How can we get rid of our lease car?

[loggy01]

We have a Audi with a three year lease - seemed a good idea at the time? Now with the downturn in work generally how can we get rid of it. I am not suggesting stealing it etc, but can you get someone to take a lease on or are there any other ways round this problem?

[gouldc]

How far into the lease are you? You may be able to give it back with an incurred penalty, but sometimes lease and finanace companies will allow someone else to take over the lease for you.

Trouble is, most leasers will want a brand new car, so you may have trouble offloading it

[dm1982]

the leasing companys we deal with will charge a termination penalty, what this is depends on the rental and how for ainto the lease you are, maybe something similar for you

[moomintroll1]

What kind of contract are you on? If it is Contract Hire (vehicle always goes back to leasing company at the end of the contract), you generally have to pay 50% of the remaining rentals to terminate early, although sometimes it is 100%.

If it is Finance Lease (there will usually be a balloon payment and peppercorn rentals), you should be able to get a settlement figure to terminate early, which would then allow you to sell the vehicle to recover at least some of the settlement figure.

Alternatively, the leasing company may allow you to transfer the lease into someone else's name, although you would be responsible for finding someone willing to take the lease over. Check with the leasing company first though, as some don't allow transfers.

[loggy01]

It is a Audi lease where the vehicle goes back at the end of three years and then you renew with another lease and a new car. We have only had the lease about 6 months.

[Octavius]

Some more advice here, you need to look at the small print on your contract, you may be liable for the remaining payments, garage payments and other hidden costs.

http://www.leaseguide.com/articles/terminate.h tm