When you initially signed the lease agreement you were signing a contract with the manufacturer that you agreed to lease the vehicle for a set period of time, for a set payment and set amount of KMS. It is a contract and because of that, you are on the hook based on the parameters of that lease agreement.
So, what do you do if your circumstances have changed and you can’t afford to make the payments, but having them repo the car is not an option. Or, your needs have changed and the car that you have isn’t going to meet your needs. How are you able to get out of this agreement without jeopardizing your credit or being stuck with a vehicle that isn’t working for you?
The one thing you can do is find someone who will take over the lease for you.
Keep in mind that as much as you need to get out of your current lease there are others out there who are willing to help you out and assume the lease. These people have a variety of different reasons for assuming a lease rather getting into their own. Some reasons may be:
1. They can’t decide what they want but they need a vehicle and don’t want to be locked in. Taking over a lease gives them the flexibility of being able to make their mind up.
2. They may only need a vehicle for a short period of time and taking over a lease gives them that flexibility of being able to do so.
3. Some lease payments are excellent compared to what they are now, some people may want to take advantage of driving the car they want, but at a lower payment.
The reasons are endless, the fact is that there is someone out there who can help you get out of your lease.
If you are looking for someone to takeover your lease there are many way you can do this:
1. Visit the local dealership where you leased your car, explain the situation and see if they know of someone who has approached them looking for someone like you.
2. Visit websites like Kijiji or Craiglists, these are free for you and post your car there. Also look and see if there has been someone who has posted looking for a lease takeover
3. Sign up to LeaseBusters.com which is a site dedicated to people who are looking to takeover a lease. There is a fee involved but this site does work and I have processed many lease takeovers from there.
You can get out of your lease, but like anything do your homework and ask questions so you fully understand the process.
Dennise Ryder is a Business Manager at Volvo of Durham in Pickering, Ontario. Visit her blog Cars Canada for sale and be sure to checkout all the information on car leasing at the Car Leasing Center.