I'm 2 1/2 years into a 4 year lease on a car that I just can't afford. Is there any way out?

Question

Weve struggled hard to make the pmts but I'm always at least a month behind and the late fees have exceeded a full pmt. They have worked with us on this, but things aren't getting any better. This car is putting too much of a financial strain on us.

Answer 1

Call the lease company what the buyout is for the car, figure out what you can sell the car for, get a loan for the difference and sell the car and then pay off the difference. (example: car worth $10,000, kelly blue book says $8000; sell for $8000, get a loan to pay off the balance, $2000). You may beable to work this out with the leasing company. You will get more money for your car if you try and sell it yourself.

Answer 2

There is two way out

1) sell the car for the surpassing amount. From there pay off the loan immediately so there isnt a lean on it for the new buyer.

2) You can return it to the dealer..He will sell it and when he finds a buyer. You loan will either be completly paid off or partially paid off.The balance remaining you will have to pay it off.

Answer 3

There should be a lease breakage clause in your contract somewhere. See if you can find it and exercise it.

If not, call the company and tell them you want out and what are your options.

Answer 4

i don't know if there is anyway out without being taken to court but whatever the outcome is, it will totally ruin your credit rating