I have a 05 GM vehicle, and I'd like to change it with a 07 model. What is the cost for returning it early and what do I need to do?
2007-04-27 03:56:27 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Depends on your lease contract. Read it!
2007-04-27 04:04:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Any lease will have a current "payoff." This is how much the bank will take to buy the car out of its lease. These figures are updated weekly. Because cars depreciate fastest in the beginning, the payout is generally more than the car is worth. For example, the payoff for a Honda Accord may be $12,000 but the car may only be worth $10,000 on the market.
If you want to assume the costs there are some options. The dealer can take the car back, but be advised that you will be paying the difference. So if the dealer can wholesale this Honda for $9,000, they still have to pay the bank $12,000. You assume the remaining $3,000 cost. You can pay it now or put it over the months of your new lease. Both are not great scenarios. I wouldn't want to pay for a car that I no longer have for three more years.
If you really want to change cars, call your bank and find out what the payoff number is. If you can find a buyer for this amount or more, you are in luck!
2007-04-27 04:34:30 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
One of the disadvantages of leases is that the tradeoff for lower monthly payments is that the payments don't keep up with the vehicle's depreciation in value. In other words, you owe more on your lease than the vehicle is worth, until you get near the end of the lease. You're "upside down" for most of the time you're leasing. Leases are not designed to be ended early.
Therefore, when you end early, the lease company takes your car and sells it at wholesale auction, and charges you the difference between that amount and what you still owe. This can often be thousands of dollars. You would have to contact your lease company to find out exactly how much it will cost you.
There's more details in the following article:
http://www.leaseguide.com/Articles/terminate.htm
2007-04-27 04:05:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It depends on a few things. How long till the lease is up. If its a few months Gm does offer a pull ahead program for like 3 months early turn in. If its longer you have to pay the rest of the lease off so if its a year you have to pay a years worth of payments. If there is any damage or excessive mile you will have to pay.
2007-04-27 04:07:50 · answer #4 · answered by J L 6 · 0⤊ 0⤋
There are not any hidden expenditures in case you employ it from a producer. extra placed on and tear alongside with extra miles are in you employ settlement. No, you do not ought to placed any funds down, yet your fee will flow up some. The down-fee is termed thechronic off on a employ which covers the first fee, tax & license alongside with registration. power off on production facility leases are regularly $a million,000. Alot of producers are staying far off from leasing, Toyota is the finished producer in leasing now. desire this may help you interior the right direction.
2016-11-28 02:34:24 · answer #5 · answered by ? 4 · 0⤊ 0⤋
go to where u leased it and talk...duh
2007-04-27 04:00:41 · answer #6 · answered by Anonymous · 1⤊ 0⤋