We leased a Rendevous in March of 2005 and signed a four year contract. Now, for personal reasons, I despretely want to turn it in and get another SUV. We plan on getting an H3. My question is, does anyone have any idea on what kind of penalty we would have to pay in order to get out of the lease on the Rendezvous?
2007-02-16 01:27:56 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
A lease is just like a finance contract. Call the lease company and get a payout. Then get the dealer that you are looking to trade with tell what your trade allowance trade will be.
If it is more than your payout, the balance will be applied as a down payment on your new vehicle.
If you are in a negative equity position(most likely), the balance will be added to your new finance or lease contract.
2007-02-16 01:59:51 · answer #1 · answered by Walter D 3 · 0⤊ 0⤋
Two options that you have. First is to pay the remaining lease payments and turn the vehicle back in to GMAC. This could be by you paying them yourself or by rolling in the remaining lease payments into your next vehicle lease or purchase. The second option is to find out what the "buy-out" price of the contract is currently and compare that to the market value of your vehicle now. This could mean the amount that the dealer is willing to put into your vehicle or what you can get for selling it on your own. If it is less than what the buyout price is, then you have to come up with the difference yourself or roll it into your next vehicle. If it is more than the buyout is, then that equity you can either pocket or use to lower your payments on the next vehicle you purchase/lease. Hope this helps
2007-02-16 10:58:24 · answer #2 · answered by wnyken 3 · 0⤊ 0⤋
Most leases have an early termination charge.You will probably have to pay a substantial amount to get out of it. If you are going to lease the H-3 then you should reconsider what you are doing. A lease is the worst possible way to acquire a car.They will always cost you much more than an outright purchase.
2007-02-16 10:04:10 · answer #3 · answered by txpilot 3 · 0⤊ 1⤋
It all depends on how your lease is written. Most leases have an Early termination fee, while others allow you to trade in your leased vehicle as long as you lease another from that dealership.
2007-02-16 09:34:30 · answer #4 · answered by Kenneth Holadia 1 · 0⤊ 0⤋