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Getting Out of Your Car Lease
Trading in a car lease prior to the lease termination date is often a costly and credit damaging act. For many lease companies, they treat this as a "voluntary repossession" harming your credit and will charge an early termination fee, often being a few thousand dollars.
A better route to take to get out of your lease is called a "lease assumption". In a lease assumption, a lease seller (the original lessee) transfers the vehicle and lease responsibility to a lease buyer (the new lessee). Once the lease assumption is complete, the buyer will make the remaining lease payments until the lease end date.
With a lease assumption, the lease seller (original lessee) gets out of their lease without further financial responsibility saving them money. In addition, the lease company looks at this as a fulfillment of their credit obligation earning a positive mark on their credit history.
For the lease buyer, they are often getting into a lease with no money down. In addition, monthly payments are often subsidized by a seller cash incentive offered by the seller, thus lowering the effective monthly payment for the lease buyer.
Their are a few online marketplaces that specialize in matching lease sellers with lease buyers. The market leader, LeaseTrade.com, offers an easy to use marketplace with the highest success rates in the industry. If you are looking to get out of your lease early, they may be worth a look.
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What happens if a tenant breaks the lease early and moves out?
He will lose any security deposit and be responsible for any rent while the apartment remains vacant, up to the remainder of the term of the lease.
What happens to a lease if the tenant goes to hospice care?
I'm no lawyer but...here is my understanding of the situation. While the tenant is alive, they (or the person legally acting for them) are responsible for the financial obligations and the lease is in force. If the tenant is not returning, you should consider terminating the lease and moving out. If it is a month-to-month lease, this part is easy. If it is a fixed-term lease, investigate whether the landlord will agree to terminating the lease early.
Can you trade in a car your upside down on for a lease?
Sure, you can trade it in, but you will have to make up the difference in $$ between the selling price and what is still owed on the original lease.
What happens to cell phone tower lease when land is sold?
It depends on the terms of the lease. The lease may terminate or the lease may "run with the land."
Can a landlord end a lease early in order to increase the rent?
No. That's the biggest advantage to a lease.
What are some legal ways of getting out of a lease early?
check on the lease agreement but often you can find replacement roommates to take over your lease
How do I Get out of apartment lease in New York?
If you are stuck with a 12 month lease you will not be able to get out unless you can convince the Landlord to end your lease agreement early.
What happens if you lease a car and then move to another state?
Nothing changes as far as your lease goes.
Can a lease be paid off early?
In many cases, yes. You will have to look into the terms of your specific lease to be certain.
Can you return a car you financed for four years after just two years?
You can't just return a vehicle you can trade it in on another vehicle. If this is a lease you will have to pay early termination fees if you try to do this.
You were late on your lease payment and your car was repode do you lose your trade in?
you defaulted, a contract is a contract and you have lost your trade in
