Hello, I'm just wondering what are the consequences of breaking a car lease?
2007-02-01 14:27:12 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Credit damage
2007-02-01 14:32:32 · answer #1 · answered by Magikmann 4 · 0⤊ 0⤋
It depends on what you mean by "breaking" a car lease. If you mean turning it in early, then you should read your bank's lease contract. And if this is what you are referring to, there will probably be a early turn in fee, along with your normal turn in fee (this fee is usually waived if you purchase/lease w/ the same manufacturer). If you turn in early you will most likely still be responisble for the remaining payments, but perhaps without all of the interest. If you pay it all in full at time of turn in, or roll it into another vehicle.
If you are asking about turning it in w/ no payments or anything, you are looking at credit suicide. If you can't afford the payment, see your dealership and see if there is anything they can do to help, or go to the bank to see if you can get a loan. Otherwise, I wish you luck!
2007-02-01 15:00:37 · answer #2 · answered by jbmiller06 3 · 0⤊ 0⤋
Severe CREDIT DAMAGE and you won't be able to lease another car for another 7 years.(that's how long it takes for this credit damage to fall off your credit report.)
2007-02-01 14:48:09 · answer #3 · answered by . 7 · 0⤊ 0⤋
Only banks are allowed to "change rules without notice", not you.
2007-02-05 01:07:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋