Options for getting out of lease?

[nikp]

Anyone have any ideas on how to get out of my long-term lease? Can I get a dealership to buy it out and take it off my hands? Or find someone to take over the lease? I can afford the lease but could really cut back on expenses. The lease cost and insurance is a huge chunk each month. I'm not sure what my options are without having to pay a penalty for ending it early. Any suggestions?

 

[Tim-in-CA]

Try https://www.leasetrader.com/

 

[BobFM]

Would suggest that you review your lease agreement. There are usually two options, (i) ending early and returning vehicle, or (ii) ending early and purchasing vehicle. You should look at the language of the early buyout option and then compare that amount to what a dealer would offer you. You should also check language on assignability of the lease.

For reference, here's language from a prior lease that we've had where we could've terminated the lease and purchased it outright...

"You may purchase the Vehicle from the Lessor or a party designated by Finance Company at any time if You are not in default. If You have a Monthly Payment Lease, you must pay the following {a) the Unpaid Adjusted Capitalized Cost, plus (b) the amount by which the lease end purchase option price (Item 10) exceeds the Residual Value (Item 7d), plus (c) official fees and taxes, plus (d) all other amounts then due under this lease (except charges for excess wear and use and mileage)."

 

[racerx2095]

Anyone have any ideas on how to get out of my long-term lease? Can I get a dealership to buy it out and take it off my hands? Or find someone to take over the lease? I can afford the lease but could really cut back on expenses. The lease cost and insurance is a huge chunk each month. I'm not sure what my options are without having to pay a penalty for ending it early. Any suggestions?

Check this website: https://www.swapalease.com/mobile/

I have taken over a handful of leases using this website. Good luck.

 

[Keith58]

I was able to exit one lease using leasetrader.com when a car I had ordered was manufactured six months earlier than planned. It was a Mustang Shelby GT 350 I still regret selling.

I looked into all of the various options and they all sucked. When they lock you into the lease, you are essentially paying a reduced amortization of the difference between the price and fees and the buyout price plus interest on the entire amount you borrowed. It’s very difficult not to be severely underwater on a lease. Unfortunately, with the used car market returning to its usual crappy self, and all the price reductions on new cars we’ve seen it is unlikely you would get a better deal selling it to a local dealership or even an individual.

One of the lease websites is probably your best bet but plan on having to make a huge upfront cash payment to entice someone to take on the responsibility. I had about six months left on the lease and had to put several thousand as an incentive for a BMW 335. This is why I swore I would never do another lease until Lucid offered this 0% money factor deal on the GT.

 

[Tim-in-CA]

I was able to exit one lease using leasetrader.com when a car I had ordered was manufactured six months earlier than planned. It was a Mustang Shelby GT 350 I still regret selling.

I looked into all of the various options and they all sucked. When they lock you into the lease, you are essentially paying a reduced amortization of the difference between the price and fees and the buyout price plus interest on the entire amount you borrowed. It’s very difficult not to be severely underwater on a lease. Unfortunately, with the used car market returning to its usual crappy self, and all the price reductions on new cars we’ve seen it is unlikely you would get a better deal selling it to a local dealership or even an individual.

One of the lease websites is probably your best bet but plan on having to make a huge upfront cash payment to entice someone to take on the responsibility. I had about six months left on the lease and had to put several thousand as an incentive for a BMW 335. This is why I swore I would never do another lease until Lucid offered this 0% money factor deal on the GT.

Yea, the only way I was able to get out of a lease (and into a new one!) was when BMW had a lease pull ahead offer a while back. I was able to exit my 750iL lease 6 months early with no penalty if I leased a new BMW. Got into a new (actually left over) 650 lease for about $500/mo less than the 7 series. Was worth it for me at the time.

 

[Iggy]

I've done this many times. I enjoy getting new cars (its a bit of a hobby), and I am pretty good at negotiating good deals that allow me to do this without paying way too much.

1) It depends upon the financing company. I think most of the main leasing companies allow you to transfer a lease pretty easily or pay it off without any penalties. The payoff amount is calculated by just adding the payments left to the residual value. Once you get the buyout amount, you can see how much you can sell the car for or the difference if you trade it it. If you buy it out the car is then yours. I live in a state where you don't pay tax on the trade value of the car. So, that helps a bit with trade in values.
2) If you want to transfer the lease to someone else, it also is likely possible. There's usually a small fee and then you just have to find someone that would like to take over the lease. The entire transaction is managed by the leasing company. For the person taking over the lease, its just like going into a dealer. They have to pass a credit check and then sign the same paperwork you did for the lease. Then, the car is theirs under the same terms.
3) Yes, swapalease or leasehaker are the two places to go. You can also advertise or post it on sites like this (user forums for the specific car). I actually found someone via craigslist once. For the right person, its actually a good deal to take over a lease.