[dirttoo]

I was wondering how to get out of a equipment lease. Has anyone done it? i know i could sell but how else? What happens if reposessed?

 

[atomicpress]

Your credit rating gets trashed and the leasing company will (should) come after you for any moneys owed.

 

[aokusman]

Join the army.

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[missswissinc]

to tell the truth I don't know either. I have a feeling that your going to have to maybe re-read your contract and see what it says. might have a penalty to breaking a lease. I would suggest if you can't make payments call the company up say look I can't afford the lease anymore and that you would like to break it. I don't know if the contract had a buy out clause (ie done with lease and final payment is this amount) I wouldn't try and sell it unless you can get the full amount for it and if you can't I wouldn't suggest going that route.

 

[Enrique]

I think selling is the only way to get out of a lease, technically known as a buy-out (because you're buying out the lease). However most companies will charge you a "penalty" for paying up early! Have you tried calling your financier and asking them? Maybe they'll let someone take over the lease for you, another thing to find out.

 

[charles95405]

normally you are on the hook for the entire amount...if you just bail out...they can and often will come after you for the balance of the lease...for property, they can do the same but they have to make good faith efforts to rent the property and then go for the difference