Can't Afford Auto Lease
4 Hidden Dangers of Leasing a Car
Taking Over Auto Payments
Car Lease Nightmare
I was not thinking clearly when I signed a three-year auto lease last October. I knew what I could afford and somehow I was talked into payments that were beyond my budget. Now I'm stuck with a lease and payments that are killing me. I've talked to the dealership to see what my options are and was pretty much told that there is nothing I or they can do. How can I offload this car and get something more affordable without ruining my credit?
Car Lease Swap
There is a site called swapalease.com where you can go to find someone to take over your lease. Ability to do this varies by leasing company or bank, but it's worth a look. They charge a fee to list your lease, but you can always go and look for similar vehicles to see what your opportunities are.
Been There, Done That
We were in this situation last year. We leased, and although we could somewhat afford the payment, the vehicle got lousy gas mileage. We refinanced our house, paid off the lease (and other bills) and then traded the vehicle in for an older vehicle. We actually got cash back from the dealer and we now have no car payments. I will never lease another vehicle. I had listed the vehicle with an online company called LeaseTrader.com, which advertised a 90-day turn around on transferrin turn around on transferring your lease to someone who wanted your vehicle. After six months on the listing, I pulled it. Don't waste your money listing your vehicle online with one of these companies. It's not worth it.
You'll Have to Pay Off Car Lease
You can't get out of it unless you have the finances up front to finish paying the "fleece." That has been our experience. Listen to Dave Ramsey. A lease is a fleece. Why pay top dollar for an item that will depreciate within moments of driving off the lot? It's better to buy the lowest-priced, good used vehicle that you can find.
There are several lease selling companies on the Internet. They charge a high fee, but it is better than poor credit or being strapped with a payment you can't afford.
Share your thoughts about this article with the editor
Trending on TDS
Helpful Tools & Resources
- Should I use a HELOC for home remodeling and repairs?
- Should I refinance my mortgage?
- Compare HELOC rates
- Check for a lower homeowners insurance rate
- Mortgage calculator: Calculate your payment and more
- Home equity calculator: HELOC vs. line of credit
- How much can additional payments save me on my mortgage?