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Getting out of my car lease

Getting out of my car lease

Old Sep 11th 2020, 10:54 pm
  #16  
 
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Default Re: Getting out of my car lease

Originally Posted by sk_lfc View Post
I am in a similar position, I have them listed on swapalease and hope to transfer. However if I get no buyer will my bad USA credit follow or will it affect applying for a esta in future or any type of immigration?
Yes, it will affect your credit if you "and back the keys" and default on the lease, but your credit history will waste away over 7 years anyway, so it may not be of any concern to you and/or not actually have a negative impact.

Visas to enter the USA, including ESTAs, do not include any credit check.
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Old Sep 11th 2020, 11:41 pm
  #17  
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Default Re: Getting out of my car lease

Originally Posted by Pulaski View Post
Yes, it will affect your credit if you "and back the keys" and default on the lease, but your credit history will waste away over 7 years anyway, so it may not be of any concern to you and/or not actually have a negative impact.

Visas to enter the USA, including ESTAs, do not include any credit check.
so you think it will effect my uk credit score when I get back to the uk (if I just give keys back in USA)
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Old Sep 11th 2020, 11:45 pm
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Default Re: Getting out of my car lease

Originally Posted by sk_lfc View Post
so you think it will effect my uk credit score when I get back to the uk (if I just give keys back in USA)
No. Not only it "it won't", "it can't" - US and UK financial privacy laws make it impossible to transfer personal infomation, such as your credit history between the two countries, except if you approve the transfer, which is why Amex can pass credit information at your request between their US and UK businesses.
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Old Sep 23rd 2020, 2:08 am
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Default Re: Getting out of my car lease

Hi guys

i still have had no luck on swapalease on trying to get out my lease. Any other feedback on giving cars and keys back before I fly home? I am worrying about any future ramifications of doing so 😬 I will give swapalease every chance to find a buyer buy will come to a point where I will just have to come home. I don’t want ballifs knocking on my door in the uk!!
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Old Sep 23rd 2020, 5:03 am
  #20  
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Default Re: Getting out of my car lease

Did you look at a buyout option? My car has much lower mileage than provided for in the lease, and just like any other finance there is a buyout dollar amount that your lease company can provide you. You can then, in theory, trade the car back and pay the difference or get the difference if the car is worth more than your buyout value. I am definitely looking at that.
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Old Sep 23rd 2020, 12:47 pm
  #21  
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Default Re: Getting out of my car lease

Yes but I’m 16 months into 3 years so won’t work out for me, I did think about it
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Old Sep 23rd 2020, 1:28 pm
  #22  
 
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Default Re: Getting out of my car lease

Originally Posted by sk_lfc View Post
Yes but I’m 16 months into 3 years so won’t work out for me, I did think about it
Why? What does your lease say? Have you spoken to the lessor?

With the currnent problems with the economy there must be thousands of people struggling with leases and looking to end them or trade out of them, so your problem, albeit for a dfferent reason from most others, is going to be far from unusual. The lessors know that some people will "hand back the keys" and walk away, and you have that option (with no practical repercussions as you are leaving the country - I wouldn't tell the lessor that), so I would expect that the lessor would at least talk to you to minimise the inconvenince to themselves in recovering and disposing of the vehicle.
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Old Sep 24th 2020, 2:19 pm
  #23  
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Default Re: Getting out of my car lease

Originally Posted by sk_lfc View Post
so you think it will effect my uk credit score when I get back to the uk (if I just give keys back in USA)
As noted by Pulaski, your UK credit will not be affected by your US credit history unless you request it. When I originally moved to the UK back in the early 2000s, I had terrible credit in the US due to an ex-husband who ran up a crap ton of credit card debt, did not pay what he owed, and we had several joint accounts (probably b/c I had great credit and he was a loser - but hey ho I was in my 20s and in love...hindsight and all that). So through the divorce and after, I lived in the UK, built up my UK credit and then over the years in the US, my credit cleared up (after 7 years I think). So, it sounds like you are grappling with a very difficult decision, but if you truly plan to stay in the UK for years to come, and if your only option is to hand back the keys, then you will most likely be okay. Saying that, I have seen where a bank will ask to see your US credit history if you are like me and a dual citizen when going for a big purchase such as a house. As Pulaski says however, you have to grant this permission.
Good luck with the move
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