With all the car loan payment protection plans available to consumers now, what if you’re leasing your vehicle and lose your job? You can’t just give the vehicle back, since a lease is essentially a contract and trying to get out of it can be very expensive and can damage your credit. What options do you have?
- If you are trying to transfer the lease to someone else, once it’s completed, are you completely absolved of all financial responsibility? (Some lease transfers let someone take over the lease, but if that person doesn’t pay, it’s your credit on the line.)
- Is the person who wants to take over your lease credit worthy? (You pay to have the lease company check his or her credit application.)
- What is the minimum remaining term of the lease the lease company will allow before a transfer? (Some lease companies will let you transfer with six months left, but some won’t let you transfer if there’s 12 months left.)
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