I leased a car approximately 8 months ago for a 3 year lease. I am thinking of trying to get out of the lease. How costly will this be for me? While I can continue to afford the payments I would like to have a car that is not so expensive so my money can be free to spend elsewhere (i.e., invest or house payments). Thanks.
2007-05-23 09:00:58 · 2 answers · asked by TJ 1 in Cars & Transportation ➔ Buying & Selling
Read your lease agreement that you signed. Everything should be there. If not, your lease agreement will have a phone number to call for you to get the information on what type of penalties you'll pay. Typically it is not cheap.
Or you can try to get out of the lease at places like
http://www.swapalease.com
http://www.leasetrade.com/
http://www.leasetrader.com
2007-05-23 09:08:56 · answer #1 · answered by hsueh010 7 · 0⤊ 0⤋
All these reasons are 8 months too late. Getting out of a lease is alot harder than selling your car. YOU ARE RESPONSEABLE FOR 28 MORE PAYMENTS. The buyout of your lease (what it will cost to pay it out) with only 8 of 36 payments is simple take 28 times what your payments are then look on edmunds.com and see what the trade in value is. Big Negitive there huh. And I forgot you still owe the residual amount too. If you try to trade it in take lots of cash . Sorry honey you are stuck with it. I dont sugar coat things. I tell it like it is.
2007-05-23 09:12:43 · answer #2 · answered by Rick S 3 · 0⤊ 0⤋