If you lease your car, you should start by reviewing your lease. Depending on what it says, you may be able to:
- Terminate and pay off the lease (and surrender the vehicle to the lease finance company);
- Transfer or sell the lease to someone else (e.g., using online or other services);
- Sell your car and pay off the lease (if your car is worth more than the total buyout for the car and all remaining lease payments, you can sell your car and pay off the lease at the same time.); or
- Buy your car and pay off the lease.
See below for more information on the above options.
Terminate and Pay off the Lease (and surrender the vehicle to the lease finance company)
- Call the lease finance company listed on your monthly statement and ask for the total amount to pay off and terminate the lease. You should also ask for the total amount if you want to sell the car and terminate the lease (see “Selling Your Car” section below).
- If you decide to pay the termination amount (without selling the car), then ask for instructions on where to bring the car.
- If you don’t have enough money to pay the termination amount (and one of the other options below is not available), you will need to work out a payment plan with the lease finance company. Make sure that you have this in writing.
- You may be able to negotiate any penalties if you explain your situation to the leasing company.
Transferring / Selling a Lease
- You may not transfer a lease without permission from the lease finance company. If you find someone who wants to take over your lease, you must get approval from and work directly with your lease finance company.
- There are online sites where people can post ads. These sites aren’t regulated so you should be careful when using.
Sell the Car and Pay off the Lease
- See the “Selling Your Car” section in this chapter.
Buy the Car and Pay off the Lease
- If you want to purchase and keep your car, then call the finance company listed on your monthly statement and ask for the total amount to buy the car and terminate the lease. Coordinate payment and transfer of title with the finance company.
- If you do this, you will need to complete the transfer of title and registration into your name and also work through any export requirements as noted in this chapter.
If another person is obligated on the lease, you should tell that person about your situation. They will need to be part of any decision you make.
See online websites or other resources for more information on ending your lease early. While we do not endorse particular businesses, we believe it is important to point immigrants who may not have made similar transactions to examples of services. Some examples are: