Hi , I am leasing my Cobalt SS/SC and I was wondering (not that I don't love my SS/SC and intend on keeping it) how or if it is possible to terminate your lease? I have had some of my buddies asking me questions about it and I'm sorry to say I am not certain just how you could go about it? Do you have to find someone to take it over for the remainder of the lease or how does it work?
Thanks

 

talk to your leasing company, explain your situation, they may allow you out of the lease. Of course, you will probably pay a pretty hefty penalty in addition to whatever depreciation has occured. You can try to find a private party to take over the lease, but it will be a big hassle getting them approved for it and you will flat out lose the hunk of money you had to put down on it.

Unfortunately, you are probably going to take a substantial financial hit no matter which way you go.

If you intend to keep it, it may just be better to continue in the lease and buy it out at the end.

 

GM has what they call a pull-ahead program. They send you a letter that allows you out of your lease early if you lease another GM car. Depending on how long your lease is you can get out of it up to 10 months early.

 

actually, i am a gm salesman and you are able to trade out of your lease without taking advantage of the pull-ahead. Last night i had a customer with 29 payments left on a zr5 s-10, and u just have to factor in you owing the rest of your lease, as well as the balloon payment at the end...that is how you arrive at your closeout