It is possible to get out of a car lease. Possible, but not always easy. Possible, but not always without damage to your credit score. Possible, but not always cheap.
If you have the cash flow in your budget, I believe keeping your word and paying for the lease until it ends is the honorable thing to do. But … what if there’s no way you can continue your lease? What if you lost your job? What if the lease is breaking you financially and you need to abandon it because other items (such as housing and food) are being neglected because of that crazy car lease? Read on.
Getting out of a car lease
Your first step is to go talk to your car dealer.Your dealer may be able to help you strike a deal to:
- Lower your payments
- Preserve your credit
- Get you out of the car completely
Obviously if the deal will cost you more than the balance on the lease, you don’t want to go this route, but if your dealer is willing to work with you, there may be a way out. But beware: is WILL cost you something. The car dealer isn’t in the business for charity work.