I am half way through the contract. I would like to hand the rest of the contract to someone else. Can this be done? ,,,and not effect my credit?
2007-12-10 04:07:30 · 5 answers · asked by orchard_littlejoe 2 in Business & Finance ➔ Personal Finance
no it would be a a breach of contract!!!
2007-12-14 01:14:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This has been the main issue with leasing. It gets you more car than you are paying for, but you are locked in and then at the end you turn it in and have nothing. A better route is to do regular financing on a cheaper car, but I know, then you don't have as nice a car! It can be a tough choice, but I favour financial cleanliness over car cleanliness.
Back to the question. You may be able to sell your lease to someone. It may still take some cash, but less than dealing with your leasing company. Go to:
http://www.leasetrader.com/car_lease/early-lease-termination.aspx
There are other web sites like this, so look around.
2007-12-10 12:22:17 · answer #2 · answered by joburgslim 2 · 0⤊ 0⤋
Yes it can be done. There are two ways to do it. first, you can go to a website like swapalease.com and list your lease for someone to take over. There are a lot of people looking for theis sort of thing since they offer short term solutions for people in a bind.
Also, you can buy the car from the bank and sell it. call your bank and ask them what the current payoff price is. This will include residual value and some interest. If you can sell the car for around this number, you are in luck.
2007-12-10 12:19:33 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
Leasing a car is a big NO, NO on personal financial management. It is like throwing money away, and when you back out, you have to pay pentalty (more money wasted here).
2007-12-10 14:00:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. You have to turn the car in and pay the early return penalty.
2007-12-10 12:11:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋