Leasing is a different situation from a car loan. With leasing, you don't have equity in the car and don't have the right to sell it, Williams says.

"You can voluntarily give the vehicle back, but you still owe the balance on the life of the lease, which could be very expensive," says Williams. "You'll also lose the upfront money you put into the car like the first and last month's payments, and pay a recapture fee."

Once again, communication with your lender is your first line of defense. The lender might be able to find someone who can take over paymentsfor your car. You can also look for potential new leasers at Swapalease.com, a car-lease transfer website.

"If you fall behind, don't sweep it under the rug," says Hoffman. "Take the emotion out of the problem because everyone involved wants to work something out."