A car lease is an excellent way to start driving a preferred vehicle before you have sufficient money to pay for it in cash. You might also not be seeking to own. In that case, leasing is a viable option which lets you use the car as an asset for a considerable period before giving it back.

However, some situations are causing you not to need or want the vehicle yet you are already under the lease period. The solution would be to sell off the lease. In this case, you may want to read through this article and find out five ways of selling a car lease early.

Swap the Lease

You can transfer the lease to a new owner so that it does not expire and you do not get out of the deal without some form of reward. You have an option of several third-party companies that offer the lease transfer services at a fee. Shop around to find the one that matches your needs for convenience and provides the best value proposition. At the same time come up with arrangements for payment of the lease and an incentive if possible that will cause a new lessee to jump on the deal.

Trade the Car

You can take the car to the leasing dealership for a trader. You will see the amount that the lease company wants for the car as its value, and you will calculate the payoff amount. You might also have to consider the difference between the payoff amount and the value of the car.

If you are okay with the difference, then you will go ahead and calculate the tax due and find out more about any restrictions to transferring the vehicle to a 3rd party buyer. List the car for sale to a private party or turn in for cash at a dealer.

Most dealers have a cash back offer that gives you instant access to money. The deals are professional, and you do minimal work to make them work. The only limitation is that they might offer a fixed amount whereas selling to a private party might fetch more money.

Give Back the Vehicle

The other option which is equivalent to selling the car is taking it back to the lease company. You will pay some penalty for the early termination of the lease contract. The burden of selling the car will fall on the lease company. After the sale of the car at an auction you will get the difference of the money raised and the money you owe the company. Thus, this would be the solution when you have nothing else to try.

Renegotiate the Lease

You can renegotiate the lease to ensure that you afford monthly payments. After that, you can take up any of the options above to dispose of the vehicle. If you opt to transfer the lease, your buyer will likely take up the deal given that it has low monthly payments. An advantage of this is that you could buy back the lease when you become financially stable rather than sign up for a new vehicle lease.