How to Terminate a Vehicle Lease Early

Leasing a car and then deciding you no longer want the vehicle puts you in an awkward position. Leasing a car involves signing a contract, wherein you agree to pay a certain amount on a car for a specific term. Dealerships and finance companies expect you to keep the car until the lease ends. But what if you need to get rid of the car sooner? Fortunately, provisions are available to help you terminate a vehicle lease early -- without risking your credit rating.

Instructions

1

Deliver the car to the dealership, and pay any financial obligations. Bring the car back to the original dealership in good condition, and agree to pay off your lease balance to terminate the agreement. If you exceeded the allotted yearly mileage, be prepared to pay additional mileage fees.

2

Lease another car, and roll over the balance. Dealerships will terminate a lease agreement early if you decide to lease or purchase another car. Any balance remaining on the old lease rolls over into the new lease or loan. This method increases the price of the new vehicle.

3

Advertise for someone to assume your lease. Place ads in the paper, and look for someone to take over your car lease and assume full responsibility for the car. Talk with your finance company first to get permission and to discuss the requirements. The person interested in your car may have to qualify with the finance company.

4

End the lease, and deal with the credit consequences. Paying off a lease or transferring the lease isn't always doable. If you've exhausted all options, bring the car to the dealership and walk away. This is breach of contract, and you can anticipate a reduced credit rating.