how do i get out of an auto lease after 7 months without it affecting my credit? I'm willing to pay?

Question

reasonable penalty...thx..

Answer 1

Here is what I would do, and I have done this myself....you can trade your leased car in towards something else. Even though your car is leased, it still has a buyout (payoff) just like if you financed it through a bank. My advice would be to find a new car that has a large amount of discounts/rebates on it, that will eat up any negative equity you might have by trading. Say you find a new car that has a MSRP of $30,000, with $6,000 discount/rebates on it. For example if you had $4,000 negative equity, even with that factored in you would still be financing $2,000 less than MSRP. Thats going to be the only thing you have to pay. There won't be any termination fees or mileage charges because its basically like you bought out your lease early. Then the dealer you traded to takes the car, and can resell it. You could also trade to a used vehicle too, just pick a dealership and go see what they can do for you. I did this, I got out of my lease on my Trailblazer after just over a year, because I wanted a new GTO. I was very surprised how easy it was to do....I ended up financing the GTO rather than leasing this time. You can do the same....good luck

Answer 2

I worked lease maturities for Toyota Credit Canada and the only option I would give clients without having to surrender the vehicle and having it show as a "voluntary reposession" on their credit for 7 years are the following:
Buy out your lease (make all the payments you have left to pay)
Lease transfer (find someone who will take over your lease payments and take over the vehicle-done via the dealership and usually has $400+ lease transfer fees)
Get a dealership to buy your car (some will do this if they can put you into another car-but I have seen dealerships buy the car without making a sale)
Try selling your car for the lease end value.

Good luck!

Answer 3

Call your leasing agent, and explain your situation. There may be a way to get out of it. You should also try calling the finance company/bank/credit union you have your car threw, and seeing what your options are there as well.

They will try to get you into another vehicle, which may be the better option if payments are a problem.

You can also contact local dealerships, and see if there is a way to get you into another vehicle while having them take over your lease or pay it off.

Answer 4

There is no 'penalty', you can probably buy out your lease early (but be sitting down when you make the call) or sell the car. If you let it be repo'd it will stay on your credit history for YEARS and the leasing company will simply auction your car and make you pay the difference of what it sold for and what it was worth. Oh, yes they can...a judge will make sure of that.

Answer 5

you rather need to learn your hire and what it says. frequently they could be broken, however the only thank you to be extremely launched from it rather is whilst the valuables has been re-rented by ability of the owner. possibly you will could pay hire till that does, plus leasing expenditures or different expenditures the owner incurrs due on your breaking the hire, no rely in case you reside there or no longer. the abode procuring technique can take 30 days, 60 days, or while you're figuring out to purchase short sales, many greater months. it would desire to no longer additionally be a controversy at this factor. examine your hire and be conscious what penalty is in touch. Then, make your furnish to that end, in case you are able to. possibly you are able to hire decrease back the acquisition to the sellers for some months till your hire ends!

Answer 6

You can sell the car yourself and pay it off or sell it to certain dealerships that accept purchases, but no matter what you do ending a lease agreement will show up as "questionable" on at least 1 of your 3 credit reports. Questionable isn't bad, but it will often cause creditors to worry that they won't be able to make money off you.

Answer 7

Call the lease company (not the dealer) and ask what the early termination fee is. Unless you put down quite a bit, it will probably take your breath away. Cut them a check, and hand over the keys. No harm to your credit -- it will show as paid as agreed.

Answer 8

Go to the dealership that you leased it at & ask them what it would take to get out of it. Maybe they're willing to make you a deal on something to buy. I need to do the same with my lease. I just haven't gotten down there yet =)

Answer 9

depends if the lessor has a minimum time requirement. Contact the lessor and ask if there is a minimum time requirement for an early payoff and if there is some kind of discount they offer for that payoff. Read the contract for there might not be an early payoff or pre-payment penalty.

Answer 10

find some one to take over your payment with good credit and pay him some money the best way advertise in newspaper or auto trader