How do I get out of a lease?

Question

I have a lease with a few more years to go and I have lost my job. I cannot afford it any more and I cannot sell it because I owe more than it is worth what do I do? The link below is what I have.

http://www.kbb.com/KBB/UsedCars/PricingReport.aspx?WebCategoryId=44&YearId=2008&Mileage=21000&VehicleClass=UsedCar&ManufacturerId=49&ModelId=301&PriceType=Private+Party&VehicleId=227225&SelectionHistory=227225|28884|74036|0|0|2306281|false|2306285|true|2306271|false|2306273|true&Condition=Excellent&QuizConditions=

Answer 1

If you are significantly upside down, as you said you are, then the only possibility is doing a lease transfer, to someone who might want to take your car and take over the lease. This all has to be done through your lease company. They have to permit it (some don't), approve the new "buyer", and handle the paperwork. Here's an article that has more details:

http://www.leaseguide.com/Articles/termi...

Also note that some lease companies who permit tranfers, insist on keeping your responsible after the transfer. Often, a polite letter to the company asking to be removed from responsibility does the trick.