Breaking a Car Lease

If your just not happy with the car you've got, but like the manufacturer, and would like to get something different or move up to a newer model go talk to the dealer you leased your car from. In most cases they'd be happier breaking a car lease to keep you as a repeat customer then just saying sorry we'll charge you a fortune and lose you to another dealer. Make sure they know you know you have options. There are companies that will help you with breaking a car lease, more on that later, as well as other dealers that will help you out in order to get a new sale.

I was leasing a 2006 Dodge Ram 1500 pickup truck. My payments were $778.36 each month and I knew that when I turned it in I'd be about 45,000 kms over the allowance in the lease. I went in to the dealer and mentioned that I was interested in a newer truck, had heard they got better mileage owing to engine improvements and was interested in reducing my overhead. I told them I had been in to see a GM dealer and they had a truck that suited my needs and said they'd arrange to transfer the lease on my behalf. Nothing gets a dealers hackles up like saying you've been to another dealer.

Well they took my truck on trade in, waived all the fees associated with breaking a car lease and put me in a brand new 2008 Dodge Ram 1500 pickup that was an equal to my earlier truck but was only costing me $512.70 each month. Plus it does get better fuel mileage then the other truck so I'm saving there as well.

They were happy to work with me as they knew I knew I could get out if I had to and they were better off working with me and keeping me then letting GM take me. But if you aren't happy with the make of vehicle you have and want to completely change brands you still have a method of breaking a car lease that will work. It involves trading the lease mentioned briefly earlier.

If the above arrangement doesn't work for your situation and you just want out without getting another car or one from the same dealer then there is a little more work involved but again it is painless and won't cost nearly as much as just walking in to the dealer and breaking a car lease.

What you need to do is transfer the lease to someone else. First read over your lease agreement and make sure you are allowed to. If it says nothing about lease transfers then you are good to go. What you now need to do is find someone who is looking for your type of car and is willing to take over a lease. Check out some of the online market places like Craigslist to find someone who is looking to take over a lease and then deal with them and your leasing company to arrange the transfer.

There are also companies that specialize in lease trades. They will charge a nominal fee but will take all the headaches of searching for the right buyer away from you and allow you to Exit your car lease early - no penalties!

Now that you've seen how easy it is to break a car lease without losing all your money you want to make sure you don't fall for the same mistakes that got you into the lease that you now want out of.

My good friend John Meyers has written a guide to buying cars that I believe is a must have for anyone looking for a new or used car whether buying it outright or going for another lease. He has over a decade of experience as a car salesman and knows all of the dirty little tricks the dealers use to make sure they get the best deal, not you.

The guide is called Taking The House Edge: Inside The Dealers Playbook and for only $37 it's a steal considering it can literally help save you thousands of dollars on your next vehicle purchase.

Click here to take a look at what's offered in this guide and decide for yourself whether you can afford to buy a car without this valuable inside information.

Don't get taken to the cleaners. Arm yourself with the information the dealers are using to make sure they get the most profit out of you so you can react to their methods and make sure your not paying anymore then you need to.