How to End an Auto Lease Early

Auto leases suit individuals who want to have a low car payment. Unfortunately, getting out of such a lease early poses certain challenges, and if you go about it the wrong way, it can cost you thousands of dollars. There is an inexpensive way to terminate lease agreements early. The key is knowing the terms of your agreement and communicating with your leasing company to work out a deal.

Instructions

1

Return the car within the three-day window. Check your lease agreement to see if there is a clause that allows you to cancel your lease within three business days. Some states offer a three-day cancellation period on contracts. If so, act quickly and return the car in good condition to avoid penalties.

2

Speak with your leasing company. Talk with a representative from the company to see if it allows lease transfers. Ask about your payoff balance.

3

Seek a new owner for the car. If your leasing company permits transfers, visit websites such as Swapalease to find someone to take over your lease payments. You can also speak with friends and family members to see if they are interested in leasing your vehicle. Contact your leasing company if you find someone willing to do so.

4

Satisfy the balance. Bring your leased car back to the dealership early and pay off the remaining balance to complete the transaction and avoid financial and credit consequences.