I am paying to much for a lease and have 4 years left on it. Does anyone know any loop holes for end a lease early legal or not?
2007-03-02 08:41:40 · 7 answers · asked by Andy G 2 in Cars & Transportation ➔ Buying & Selling
There isn't an effective way out of a lease. However if you really are in over your head you can.
1) Try a web site like http://www.leasetrader.com or http://www.swapalease.com .
2) Call the leasing company and determine what type of penalties you will incurr if you try to terminate your lease early. This should also be in the paperwork you signed when you obtained the lease.
3) Get a car loan and purchase out the lease completely. You can get a car loan for more years, which will bring down your monthly payments, but you'll still be paying more overall, but it will help you survive on a monthly basis.
2007-03-02 08:49:02 · answer #1 · answered by hsueh010 7 · 0⤊ 0⤋
Any lease can be ended early but you will likely pay a heft early termination fee. You probably want to find out what this fee is and determine if it is financially smart to do so. There is also a website devoted to transferring your lease to someone who is willing to take it over www.leasetrader.com One more option is the one I used a few years back. I was leasing a Mitsubishi and I was ready for a new car so I walked into the dealership and negotiated out of the lease by purchasing a new car. If you are leasing one of the Big 3 right now I would guess that you would be able to negotiate out right now as they are all having trouble selling vehicles.
2007-03-02 08:47:10 · answer #2 · answered by Greg P 1 · 1⤊ 0⤋
Why did you sign the papers if you thought it was too much?
You can't put the phrase "cost effective" and "getting out of lease" together because there really isn't such a thing. You will suffer some monetary loss which is no surprise. Cars are always a losing proposition whether purchasing or leasing.
.
2007-03-02 10:37:53 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋
There is no "cost effective" way to do this. Have fun driving that car for 4 more years. Getting out now would require that you pay a lot of negative equity.
2007-03-02 08:44:46 · answer #4 · answered by Blunt Honesty 7 · 0⤊ 0⤋
You can list it on websites like Swapalease.com but if you got a bad deal, it'll be hard to get rid of it since others don't want a bad deal either. You will have to offer a cash incentive in that case. $1500 or so might work.
2007-03-02 12:24:49 · answer #5 · answered by Anonymous · 0⤊ 1⤋
pray that somebody steals it or totals it out. got a 16yr old driver around? kids seem real good at wrecking cars
2007-03-02 10:32:49 · answer #6 · answered by matt 1 · 0⤊ 0⤋
sell it to someone else and let them take over the payments....
2007-03-02 08:45:06 · answer #7 · answered by cvjade 3 · 0⤊ 0⤋