Hi, does anyone know if theres a way of getting of my car lease? The lease is for 3 years but ive only had it for 1 year.

Would giving them a sob story make a difference at all, although i assume theyve heard all this before?

If i let them know that I cant make anymore repayments and they take the car away, whats the worse that could happen to me? would they take me to court for more money? Bad credit?

Thanks!

"whats the worse that could happen" - They can sell the car for £500, add £400 charges to your account, then ask you to pay the balance that was owed on the car, less £100.

Usually there is the possibility in many leases to buy out the lease. You will need to check the details with the provider, but if the car is taken away, you will still have to pay for it even though you don't have it.

Whatever you do make sure that you keep up the insurance on the car.If for instance you left it off the road & uninsured, should it be stolen & written off,you would still be liable for it's value.

Hi

If you let me know what type of 'lease' you have I may be able to advise. I work in car finance and this questions is asked daily. Here are a two types of 'lease' and the possible exit routes;

Contract Hire - most contract hire companies have an early settlement charge, this is typically 50% of any outstanding rentals, with some companies trying to charge 100%. Some companies allow you to transfer the contract, you need to check this and it will depend on the credit rating if the person you are trying to transfer it to.

PCP/Lease Purchase/Contract Purchase/Finance Lease - This is easy, you just sell the car and settle off any finance owed. You may have a negative equity position here especially if you choose the easy route of trading the car. If you are selling to a private buyer, tell them the car is on finance first, it is better to be up front. I suggest that the buyer settles off the finance, this way they get instant title.

My advise, if you are a personal buyer, I would go for a PCP deal rather than a Contract Hire deal, it is much more flexible. Unless however the contract hire deal is half the price (which is often the case on special offer deals), then make hay.......

Regs

Philip Kehoe

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Hi,

There is a way to get out of a car lease, but that would depend on the type of contract lease you have taken. Some contract hire and leasing firm can charge a penalty if the contract is terminated early. You will have to read carefully the lease details and other terms and conditions that you signed for when you had taken your lease. I have leased a Peugeot 206 from FBContracts for 3 years. After this period I plan on purchasing my car which is an option that this firm offers. Hope things work out well for you. Bye and all the best.