If you have a leased car you already know that a leased car is one that is bought by a leasing company from the car dealership and then they lease the car out to people like you and me. If you are in the middle of your lease and you no longer want to be leasing the car, you can get out of the lease early. Probably the best thing to do is to find someone that would like to take over the lease for you. You can also sell the car or you can walk away from the lease. However, that would be your worst choice since that would go against your credit report.
If you are considering looking into having someone take over the lease for you, the first thing you will need to do is to call the company that you are leasing the car from. You need to find out if what they call “assumptions” are allowed with your lease.
Once you have done that you will need to find someone that you know that might want to take over the lease of your car. You need to make sure that they are willing to take over the payments completely so that you will no longer be associated with the lease. If you don't know someone personally you can always check out the website Swapalease.com, this is a site that will help you find someone and it will also help you go through the entire process of a lease takeover.
Before you agree to a lease takeover make sure that you evaluate the condition that your car is in. Your car is in good condition if the tires are balanced and all of them match and they don't have any uneven wear on them. The paint job has no chips in it, there are no major dings or dent in the body, the interior is clean, it has a current tag on it, it needs to be registered and has no mechanical problems. If you need to, you should have the car detailed and give it a tune-up.
Once all of this is done you can then transfer the lease over to the person who you have chosen for the lease takeover. You will need to go with this person to the leasing company and you will be required to fill out all the necessary transfer documents. You will more than likely have to pay what is called an assumption fee and that is usually around $300.00.
If you decide you want to sell the car to someone to get out of the lease you are going to have to call the leasing company and find out what the buyout price would be for your car. This is the amount of money that the lender is willing to sell the title for.
Then you should look up the true market value of the car so that you will know what you should sell the car for. You will need to adjust your price for the car according to the mileage, the color and the area that you are trying to sell it in. Edmunds.com is a good place to find the true market value of your car.
Take a look at the sale price and compare it with the bank buyout price. If the two prices are close then it should be easy for you to try and find a buyer since you won't have to do much adjusting if any at all. You may however have to take a loss of a thousand or two on the sale, but if you must get out of the lease and this is the only way you can do it then it's a small price to pay. Once you pay the lender their required amount you will then be able to transfer the car over to the new owner.
Note: If you are doing a lease takeover, understand that the person taking over the lease must have their credit approved before they can be eligible to take over the car lease.