Exit your car lease

How can I get out of my car lease?

Step 1
The first step is to find out if your leasing company allows lease transfers. About 80% of leasing companies allow lease transfers and each leasing company provides certain restrictions for lease transfers.

You also need to know if you will be held liable for your lease after you transfer it; just in case the new lease holder defaults. For example, BMW Financial Services, will release you from responsibility when you transfer your lease but Mercedes Benz Credit will hold you responsible even if you transfer your lease.

There are other restrictions which your leasing company will inform you of; for example, some companies wont let you transfer your lease in the last six months remaining or you cant transfer your lease out of state. It is important to call your leasing company to get the details.

Step 2
When you get the green light from your leasing company, place a free listing on PriceaLease.com. Thousands of buyers will view your lease listing on our site. You might want to provide a cash incentive for somebody to take over your lease, if you want to get out of your lease quickly.

Step 3
When a buyer request to take over (assume) your lease, just inform the leasing company and they will forward the buyer a credit application. Once approved, the leasing company will send the applicant and yourself documents to sign. The applicant will have to show proof of insurance and submit a lease transfer fee anywhere from $50 -$450 dollars.

The leasing company needs about two to six weeks to process the lease transfer. Then the leasing company will notify you to turn over the car to the new lease holder.

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Additional reading:

Read more about lease transfers
Benefits of a lease transfer
Lease transfer restrictions
Typical lease transfer fees
Contact your leasing company
Improve the success of your listing