Breaking a Lease

Get out early

It's important to enter a vehicle lease agreement carefully, and make sure you're well prepared. A lease is a legally binding contract that you make with a dealer: you agree that you're going to pay a certain amount for the vehicle for a specified period of time, and the lease company is relying on your adherence to this contract in order to make their money.

When you sign up for a lease, it helps to know you're choosing the right vehicle and that you're going to be able to carry the payments throughout the entire term - breaking a lease can be a big hassle.

However, no matter how prepared you are, it's possible that you'll need to get out of your lease early. You should keep this in mind when you're negotiating your agreement, and make sure you work in a clause that allows you to exit the lease without a lot of problems or incurred charges.

If you go into a lease without preparing for the possible need to end it early, you could end up paying a lot of money. Even more, it can be difficult to get the lease company to agree to break the lease, making it a timely process as well. You also have to be careful when you're looking to break a lease because it can affect your credit rating and might be considered in the same vein as defaulting on a loan.

Make it Easy

The easiest way to get out of a lease is to find a lease transfer. If you offer the lease company with a person to take over the agreement, you're less likely to get resistance - after all, the company's main interest is in continuing to make the money they expected off the vehicle.

If you're interested in keeping the vehicle, you can also opt for an early buyout. You may still incur some fees for ending the lease agreement early, but you'll own the vehicle and can even sell it if you want.

Breaking a lease will be much more difficult if you don't have any solutions for the lease company and are just looking to return the vehicle to them. Cover all your bases before you get into any lease negotiations.

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