Getting out of a Car Lease

[Fred G Sanford]

It depends what bank you are dealing with but the problem with turning it back to the bank is that there is no set amount for the penalty like there is for a cell phone contract. The total liability depends on what the car sells for compared to what you owe. What you owe depends on how the bank figures the payoff.

There is also the option of having someone assume the lease but this also carries some risk. You would only do this with someone you know because you would pay a fee($500-$1000) and also you will stay on the lease as a co-lessee...meaning that if the person who assumed it defaulted the bank would come after you for payment. This also holds true at lease end when you could get billed for damages.

Fred G Sanford

[hiho]

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contact leasing company and see what the 10 day payoff would be. Make a well-informed decision based off of the information. Not a whole lot more can be said.

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Thanks, any idea what the penalties will be?

[DrewDevil]

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contact leasing company and see what the 10 day payoff would be. Make a well-informed decision based off of the information. Not a whole lot more can be said.

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Thanks, any idea what the penalties will be?

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Are you serious?

READ. YOUR. LEASE.

[LetItBe]

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I don't mind paying a few thousand in penalties if I can get out of it I just don't want to pay all of the interest.

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Have you actually added up what your interest payments will be? Do that, THEN compare to the penalties + interest lost on pushing the cash into the car.

Don't just assume that paying it off is better, lease terms can be very favorable.

[cabbagehead7]

OP has to be leveling everyone. I am done with this topic.

If it was a joke.....well done.

If you are for real:

please contact your leasing company and ask them. If you do not know the phone number, contact the dealer where you bought the car.

Good luck, sir. I wish you well.