"How can I get out of my car lease?"
In the days before the perfect storm of the economic downturn, people used to ask about getting out of a car lease in order to move up to a pricier, newer model. Today, however everyone is looking for a way to free up cash. And, next to your mortgage payments, your monthly car payment can be the biggest expense item in your budget.
So naturally people who have been hard hit by the current economic cycle would be looking for ways to get out of their car lease. And until recently, this would've been an arduous and sometimes humiliating experience-especially if they were looking to downsize their lease.
Here are some savings that you can look forward to by getting out of an unaffordable lease.
The monthly payments
One of the greatest advantages of getting out of an expensive car lease is that it frees up cash every month. And the larger your monthly car payment is, the greater your potential savings will be. As a result getting out of an expensive car lease will allow you to pay down credit card debt with your monthly savings.
Furthermore, if you are indeed driving a very expensive car-or even a moderately expensive car-you can bet that the value of the car is reflected in the insurance that you pay every month. So getting out of an expensive car lease has the added advantage of getting out of paying higher insurance premiums.
Of course, only you can determine how much cash you will free up on a monthly basis by getting out of your car lease.
Fuel and maintenance
It's also important to remember that larger, more expensive cars generally have the added disadvantage of being both less fuel-efficient and more costly to maintain.
As we all know, the price of gas is largely determined by supply and demand. And in a world where the known supply of oil and gas is only going down; and the demand for both oil and gas-not only from North America but also from places like China and India-is going up, it is a dead certainty that fuel costs will continue to rise at the current ridiculous rates.
Furthermore, my experience with foreign and luxury automobiles is that there is always something that will go wrong. Whether it is the on-board computer. Or a finicky transmission or timing belt. Or that continuously rattling from the passengers side. There is always some apparent minor irritation that needs investigation. And of course once your car hits the mechanics garage, what is minor suddenly becomes major. And on expensive foreign and luxury models these costs tend to be magnified.
Of course, you'll need to look at your own situation to determine how much this applies to you. But regardless of your situation, I'd encourage you to look at your car lease. In today's troubled economy you may find it to your advantage to get out of your current car lease.
I write about ways that people can maximize their consumer dollars. One area that I have found people overspend is on their automobile. With that in mind, I set up my website to help people make informed decisions when it comes to spending. For more information on how to get out of your car lease, please go to: