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On the whole, this exchange is mutually beneficial for lenders and borrowers.
In other words, forget about selling assets cheaply and pocketing the cash, or worse, giving away assets to friends or family for free.
Your main options are to return the property or to "assign" the lease contract to someone else (the lessor will usually have the right to refuse an assignment, however).
You'll want to try to get the secured creditor or lessor to settle for less than the amount you owe on the loan or lease; see Nolo's article Paying Off Debt When You Go Out of Business.
If you find yoursef in this position, there are a couple of routes you can take: Once you're done selling your business assets, if there is money left over after paying off your creditors, be sure to follow the rules for making a final distribution of cash to yourself and any other owners.
Secured auto loans use a collateral in order to reduce the cost of financing to the borrower and to reduce the risk of financing to the lender.