[Derek Sutton]

Getting out of a car lease is fairly simple, and even easier if there’s any equity. Arrange to meet with the finance manager at the dealership where the vehicle was purchased. From him/ her get the details of the lease, basically you’ll want the residual value, and lease obligation, you’ll also need and Actual Cash Value of the vehicle, talk to someone in Sales or the Used Car Manager to get this. With this information you’ll know if you have any equity in this thing. That will determine how to proceed.

I’ve never seen any sort of”mercy” in getting out of a lease but the leasea obligation would be the residual value, pls GST, plus reaming payments. If this amount is higher than the ACV (what the dealership will pay for it) you’re in a good position. If this amount is lower then the ACV you’ll have to pony up a few bucks to get to the “break even” amount.

This option is much less hassle than trying to find someone to take over a lease. If wanting to sell on your own, you’d have to buy out the vehicle (pay all remaining payments, and residual plus GST. Wait several weeks for the title to clear, then re sell it, it’s a bit of a pain to go this way AND you’d need to come up with a bunch of cash to buy everything out. BUT it’s the way you’d get the most value out of the vehicle.