2007-05-22 07:38:23 · 7 answers · asked by Leah 1 in Cars & Transportation ➔ Buying & Selling
Depends on what you are doing. I have leased several cars and before the lease was up, I traded them in and paid no penalty. The company you are trading to usually purchases the vehicle from the other company, and in return they sell your vehicle while selling/leasing you one of theirs. Does that make sense?
You can also go to your bank/credit union and request a car loan, where they will help you turn your lease into a purchase. The bank will pay off the lease/purchase the car and you will then be owing the bank in a regular auto loan.
However, if you are wanting to go back to the company you are leasing the car from and walk away, oh yeah, you'll pay!
2007-05-22 07:50:27 · answer #1 · answered by dudeinnorcal 3 · 0⤊ 0⤋
You actually don't pay a penalty, you signed up for so many payments, and the company expects those payments, whether it's over time or in a lump sum. So the only way to get out of the responsibility you signed for is to make good on it.
You can sell the car, and pay the company the amount of the remaining payment plus the buyout.
you can trade the car in to another dealer and have them pay off the note.
You can have the new dealer work the remaining payments into a new note and just drop the car off.
Bottom line is: There is no way of getting out of a lease without making good on all of the payments.
2007-05-22 08:32:55 · answer #2 · answered by jay 7 · 0⤊ 0⤋
very hard to do.
The only way they will help you is if you say you want to break it to buy something else from them. Even then, you'll have to pay a bit.
depending how many months you still have to pay.
example from my life: in 2000, broke the lease on a 1999 acura integra to buy the new 2001 acura 3.2CL. Cost me 2500$ to do so.
in 2003 I broke the lease on my 2001 3.2CL to buy the new 2003 3.2CL. Cost me 5000$ (More expensive car)
If you just want to give it back and not buy from them, they may ask you to pay all the payments that you still had to do at once. So better keep it.
Your only hope is to find someone who will want to continue your lease. You can offer a little cash incentive to convince him
good luck
2007-05-22 07:47:59 · answer #3 · answered by phil R 3 · 0⤊ 0⤋
You should have read the fine print before you signed the lease, now your stuck if you break the contract.
2007-05-22 07:52:42 · answer #4 · answered by crazy4huntin 3 · 0⤊ 0⤋
Buy the car outright, and then sell it. You may get more than what you paid for it, you may get less.
Next time remember that leasing a car is about the most expensive way to get transportation.
2007-05-22 07:46:31 · answer #5 · answered by Ralfcoder 7 · 1⤊ 1⤋
flow to the broker the place the vehicle replaced into leased from and enable them to correctly known you like out, if that dosent artwork attempt putting an advert on your community paper for somebody to take over hire. mrgreg1
2016-11-26 01:33:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you buy it out you have to pay sales tax on your buy out price. Try swapalease.com, someone will assume your lease and you can move on.
2007-05-22 08:05:29 · answer #7 · answered by Kenny 1 · 0⤊ 0⤋