving the car to a friend. They can return the car once the lease is over. This can opt when there are few months left for lease. This is the least affordable option to be followed.
In many cases when the situation is non-preventable and serious, breaking a car lease is unavoidable. These few ways can be followed to break a car lease. Also, many car lease companies help and also provide solutions in breaking a car lease. Sites like swaplease.com have handled plenty of such cases and helped the customers. They guide and offer the appropriate solution in getting rid of a car lease with least termination amount.