My lease will be up in Dec. 08 I am over my milage already and the cars apperance(stains and door dings) is not perfect. I want to know what will happen to me? My credit and what other choices are available.
2007-08-13 16:12:02 · 8 answers · asked by Audrey B 2 in Cars & Transportation ➔ Buying & Selling
You have not said how long of a lease you have or how old or what kind of a car it is. A lease if figured on the worth of the resale value at the end of the lease. If you clean the car up as best as you can and lease or buy another car from the same dealer, they will let you turn it in early. If you go at the end of the month, you might be able to negotiate a better deal. Tell them to forgive the extra miles but make sure they do not add anything extra to the deal. To know if they are adding anything extra, price the lease (or buy) out first at another dealer with the exact same car and options. If the car is under 2 years old, they might tell you that you are upside down which means you owe alot more than the car is worth (resale value). That is when going at the end of the month comes in. If the deal is at all possible, it will go in your favor because they have to get their numbers out. They will do whatever it takes to get each and every car hitting the curb or pavement as they say in car salesman talk. Good luck
2007-08-13 16:40:29 · answer #1 · answered by Fran T 2 · 0⤊ 0⤋
Depends on what kind of vehicle it is and the ACTUAL condition. On most leases, on early termination you will be responsible for the standard termination fee, any unpaid (or unbilled) taxes for previous or current year PLUS the difference between the actual wholesale value (includes deductions for mileage, damage, repairs needed, etc) and the residual value indicated on your lease. If your leased vehicle is something that has tanked in value, you could be responsible for far more than the remaining payments.
Should the dealer talk you into just parking it on their lot while they prepay your payments until the lease term is up (a bad idea) remember that YOU are obligated contractually to maintain full insurance on the vehicle. If you let the insurance lapse, your leasing company will know (usually within 30 days) and you will then be in default, which will usually cost you even more.
Most leasing companies do NOT negotiate early terminations because they don't have to. If you could make somebody pay you for a loss you're going to take on a vehicle instead of YOU having to pay it, wouldn't YOU collect?
2007-08-13 23:30:32 · answer #2 · answered by Squiggy 7 · 0⤊ 0⤋
It's going to cost you dearly. The lease will be recalculated using the current value. You'll be hit with repair costs and excess use. Your best bet would be to contact the leasing company and see how much they'll let you buy out the lease for. Mileage and condition won't be factored into a buy-out, just the book value of the car and the total payments made so far.
2007-08-14 00:46:22 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Being over the mileage alone will kill you by Dec 8th along with defects the leasing company will find.
your in a very negative way, and the only suggestion I have is a sub- lease with some incentive from you, there are many sites where consumers shop take over a lease " google for answers "
Your next car , do the homework, study my website http://www.usedcartips.org/ its free advice with no string attached
2007-08-13 23:33:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You are screwed. You have little choice but to finish the lease and buy the car. That way you won't have to pay the excess mileage. No one on Leastrader will want a car they can't drive.At 15 cents a mile you will get killed if you turn it in.
2007-08-13 23:27:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You will pay for the repairs and milage overage. You may be responsible for the full payments until the lease is up. They WILL try to collect the full amount due. Call them up and find out the policy because each company is different.
2007-08-13 23:19:21 · answer #6 · answered by C J 4 · 0⤊ 0⤋
Go to where you leased the car and ask them. If you agree then let them have it if you do not agree then try to bargain.
It will come down to you having to pay but the amount can be argued about some.
2007-08-14 00:06:12 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you will be charged something like 15c per mile as well as the wear and tear charge for the dings
try leasetrader.com
or swapalease.com
2007-08-13 23:16:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋