What happens if you break an auto lease?

Question

Let's say you lease a piece of **** car and you want to break the lease...what happens? Is there a financial penalty that you have to pay? Does it affect your credit? What else can you tell me about it??

Answer 1

Breaking a lease can be extremely expensive. There is usually an explanation of how much it will cost in the contract or you can call the dealership you are leasing from and ask them. There are other options however; there are websites like 'swapalease.com' or 'leasetrade.com' which allow owners of leased cars to hand over the lease to someone else. That person assumes the car and the lease payments until the end. There are quite a few websites that do this and they are ligit. Perhaps someone else wants the car that you have! :-) It never hurts to try. Otherwise, you'll have to ride it till the end. I know we turned in a leased car early- only a few months early- and we had to pay the remaining balance of the lease agreement. Once you're in, you're pretty much in for good. Try the websites though; they might help somewhat. Good luck.

Answer 2

It is usually quite expensive to get out of a lease early. However you can trade in a leased vehicle and the dealership will pay off the lease. It you trade for the same make the dealership usually gets a better deal for the payoff, which can lower you new payment.

You should never lease for longer than 36 months. Then if you hate the car, it is not long before you turn it in anyway.

If you walk away from a lease it will hurt your credit, especially if you want to get another car and finance it. Better to trade it in and roll any negative equity into the new car.

Answer 3

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