Edmunds.com | Inside Line | Auto Observer Your Account | Help | Directory
You are here:
![[F]](http://a332.g.akamai.net/f/332/936/12h/www.edmunds.com/media/townhall/webxicons/site.gif){kind=small}
Forums
Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
You are in the Smart Shopper-Archives Forum. Your Hosts are kirstie_h & tidester
|
Hello dphantom. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Car_man Host Smart Shopper / Prices Paid Forums |
|
|
Replying to: dphantom (Sep 13, 2005 3:38 pm) It is possible to trade-in the 325i that you're leasing for the SUV that you want, that's just what i did last weekend  But i think the process of doing that trade off is less complicated if you do it within the same company (in your case, BMW). It's just like swapping your lease sedan for another vehicle. They'll ask you to sign a notice of release of responsibility for your old car. I'm not sure about trading a lease for a vehicle financing set up though. Contact a bunch of dealers and they'll give you their numbers, then pick out the best offer that attracts you. (TIP- don't pick up the phone until you get the cheapest offer ...in your email). 90% of the transaction time on my new lease program were done on the internet and buy phone. After some consultations here and there, i was able to close the deal (over the phone), signed the papers then drove off my new ML350 a couple of hours later that same day. Goodluck and enjoy shopping. 
|
|
|
Replying to: allinde (Sep 12, 2005 8:44 am) Thanks |
|
| Car_Man, do you have any info on the 2006 MX-5 yet? I'm interested in 24 and 36 month (12K and 15K per year) residuals and money factors. In case trim level matters, I'm interested in the Grand Tourning and Limited Edition. Thanks. | |
|
Replying to: Car_man (Sep 14, 2005 2:16 am) Any information on Octobers lease deals on the 3 series. That’s when I take delivery. |
|
|
I would like to know if I can get out of lease agreement before I sign the leasing papers and take possesion of the car? The lease is for a 2005 Honda CR-V EX and after leaving the dealership with my head spinning, I realized that I was going to pay $2,000 over invoice for the car (Down payment + 36 lease payments + residual valve) I know with a mortgage there is a 3 day right to rescind. I hope the same is true with this contract. Thanks
|
|
|
|
|
Replying to: thuelbig (Sep 14, 2005 12:51 pm) Your (Down payment + 36 lease payments + residual valve) is $2,000 over over invoice includes some other charges. You have plates, doc fees, interest on the lease payments and other things. Look at the capitalized cost and the down payment to see what you are paying for the vehicle. |
|
|
Replying to: thuelbig (Sep 14, 2005 12:51 pm) With automobiles there is no right to rescind. |
|
|
Thanks guys for your inputs and suggestions. At least I know what to do next...probably I better of wait till my lease end then get a new or used car. Now i'm thinking of buying not leasing anymore...it seems that it will end up paying more in lease than buy. Well, Thanks Again guys for your help!
|
|
|
Replying to: dphantom (Sep 14, 2005 3:15 pm) Until that happens, you can get out of just about any car deal... regards, kyfdx Host-Prices Paid Forums |
|
You are here:
Forums
Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here
