TonyGulati

Hello all - I wanted to post this to get as much info as I can on this certain topic. If one has a lease pending and due to come unforseen circumstances the lease cannot be paid anymore on a monthly basis what options does one have? If returned as a voluntary surrender how much does it effect ones credit? Please let me know - Thanks guys!

garsarno

I think there are still companies that will buy out your lease and release to someone else. Don't know if they still exist but I remember seeing used car ads that stated 'takeover lease of $XX for 12 months". If it is a voluntary surrender, it gives quite a good whack to your credit rating. Maybe find out the residual balance left owed on the car and try and sell it privately. I once did this back in the mid 90's. Had a '92 Taurus that I used for business that I needed to get rid of as my new job came with a company car. Word of mouth sold it and I just wanted to get from under the payment. The lady that bought it accompanied me to the financing bank, paid the loan officer the amount owed and she received the title right there. I accompanied her to get the title / plates switched over and I got out from the payment, credit rating not hurt.

DaSyce

iTrader: (3)

Leasetrader or Leaseswap are your best bets.

TonyGulati

Thank you guys!! @Garsarno - I found out another company that does lease buy outs which is Carmax, I will contact them. Also, I found out the buyback value of the car - I will post it and see if I find any buyers. I am not sure how bad the credit would get hit though if under a voluntary surrender.