Help. I recently lost my business and credit is poor, but would like to buyout my car lease. Any suggestions

Question

I have good income and I work, but noone will give me a loan to buy the lease. I have search the internet DRY! and have been denied everytime.

Answer 1

So, you have no income, and poor credit? How much is left on your lease? Would it make more sense to turn the car back in, and buy something cheaper?

The bottom line is, without income, you won't be buying much of anything.

Answer 2

Make an offer of what you can afford to the leasing company to buy the car. If you had originally put a deposit down, that may be able to be used toward the purchase. Without knowing how much you owe, how log you have left on the lease, what the car is worth or how much money you have available, it's hard to make any suggestions. Also, take a look at your lease agreement to see what the terms are, figure out what the payoff would total then look at the Kelly Blue Book value http://www.kbb.com/ of the car and offer the lease company an amount somewhere in between
Additionally, if this is not possible..see if the lease is transferable and see if you know anyone willing to take over the lease in exchange for a certain amount of money. Then use that amount of money to purchase a used car without payments.
Good luck to you.