My lease ends March 2008, I have been out of the country for a year and so, I havent been using the car but am still paying my monthly payment and insurance. I don't know if it's wiser just to turn in the car. Will it be better to continue with the lease? What are my other options? Please advice.
2007-01-28 23:13:53 · 3 answers · asked by curious 1 in Cars & Transportation ➔ Buying & Selling
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2007-01-30 12:26:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you can, buy the car from the leasing company. Then sell it if you do not plan to return. If the vehicle has low miles on it, it is worth more money. Your lease payments and contract purchase price are based on ordinary use of the vehicle, usually 12,000 miles a year.
The leasing company won't let you return the vehicle and let you discontinue payments. That's why the lease is in writing. You are on the hook until 3/08.
Another option is www.leasetrader.com. It is a web site where you can try to find someone willing to take over the lease for the duration.
2007-01-28 23:22:28 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
If you continue with the lease and finish, you will have to return the car to them at the lease's end.
When the lease ends and you return the car they will give you an option. BUY the car for the pro-rated value in your contract (for which you signed when you leased the vehicle).. OR.. turn the car in and leave without it.
Either way, you will be without a car at the lease's end, or be paying AGAIN for it with a new loan based on its current value.
It's up to you.
2007-01-29 02:14:51 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋