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#1
08-13-2007, 09:10 AM
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Getting out of a Car Lease
Does anyone have experence getting out of a car lease very early?
I leased the car two weeks ago and would like to just purchase it outright without adding on too many fees. I plan on paying in cash, not with a loan. Yeah I should have done this two weeks ago but I rather not get into that and now there is a change in my money status. So has anyone had any luck getting out of a lease so early? What fees should I expect? 
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#2
08-13-2007, 09:25 AM
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Re: Getting out of a Car Lease
In Canada you can use www.leasebusters.com, the US may or may not have a similar service. Also, call your dealership, they may be happy to hear you wanna buy the car outright and waive any associated fees.
GL.
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#4
08-14-2007, 12:30 PM
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Re: Getting out of a Car Lease
I got out of a three year lease after about a year. I just called the leasing company and talked things through. There was a lease termination fee and I took a hit, but it wasn't too bad.
Your lease probably has a buyout option and possibly even an agreed-upon amount written right into it. Have you considered taking a look at your lease contract?
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#5
08-14-2007, 01:29 PM
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Re: Getting out of a Car Lease
most leases are closed in leases which means everything is cut and dry according to the contract.
You have the option to either make the remaing payments plus the residual value or pay them the payoff amount in full. Either option may not be attractive at this time due to the depreciation of the car and the added fees. OPTIONS: stick with your lease and then at the end of the lease have the car appraised to see if it is attractive to buy. The lease probably has automatic gap insurance and it you park it on a train track and allow it to get totaled you will be out of the lease and can buy an identical car as a retail purchase instead of a lease. cliff notes: you are prety much screwed
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#6
08-14-2007, 02:25 PM
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Re: Getting out of a Car Lease
Hiho, I work in car sales so I can give you an educated answer. The only way to get out of a lease early is to buy the car from the bank. You can buy the car from the bank and sell it to a dealer (trade it in) or you can buy it out yourself. If you call the number for your bank they will tell you what the payoff is on the car.
You did make a huge mistake by leasing it and not buying it upfront. If your lease is attractive you might want to take it to term and then buy it at the end of the lease. Usually if you buyout the lease early you will pay a penalty. What type of car are you driving?
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#8
08-14-2007, 04:08 PM
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Re: Getting out of a Car Lease
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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#9
08-14-2007, 04:37 PM
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Re: Getting out of a Car Lease
No offense but I think you're like the girl with no arms and no legs who got thrown in the ocean.
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#10
08-14-2007, 05:08 PM
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Re: Getting out of a Car Lease
OP asked a question. The question was answered. This is not a matter that has any grey area.
It would be like saying I want to adopt a puppy and then saying I do not want the puppy anymore after I bring it home. My choices would be to either to keep the puppy or get rid of it. We can discuss a lot of meaningless crap but I still only have two choices. btw....I am ranked in the top 75 in the United States for retail Toyota sales volume for the past 4 years....I do know what I am talking about. also, it is not nice to make fun of drowning girls.
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