The best and cheapest way to get out of a Auto Lease?

Question

I purchased a vehicle January of this year when the gas prices were less then $2 gallon. Now gas has risen more then 50% since then and I'm ready to ditch my vehicle because its a little bit of a gas guzzler. Before you start preaching, while i knew the MPG wasn't that great, i did need the size vehicle at the time, but now, gas savings has taken precedence over size. That being said, has anyone been successful in getting out of their lease when then still had a way to go on their lease term? What is the best, most inexpensive way to get out of an Auto lease? please help.

Answer 1

Would the car dealership be willing to roll the lease over to a new car if you were to trade it in?

I have no experience with leasing but I would suggest getting a gas credit card that gives you cash back based on your purchases at the pump so you can at least get a bit of your money back as a rebate.

Answer 2

The average person drives 12,000 miles a year. If your vehicle only got 12 miles to the gallon you would see about an $80.00 increase a month from a $1 jump in price at the pump. If you had a car that got 30mpg you would have had to pay about $30 more with a $1 gas jump.
So ultimately you are paying about $50 more in gas a month by driving a 12 mpg car vs. a 30 mpg car. And if your car did a little better and got 15 mpg then you are out only $30 more a month from not driving a 30mpg car.

$50 is nothing to sneeze at but is also nothing to cause panic about wanting to get out of a lease. You may want to weigh this vs. the penalties and fees of getting out of a lease. Gas could go back down, lease penalties never change.

Answer 3

You can, but the real problem is this:

You are paying less because of what the estimated value of the vehicle is at the end of the lease agreement. During the lease agreement, you are ALWAYS upside down, and it is even worse if you have only had it for 8 months. You can get out and get a different car, but the negative equity will be rolled in to your next lease or loan. That means that you will end up paying more per month in payments. So you have to find out if you are willing to spend the extra money on gas or on a higher payment to spend less on gas. Six of one, half a dozen of the other. You are better off sticking with what you have: less headache to spend the same amount of money.

Answer 4

there really is no cheap way to get out of an auto lease with that much time left on the lease. if it is a 4 year lease they usually will not let you out of it until around year 3, and the same for a 5 year lease. i once got out of a 4 year lease at 2 and1/2 years but only because it had really low miles and i traded up. but it never hurts to check around. another thing you got going against you is that car dealers are not all that on putting gas guzzling vehicles back on the lot. good luck though

Answer 5

There is none really pal, because when you signed the lease you entered into a binding contract that cannot be assumed by another party. You are solely responsible for the contract terms.

You can try and talk to the leasing manager and explain that you are having some financial difficulties and if they would let you out of the lease and return the vehicle.

By the way you leased not purchased a vehicle and lease terms are always beneficial to the seller.

Good luck.

Answer 6

I'm pretty sure you can't, once you sign the lease, you can't escape. Which i think personally sucks. Unless you wan't to try going bankrupt, im sure they would end your lease at that.

You could save a lot of money by leasing a smaller car, like the new toyota camry or yaris, they seem to get good milage. Yes, someone i know has done this. They had a lexus suv, and they don't drive it because it wastes too much money. They instead leased a new camry until the gas prices drop. This is rediculous! Gas prices at one time were only .99c (yes, this is true) at the lowest -1.50 back in '00.

Answer 7

Im not saying go get into a car accident, but I had full coverage and gap insurance. I happened to have to go to the hospital to have a baby and ran over large amounts of water. THus the car later being water damaged...got totaled. The insurance payed the lease and I was done with the car.That has been the easiest and fastest way I had gotten out of a car. I didn't intentionally do it, but now...am glad it happened.

Answer 8

Hope there is an accident that totals the vehicle! I don't know what to say to you! Car dealers are pretty slick about getting our money! I sold cars for awhile in the 80s, it pays well, but is a rotten business!

Good luck! Remember, we just can't borrow ourselves out of debt!

Answer 9

i think the web site is swapalease.com,or something along that route,you can try selling it,but i doubt anyone will pay you what the resid. value is.,I'm guessing its going to be high, dealerships will appraise it for alot lower than the resid. too. carmax is pretty fair on appraisals (if you have one in your area) have you thought about maybe sublease to someone else. its your risk on damage,i dint know if your lease only allows you to be driver. if you try to trade in you want your car to be worth more than resid. or maybe take some kind of loss on it. good luck.

Answer 10

it surely relies upon what sort of hire to procure. some rentals will assist you do it on the top of your hire except you went forward and have been given a hire to purchase option. i'm going to easily seem at your contract & the words your no longer familiar with, do exactly analyze on yahoo. i'm useful you would be in basic terms superb.