How do i break a lease

how do i break a lease

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Instructions

Call NMAC at (800) 777-7018 to state your intentions and receive clear instruction and explanation of what steps are necessary for your lease transfer. A NMAC representative can explain the paperwork you'll complete and go over any concerns.

Clean and detail your vehicle completely. If any repairs are needed on your vehicle, including mechanical or body problems, fix the problems before advertising. The person who assumes your lease is responsible for this (and so are you if she defaults or does not pay), and you're unlikely to find someone to assume a lease of a vehicle in less then good to excellent condition.

Advertise your lease for transfer or find someone to take it over. Use local classifieds like Craigslist or your local newspaper. State the vehicle year, make and model along with monthly payment, and time and mileage left until lease-end.

Advertise your lease on the LeaseTrader or Swapalease website, both target people looking for a lease

assumption. Provide all relevant vehicle information and as many pictures as possible.

Give the NMAC phone number to the person who wants to assume your lease. He can go online, but calling is more direct and ensures that there are no mistakes in the application process. Give the person any necessary information for the application, such as an account or reference number (if the representative gives you one) or the vehicle identification number.

Wait for the Transfer of Equity Agreement to arrive once the application is approved. Sign the paperwork where required and send the agreement back as soon as possible. The person who is assuming your lease has her own paperwork to sign, so wait or call for confirmation before you fully complete the lease transfer.

Transfer your vehicle. Hand over both sets of keys and the owner's manual. Take off your license plates and return them to your local Department of Motor Vehicles (DMV) as soon as possible (a requirement in most states).

Source: ehow.com

Category: Credit

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