Mercedes Drivers: Ending Your Lease Prematurely

As much as you might want to drive a Mercedes for the rest of your life

, sometimes finances don't cooperate as much you would hope. Even on a lease, these cars are not meant for those on a strict budget. When circumstances change (a lost job, a demotion, extra expenses), it might be necessary to do some downgrading. It's never easy to say goodbye to the luxuries in your life, but they are the first things that have to go. If you're in a position where you need to end the lease on your luxury automobile, here's how you can go about it.

Contact Your Lender

Your best source of information will come straight from the lender. If you are leasing directly from a Mercedes dealership, try them first. Figure out how many monthly payments you have left on the vehicle and if there is a payoff figure they would be willing to accept. You may want to consider simply purchasing the car. This works best for those who don't want to end their lease due to financial difficulties, but because they don't like the idea of putting money into something they don't own. The monthly payment figures, of course, will probably go up in a financing situation.

Finding a Buyer

One way you can potentially get out of your lease without putting yourself in a bad credit situation is to find a buyer. Once you have the payoff figure from your lender, you can attempt to find someone willing to pay that amount to own your leased car. You can then get the money, payoff/purchase the vehicle, and then hand it over to the third party buyer. You're free and clear of the lease, the buyer gets the vehicle for the price they wanted, and there will be no black mark on your credit report. Even if you can only find a buyer that can get within shouting distance of the figure, it could be worth it to make up the difference yourself.

Transfer the Lease

There are several websites set up to allow people to easily transfer their existing leases to another party. You can search these websites for those looking for a Mercedes or put up your own ad in hopes to attract someone interested in a deal. They will take over your payments and the car, setting you free of your obligations. Of course, you'll want to keep your lender in the loop as far as what you're doing. You'll also want to make sure that you are removed from any liability for the vehicle once the transfer is complete.

by: Aloysius Aucoin

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