Is there any way to get out of a car lease that I can no longer afford? I have 16 months left on the lease.?

Question

I have a 4 year lease on an SUV. I have about 16 months left on the lease, but I just can't make the payments anymore. My husband lost his job and his new one pays much less than his previous salary. I don't want to default on the lease, but it's coming down to deciding between food for my kids and making a car payment so I don't lose my car AND destroy my credit.

Answer 1

You could try to sell the lease (have is assumed by another party), but with gas costs up, that may be a problem. ~

Answer 2

the best thing you might try on this one ,is see if any one wants to to take the lease over on it,basically its just like taking over the payments on a new car,the process works the same way,but it will save your credit,your very wise for looking out for your credit,its really important to keep that good these days,but id run an add in a paper or something and see if anyone want to assume the lease from where it is right now,that would solve all your problems with it,it has worked out good for several people like this,good luck on it hope this helps.

Answer 3

Call your lease company and ask for your early termination cost. In most cases, this will be a significant amount of money. However, in your case, you are almost two-thirds through your lease and, with luck, you may find the cost to be reasonable.

For additional information, the following web page may help:

http://www.leaseguide.com/Articles/terminate.htm

.

Answer 4

Ask your dealer. There may be a legitimate way, or if you explain to them your problem, they may let you out free of charge.

Answer 5

Two web sites that I know of might help:

http://www.swapalease.com
http://www.leasetrader.com