There are usually three reasons people want to get out of a car lease early. A financial situation could have changed, making payments difficult. Or maybe there was a move to a city, and a car is no longer needed. Most people just want a new vehicle. “There’s a honeymoon period with a new car,” said Sergio Stiberman, founder and CEO of LeaseTrader. The bliss typically ends after about a year and a half, he added, and after that, minor defects become more noticeable, the new-car scent may have worn off, and little quirks that were once endearing are now seen as daily nuisances. Trouble is, most new-car leases typically span 24 to 36 months, and many run longer than that.
Luckily, some people may want to get into a lease late to benefit from a shorter term and avoid some upfront costs, and, if the stars align, a lease transfer can happen. But, as Stiberman noted, “The taking-over process is a little more intricate than walking into a dealership and walking out with a car.” Here’s what to know about getting out of a lease early or dropping into one late. Getting Out Early
Generally, it’s far easier to buy a vehicle than it is to sell one. The same is true with getting out of a lease. If you’re getting very close to the end of your lease, say with three months left, you may be able to work with the dealership in trading the car early for a new one. However, if there’s no pull-ahead promotion at the time you need one, wha...