Help for terminating a car lease early

djburz

Good afternoon all

My wife took out a personal car lease for business use in August 2012 on a 3 year contract. Last week, the company she worked for went into liquidation without any notice period or consultation and all employees had their contract terminated with immediate effect.
We are obviously now looking to cut as many costs as possible, with the car lease at £445 a month being one of them.
The car lease company has told us that this is not possible without handing the car back and giving them circa £8k. We cannot afford to do this.
Is there any way we can just hand the car back to them? All help and advice would be greatly appreciated.

motorguy

djburz wrote: »

Good afternoon all

My wife took out a personal car lease for business use in August 2012 on a 3 year contract. Last week, the company she worked for went into liquidation without any notice period or consultation and all employees had their contract terminated with immediate effect.
We are obviously now looking to cut as many costs as possible, with the car lease at £445 a month being one of them.
The car lease company has told us that this is not possible without handing the car back and giving them circa £8k. We cannot afford to do this.
Is there any way we can just hand the car back to them? All help and advice would be greatly appreciated.

No. You're pretty much screwed to be honest.

There *might* be a company who can find someone to take on the lease, but i'm not sure who.

I take it she expects to have work again fairly quickly so you might have to just bite the bullet for a month or two and continue the payments.

IF you have two cars and can make do with one currently, is it an option to dispose of the other car?

molerat

Put simply you signed a contract and have to abide by that contract so you either have to carry on or buy yourself out. Read the contract to see if it is possible to transfer the lease, if so google lease transfer.