I need to get out of my car lease with 18 months remaining. The dealer says I owe $5,000 in early termination fees. Are there cheaper options?
Several alternatives are cheaper than the $5,000 termination fee. Option 1: Lease transfer via Swapalease or LeaseTrader. Someone takes over your payments and you are released. Transfer fees are $100-350 versus $5,000. Check your contract to confirm transfers are allowed. Option 2: Buy out the lease and sell the car. If market value exceeds the buyout price (check KBB and Carvana), you profit on the sale. Many vehicles are worth more than buyout right now. Option 3: Trade in at a dealership. They roll the remaining obligation into a new deal, though this hides rather than eliminates the cost. Option 4: Contact the leasing company about financial hardship. Some negotiate reduced fees or payment plans. Option 5: Military members with PCS orders can terminate early without penalty under the SCRA.
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