Decided I was payin too much.
2006-12-02 06:53:48 · 3 answers · asked by Denver Nick 1 in Cars & Transportation ➔ Buying & Selling
No. But if you like the car and think it will last 5 or 6 more years, you might look into paying off the lease and getting a 60 or 72 month refinance loan on the balance.
It might save you a few bucks a month.
PS-
What the first guy said is right.! Breaking a lease will cost you BIGTIME! And if you don't pay, it will ruin your credit just like a loan foreclosure.
2006-12-02 07:22:01 · answer #1 · answered by John L 5 · 0⤊ 0⤋
Well, if you think you've been paying too much, wait until you see what happens when you break a lease!
It's not so much a penalty as it is a recalculation of the lease contract. Since depreciation is highest in the early life of a car, the calculations for depreciation will knock your block off on an early termination. They calculate what a lease would have cost for the length of time that you had the car and then deduct whatever you've already paid. You get a bill for the balance.
2006-12-02 15:01:44 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
It all depends on the type of car and the program when you purchased. It is possible to get out and owe very little, but that is unlikely. Normally it will cost you quite a bit.
Try www.swapalease.com
2006-12-02 21:25:58 · answer #3 · answered by jay 7 · 0⤊ 0⤋