Author: Kat Tretina / Source: Wise Bread
Leasing a vehicle is still a popular way to finance a new car. According to Experian, nearly 30 percent of all new vehicles were leased rather than purchased during the fourth quarter of 2017. Leasing comes with some initial perks; you can often get a much nicer car than you could afford buying outright, and it’s a tempting option to trade in for a newer model every few years.
But the payments and restrictions of a lease can quickly get old.Whether you are sick of your current vehicle, or can’t afford your lease payments any longer, getting out of a car lease can be tricky. However, you do have a few options when it comes to freeing yourself from a car lease that is no longer meeting your needs. (See also: What You Need to Know Before Leasing a Car)
1. Transfer your lease
Easily the most convenient of your options, transferring your car lease is the most popular way out of it. Many dealerships will work with you to get you in a new car. They might buy out your old lease so you can open up a new one with them. If you stick with the same car manufacturer, you’re more likely to be able to transfer your lease to a new vehicle.
2. Swap your lease
Some auto manufacturers allow you to swap your lease with another individual. However, you should know that the lease transfer doesn’t necessarily remove you from being the responsible party. Should the person who takes over your lease stop making payments, you may still be on the hook for the missed payments. Make sure to carefully look over the terms and agreement before you finalize the transfer.
Additionally, you may be required to make some concessions that lowers the monthly payment for the person who takes over your…
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