Can't Make Car Lease Payments? Sell It!

People all over are selling their pre-owned or used cars because the economy has taken a nosedive. There are some optimists that say the economy is steadying now and may be on the rise - but slowly.
By: Bond Mejeh, Senior Editor, Quick Cash Auto
 
Aug. 19, 2009 - PRLog -- People all over are selling their pre-owned or used cars because the economy has taken a nosedive. There are some optimists that say the economy is steadying now and may be on the rise - but slowly. The real situation for most working people is that it has become more of a challenge to keep up with car payments and gas prices. Most people who own luxury cars are now trying to sell them because of not being able to keep up with lease payments. The situation is even more challenging for individuals who get laid off and need to off load the burden immediately - or else.

What do you do when you find yourself in this predicament. Tough decisions need to be made. On the one hand you don't to walk away from your lease agreement because of the impact it will have on your credit score - it won't be pretty. And if you need financing for anything else, well, walking away from your lease might just kill your chances.

You could end your lease agreement before its termination date but that can be costly. You will most likely still have to make the remaining payments left on the lease, a termination fee and a lease disposition fee. It could wind up costing you more than the value of the car itself. Clearly, that is not a solution.

What if you transfer the lease to another person? You'll have to read the lease agreement to see if the leasing company will allow it. There are still fees associated with this such as lease transfer and vehicle inspection fees.

What about selling your lease? Again, you'll have to check your lease agreement but keep in mind that if you are still on the lease as a guarantor and the individual who you transferred the lease to cannot keep up with payments, then you're back to where you started.

Re-negotiation of the lease is possible for some individuals; but what if you're unable to re-negotiate the lease? Say you call the leasing company to get an extension on your lease so you can make smaller payments. Even if your leasing company approves an extension, due to your extenuating circumstances, it will still cost you more in the end. The only upside to this strategy is that you avoid being in default and damaging your credit. But how does that bail you out of your financial crunch?

Quick Cash Auto {http://www.quickcashauto.com} is a cash-for-car business and we've been getting tons of calls from more and more people who are trying to sell their vehicles. We've found that many of them are trying to bail out of their luxury vehicle leases as well. We buy leases and get top dollar luxury vehicles. Even in the state the economy is in, we have to say, we've been doing quite well and these high dollar amount vehicles, which at first seemed great, are no longer a burden to car owners. Until the economy takes a turn for the better, this may be the only option to stop the bleeding.

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Quick Cash Auto is a cash for car business that is known for buying any year, make or model vehicle. We can even beat the trade in price given by dealers. We specialize in purchasing financed & leased vehicles right on the spot.
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