Getting Out of a Leased Car
By: Buddy Evans | Posted: 25th March 2008
April 2008
Getting Out of a Leased Car
by Buddy Evans, Vice President of Big Bucks Auto
Maybe you're moving to the big city and you've decided you won't need your car anymore. Maybe you're simply tired of driving your current car. Whatever the reason, you want to get out of your current car lease. Only problem is, your lease hasn't expired yet and you don't want to wait any longer to get out and move on.
You Have Several Options to Get Out of Your Car Lease
Fortunately, there are several options available to the individual who wants to get out of a leased car. Chances are, one of the possible solutions outlined in this article is best for you - but it all depends on your current situation. Read on and learn how you can get out of your car lease with:
• Lease trading websites
• A Buyout
• Returning the leased car early
• Allowing a car buyer to negotiate the terms on your behalf and then buy the car from you
Leased Car Trading Websites
In lawyer speak this is called "lease assumption". These sites are -- you guessed it -- places where current lease holders can list their cars, lease details and contact information. Lease seekers then browse these websites in search of cars and opportunities that match what they were looking for.
But before you go and annul your current car marriage via one of these lease trading sites, there are some issues to consider.
Does your car leasing company allow transferring the lease?
First and foremost, some car leasing companies prohibit the transferring of car leases altogether. That may or may not apply to you; so you'll have to do some homework to find out if trading your leased car is even a viable option.
Finding a trade partner can take time
Remember that it could take some time before the right person - who is hopefully local enough to do a deal - finds your car and contacts you about a potential lease trade. If time is an issue, leased car trading may not be the best option.
So say lease trading isn't for you. Say you're looking for an instant exit. Fear not, as there are still other escape routes to explore. Like, for instance, the buyout option.
Buyouts
By buying out your leased car, and then selling it yourself, you can effectively avoid things like wear and tear charges and early termination fees. These features all make the buyout option look pretty darn appealing. But remember; in many scenarios, the red tape, hefty buyout price offered, and sales taxes can be enough to make this option look quite unappealing too.
If you're interested in buying your car out and then selling it, be sure you know whether or not the buyout price offered is a good deal. A reputable car buyer like Big Bucks Auto can tell you exactly how much your car is worth with a free car appraisal. This way, you'll know if the buyout option really is a good deal, and you'll have an idea of how much you may be able to then sell the car for.
Turning in the leased car early
This option is a quick fix for getting out of a leased car - one that often comes with a load of early termination fees which could climb into the thousands. In many cases you will still be obligated to pay the remaining balance on the car lease, or some combination of these payments, along with other penalties, like charges for wear and tear or mileage over the allotted limit.
There has to be an easier way!
You could sell your leased car to a used car buyer. But why?
If you choose an honest and professional car buyer experienced in these types of transactions, this may very well offer the best "bang for the buck". And speaking of bucks, Big Bucks Auto, one of the largest car buyers in the tri-state area, can easily handle these tricky lease scenarios. If you happen to be in the tri-state, NY, NJ area, you're in luck as you're close enough to do business with Big Bucks Auto. We'll help you get out of your current car lease, and then we'll give you the best price possible. Get a free car appraisal - FAST, by simply filling out a short information form.
At Big Buck$ Auto we'll contact your lender or lease company to obtain the lowest possible payoff amount on your account. And even better, we can negotiate to get you the best deal possible. And all prepaid loans are discounted automatically.
Read why choose us to Buy Your Car for a better understanding of what you can expect when dealing with a used car buyer like Big Bucks Auto.
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Tags: hasn, homework, possible solutions, seekers, lawyer, marriage, vice president, viable option, current situation, car buyer, car lease