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Get Out of Lease -> Is It Possible?

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Anonymous
Not applicable

Get Out of Lease -> Is It Possible?

I have an '09 Toyota Camry Hybrid that I started leasing last year. I now do not have a job and would like to get out of the lease before I am unable to pay for it. The finance co is Toyota. Is this possible? I wonder why they are not coming up with a relief plan for these types of situations like other car companies are.
Message 1 of 5
4 REPLIES 4
Takunda1
Established Contributor

Re: Get Out of Lease -> Is It Possible?

your best bet is to get someone to assume your lease. taking it back will just be the same as a repo. Call them and find out what they will say but I highly doubt any releif is available in this situation.
Message 2 of 5
Anonymous
Not applicable

Re: Get Out of Lease -> Is It Possible?

Find the current buy out and try to sell it to someone.
Message 3 of 5
soccrstar
New Contributor

Re: Get Out of Lease -> Is It Possible?

there are websites for these situations.

 

swapalease.com

 

leasetrade.com

 

leasetrader.com


EQ: 632 FICO8 / EX: 622 FICO8 / TU: 648 FICO8 / EQ: 648 FICO9 / EX: 652 FICO9 / TU: 624 FICO9 / Credit Karma: 633 Transunion 622 Equifax / Credit Sesame 633 / Positive Open Loan Tradelines: Auto loan $42000 / NEWEST CARD - Don't Remember / goal by 2019: 650 or more FICO8 across the board
Message 4 of 5
Anonymous
Not applicable

Re: Get Out of Lease -> Is It Possible?

First off, why would you expect they would.  They will usually give you a couple months extension if you ask them and have a decent reason.  You signed a contract fairly recently.

 

Second, the deals you hear about the job loss programs are for new car purchases now and are a way to get people who are on the fence about buying now due to the economy to come in and buy to drive revenue into new car dealers/move inventory.  They are not going to do that with existing loans as the purpose is to get new cars sold. 

 

The lease swap places may be your only bet or get someone to take over the lease that you know.

Message 5 of 5
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