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Do you know how to get out of your car lease contract early?
Yeah. Run when it is first offered to you, because it is such a rip off.
I know it is a rip off. At least, I know now.
You could return it and pay the penalties.
I don’t want to pay the penalties.
Swap leases with someone. They take over the payments and the car, and you get out from
under it.
And I could end up on Judge Judy because they took the car but not the payments, and I’m
still on the lease.
Those cases are when someone just takes the car and promises money, instead of putting
their name on a lease contract. Save up money to pay off the lease, like you’re paying
off a debt.
That’s rather hard given the lease payments.
I thought leasing was cheaper than owning, with car payments.
I have other debts, too.
Call up the lease company and say you’re on the edge of bankruptcy. Ask them to take
the car before you go bankrupt.
Finding someone to take over the payments might be better than that threat.
It’s an option if the company won’t let you transfer the lease or requires you to
retain liability for the car even after someone else takes it.
What else could I do?
Ask to roll the outstanding balance into a new car and buy the replacement car.
Then I end up with lots of negative equity, the sexy term for lots of debt.
But you’re out of the lease, you are on your way to owning a car, and you can work
on paying it down.
I’d rather just return it or repo it.
You can ask them to voluntarily repossess it. That hurts your credit and costs you money,
while returning it just generates charges.
I guess both of those is better than having a bonfire.
What bonfire?
To get rid of the car, collect insurance money, and make smores.