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Guest Article By 20/04/10

How do I get out of my lease?

How do I get out of my lease? Screenshot.
Don't keep paying for that car lease.
Let someone else take on the payments!

Getting out of your car lease can be very difficult indeed. You have entered into a contractual obligation with the leasing/finance company and are 100% responsible for your car's payments. When times are tough and those lease payments become a financial millstone around your neck, your options are few.

Before you throw your credit rating into the cellar, contact your leasing/finance company and ask if your lease can be transferred to another person. You may be surprised to learn that it can. Besides, isn't it more appealing to the finance company that your lease does not turn into a bad debt? They don't really care who makes the monthly payment, just that the payment is made.

There are no doubt caveats that the finance company will require, and they may differ from company to company. Typical requirements include that the individual willing to take ownership of your lease signs a contract accepting full ownership (and becomes liable for the vehicle), and no doubt their credit rating must be in good standing. There may even be fees to pay for this service.

If you are permitted to transfer your lease, then what's next? How do you find someone to take your lease payments on? One website that you'd be foolish not to look at is because it's free to advertise your lease. Simply create an account on line and then you can add details about your vehicle. You can even upload a few photos. Your advert will allow prospective ‘buyers' to contact you directly, thus removing the middle man approach so many other websites in this field appear to take. You have nothing to lose.

One important piece of advice is the "Incentive". On your TakeMyLease vehicle profile you have the option to provide a monetary incentive to the person willing to accept your lease responsibilities. Typically one might offer one month for free e.g. 12 months left at £350, but I'll pay you £350 for taking my lease. Think for a moment what getting out of your lease is actually worth to you.

There is clear incentive for the buyer too. They are essentially getting an almost new car, with no downpayment for a predictable amount of time. Sounds like a good deal to me!

TakeMyLease does not offer any other service than advertising your vehicle. Depending on how desperate you are (that is, how much money you are willing to throw at your problem) then other sites can provide a service where they actively look for buyers on your behalf.

This page was last updated on Tue, 16 November, 2010
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