Auto Loans Ending Lease before contract is up.

[Beachcomer]

On April 28, 2012 I leased a 2012 Toyota Tacoma for a term of 39 months however, in the past few months I have been struggling to make the monthly payments because of lack of income. My plan is to return the vehicle to the dealer, give them the keys and call it a day.
What if any, are my rights? Can the dealer sue me for the cost of vehicle? I have tried "Swap a lease.com" to see if someone else would take over the lease since mid September but, no one wants the lease.

 

[army judge]

On April 28, 2012 I leased a 2012 Toyota Tacoma for a term of 39 months however, in the past few months I have been struggling to make the monthly payments because of lack of income. My plan is to return the vehicle to the dealer, give them the keys and call it a day.
What if any, are my rights? Can the dealer sue me for the cost of vehicle? I have tried "Swap a lease.com" to see if someone else would take over the lease since mid September but, no one wants the lease.

This isn't about your rights.

The lease is a contract and you have legal obligations you agreed to perform, keep the car for 39 months and pay each month.

Read your lease for what happens in the event of early termination.

Generally speaking, you'll be held accountable for the entire 39 months, less whatever value can be recouped from the sale of your vehicle.

Bottom line, you'll likely end up owning 30 to 40% (if not more of the difference between what has not been paid).

If you have a lot of debt, and very small amount of assets, bankruptcy might be your answer.

Your credit report will take a hit, but that's likely already happening.

So, BEFORE you turn in the vehicle, a visit to a bankruptcy attorney might be in order.