Can I get some one to take over lease on my vehicle?

Sept. 15, 2010 - PRLog -- If you are in currently in a lease and you want to break the lease there are few options out there you should consider. First and foremost is to sell your vehicle back to your original dealer. For example if you are driving a 2007 Honda Civic with a monthly payment of $300, you can get a quote from your original selling dealer as to how much the transition will cost if you want to break the contract. There will always be negative equity when you are trying to break a lease, the reason is simple. A lease is based on the vehicle's depreciation value, therefore there is no real equity in the car unless you have extremely low km. But don't be discouraged by this fact, returning your leased vehicle back to the dealer is one of the quickest and easiest ways to break the contract. Although this option maybe expensive some times, but if you are a busy professional with limited time to deal with your lease, it maybe the best choice for you. Another option is to ask some one else to take over your lease, this means another person with qualified credit can potentially take over your monthly payment. By having your lease transferred there are certain risks involved such as if the other party default on his or her payment, your credit maybe affected by the other person's action. Consider this risk carefully, because you need to find some one who you can trust, and at the same time have good credit to qualify for the lease.

Keep in mind if you are going with the lease transfer option, any down payment you contributed in the beginning of the lease will not be recovered. One popular web site that offers this kind of service for a small amount of fee is called "Lease Busters" you may consider advertising your vehicle to your local community with them. But remember a lease transfer will take considerably longer compare to returning the vehicle to the selling dealership. But if you are not in a rush, this is certainly a low cost option for you to consider. The last option is to sell your leased vehicle on your own, contact Auto Trader, Kijiji, or Craigslist to have your ad promptly showing with a motivating selling price. You can ask for the same amount as to the lien on your vehicle, this way if some one is willing to buy your car you wouldn't need to compensate any negative equity through your own pocket.

Selling a leased vehicle that is registered with a lien holder is illegal; in essence you can not sell something that doesn't belong to you. It makes perfect sense right? So step one is to find out the exact amount you currently owe on the vehicle. The quickest way to accomplish that is to contact your brand's head office directly and speak to customer service department. In the same Honda Civic example you would contact Honda Canada Financial Services at 416-754-2323 and ask to speak to customer service. With your vehicle's VIN number ready in hand, the customer service rep can fax or email you a payout amount usually within minutes. With the proper document in hand you can advertise your vehicle with your local newspaper or online portals. But remember you need to pay for the lien first to transfer the vehicle's title into your own name before you can sell it to the next person. The risk involved here is quite obvious, what if your potential buyer backs out from the deal, and you will be on the hook for the amount of the payout so consider this last option very carefully!

Thank you for reading this article it is brought to you by SOS Car Loans; we are your bad credit, no credit car loan specialist located in Toronto. To visit us online please go to http://www.soscarloans.com for details.

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