This Is How To Get Out Of A Car Lease

Like most people, you may need a car from time to time, whether for work, school, trips, or other necessities. However, as more of us are working from home, and the cost of renting a car long-term might not be worth it anymore.  

So, let’s get into some options available to you when getting out of a car lease. I have ranked each choice in terms of difficulty level (1 = easiest and 4 = most difficult, in terms of time and risk). 

Transfer Your Lease

Some lease contracts may have a fee to transfer leases, but given the transfer costs are less than your total remaining lease payments, this may be the best route to go. 

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Defaulting on Your Lease

It is quite simple to default on a car lease; just stop paying the lease. The dealership will repossess the car, and the lease ends. 

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When leasing a car, you always have the option to return the vehicle to the dealership. However, most car dealerships have included early termination clauses in your contract to avoid too many car returns and cover the costs of setting up the lease itself. 

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Early Lease Termination

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Going a step further from the early lease termination option, you can undergo a lease buyout strategy. This option covers depreciation and early termination penalty costs, but ONLY IF the math works out.

Buy-Out Provision 

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