It’s no secret that car-leasing has been embraced by the consumers as a way to avoid expensive car-purchase. According to the Forbes, the leased cars accounted for more than 30% of overall US auto market. Car leasing has been on the rise due to lower lease payments and the opportunity to drive a new model at a relatively lower price.
But one of the heaviest downsides of leasing a car is that it’s not only difficult but financially prohibitive to get out of a car lease. But what if the lessee cannot make the payments because of a financial hardship or a lost job? Likewise, when people start a new stage in life like getting married, they need a different type of vehicle. Fortunately, to avoid any financial hit, you have a few options to end your lease without complications. Let’s take a look at those options:
- Car Lease Transfer:
That’s probably the easiest option if you want to get rid of your lease agreement without termination. Car lease transfer platforms like Quitalease provide you the opportunity to transfer your lease to a potential buyer. The leasing companies usually allow you to transfer the lease to another person. So you can use these third-party online services as a market platform to trade-in your car lease.
It can help you in two ways, you would not only avoid the financial loss for terminating your contract, but you can also recoup some of the investment that you made early on in the contract. Besides transferring your lease on Quitalease, you can also use the proceeds to pay-off your contract’s early buyout clause. Obviously that depends on your contract and car condition but nevertheless, it’s a win-win situation for both parties.
How car lease transfer works with Quitalease?
You will find many ways to get out of a car lease but using a Quitalease as your preferred option can do you favor due to its enhanced services and extensive database. There is a procedure you need to follow if you want to transfer your lease to a potential buyer on this website. The process is explained here step-by-step:
- Post your lease ad on the website: After you have done your work regarding the sale of your vehicle, it is time to post its ad on the website for the lease transfer. So you first start by making an account and providing your details. The registration process is simple and would require some basic information only. After making an account, you can make your ad for the car lease transfer. Make sure you enter each and every detail of your car and the lease agreement. Some companies allow lease transfer after a certain period of time has passed. Make sure to confirm that from your lease company. Add other details like car’s condition and miles driven along with the lease duration used. The more detailed your ad is, the more buyers it would attract.
- Negotiate the offers: After posting the ad on Quitalease website, different buyers who visit the website will analyze your offer and contact you through your account ID. You will receive messages from them in your Quitalease inbox. You can negotiate and discuss the offer with them to find the right buyer. Make sure you are candid and upfront with any potential lease buyer about the terms of your lease agreement and the process of lease transfer.
- Initiate car lease transfer: Before the leasing company will transfer the car over to the new owner, the lease buyer will have to go through a credit check to submit the credit application. This is to ensure that the lease buyer has a healthy credit standing and he/she can make payments for the vehicle. After checking the eligibility of the buyer, the lease application is approved. The company prepares the car lease transfer documents and send them to both buyer and seller.
- Transfer completion: The papers are checked by both the parties and the transfer agreement is signed. The papers are then returned to the leasing company after signing and the car keys are turned to the buyer. The new lessee is now the new contract holder and he is responsible for the remainder of the car lease payments.
- Approach your leasing company:
As a second option, if you want to get out of car lease and having trouble making your payments you should consult your leasing company for a short-term respite. But that only works if you feel that your financial health can get better in a few months.
In some cases, the leasing companies agree to lower their payments or even halt it for a couple of months. In the meantime, you can regain your financial stability and make your pending payments later on. But this option is only offered if there is no other way but to default on your payments.