Car Lease Depot: Auto Lease Assumptions, Transfers & More

To break a lease is something that many people need to do. Staying in an automotive lease for a long time is often a difficult proposition. Reasons to break a lease might include:

1. Having a change in your lifestyle can often warrant a change in your lease. A newborn child on the way can mean you need to switch from a sports car to a minivan. Or you may have changed jobs and need a vehicle that is more practical to drive long distances. Whatever the reason, a change in lifestyle can force you to break a lease.
2. Some people just like to drive new cars all the time! The best way to get a great car cheap is to lease it. However, the nature of leasing requires you to stay in your negotiated lease for a very long time. Now you can drive a different LEASED car every year by simply allowing someone else to assume your lease and finding a new or short-term lease yourself.
3. People’s financial circumstances change all the time. Sometimes losing a job means that the high car payment you once had is no longer the best for you, and therefore you need to walk away from your current lease payment and find a more suitable lease. Or you may have just gotten that promotion at work that allows you to get into a more luxurious car, but you are still stuck with the lease on your old car. Whatever the case, breaking your lease to suit your new circumstances is a way out.
It used to be that to break a lease, the process was very difficult, and sometimes impossible. Traditional methods of breaking a lease are very expensive and potentially damaging to one’s credit. See below:
Option #1
It is possible to simply return the vehicle to the dealership before the lease end-date. However, the lessor will hold the lessee financially responsible for any negative equity, or any remaining payment, for the vehicle. Thus the lessee is still fully responsible to make the remaining payments, along with any financial penalties associated with the early termination of the lease. This option can be extremely expensive.

Option #2
The lessee can return the vehicle early and simply roll the remaining negative equity into his or her payments on a new vehicle. This allows the lessee to exit the old lease without any financial penalties, but payments for the next vehicle will be extremely expensive as they now include negative equity for two vehicles.

Option #3
The lessee and request a voluntary repossession of the vehicle. This method of early lease termination does not directly cost the lessee any money. However, it is extremely damaging to the lessee’s credit, as it is a form of repossession.

Option #4
The lessee can find someone to assume the lease, which would transfer the contract and liability to someone else. Lease assumptions have become a very popular form of early lease termination, as they are inexpensive and simple. CarLeaseDepot.com has helped thousands of people to transfer their vehicle leases. This is the least expensive form of early lease termination.

Fortunately, Car Lease Depot has developed a simple and inexpensive process for breaking a lease. This process involves vehicle lease assumptions, in which the liability on a lease transfers from one individual to another.

CarLeaseDepot.com unites people who wish to break a lease with others interested in assuming a lease. This allows the original lessee to break the lease, while the new lessee assumes the same lease with no money down.

CarLeaseDepot.com , the process of breaking a lease is now quite simple and extremely cost effective.