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I am looking for suggestions on getting out of a car lease. I am 1 year into a 3 year lease with a high monthly payment, and need to get a less expensive lease payment because of some life/employment changes. I will need to get into a new lease with either the same company or elsewhere. Current payment is $785 and would like to be under $500. The reason the payment is so high is because I was upside down on a car I owned and and to wrap in $7,000 into the new lease payment, with a goal of being back at $0 in 3 years.
Has anyone ever done this with success? Any suggestions? I obviously would like this to be without any penalties if possible, as I'd be getting another car out of it.
Good luck - not an easy thing to do without incurring mega cost that's if they will even let you break it. Who is it leased from? What does all the small print tell you on the back of the contract?
At this time and market conditions, it will be highly unlikely. Because of your credit, it would be hard to get out of the current lease. Refinancing is not an option for you--no creditors want to absorb the risk. Hey, maybe someone here would prove me wrong and give you other options.
Not easy at all to do. we had a two year lease and got out after one year. We still did not get a lower payment and had to roll over $9K because of early termination. Although our payment only went up $20, there really is no way to make it lower. As we tried very forcefully. You may want to check with the lease company as nowadays many will work with you and finding someone to assume the lease would be an option. Unfortunately, turning it in will hurt your credit drastically and trading it would not help with the payment. I know I am not any help but I know what you are going through, been there done that and learned a lot. Getting out of leases are near impossible without lots of money or higher payments.
File for bankruptcy and surrender the leased vehicle. You have zero chance of "working something out" that won't leave you even further "upside down". If the salesperson that talked you into this nightmare is related you might consider homicide. No reasonable jury should convict.
Some lease companies will consider letting a (qualified) person that you find assume your lease.
Good luck getting a sucker to do that, especially in this situation. Original Poster, let this be a lesson. Don't roll an insane amount of negative equity into a lease. Or a purchase.
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