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October 24, 2008, Newsletter Issue #101: Third-Party Lease Buyouts
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Tip of the Week
If you find yourself in the situation of wanting to get out of your lease early, but not wanting to pay all the costly fees associated with an early lease termination, you may want to look into finding someone else who is looking to buy out a lease. Plenty of people prefer to assume leases instead of obtaining their own because the payments can be quite reasonable and the initial fees have already been paid. Some lenders prohibit this type of transaction. You will need to make sure that there are no limitations on your lease paperwork before pursuing a third-party lease buyout. You can look into using a company which specializes in advertising potential third-party lease buyout vehicles, but you will wind up paying a fee for this type of service. Many people find the fee is well worth it, however, when compared to the fees they would have paid if they would have terminated their lease early. These services also have access to mass advertising and can match you with a buyer who is willing to assume your lease.
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