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Lease Termination Fees and other costs

1038 messages,  Last post on Nov 19, 2009 at 9:34 AM

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#1022 of 1038 Re: Should I go over the allotted miles? [goodmaj1] by volvomax Sep 22, 2009 (12:44 pm)
Replying to: goodmaj1 (Sep 20, 2009 12:58 pm) First of all, the dealer won't charge you for anything as they don't own the car. The bank does. Second, if something is clearly broken when you return the car you will be billed. However, I doubt that anyone will even notice the thermometer. Mostly, they are looking for obvious things, check engine light, broken cup holder, etc.
#1023 of 1038 Leased a new car.. Still have my old lease.. what are my options? by pezradar Sep 26, 2009 (3:26 pm)
So I leased a new car.. but I still have my old lease.. I did a 3 year/45,000 mile lease on a MINI Cooper S 2007. It ends in February 2010. When I leased my new car they ended up cutting me a check for the remaining payments on my MINI Lease through the end of the contract.. So I could technically turn it back in now.   I'm trying to see if I can actually profit off of it though since the residual they state on the lease contract (What I would have to finance if I wanted to outright buy it) is $18,200. I priced out my MINI though through KBB and Edmunds and it says I could probably sell it or even trade it in for more then that..   I'm only at 37,500 miles on my Lease too with 4 months to go so I have a lot of breathing room on my miles..   What do you think I should do ? Is it possible to sell to someone like a Carmax my lease for more then the buyout?   Thx Replies to this message: goodmaj1 (Oct 07, 2009 9:17 am) volvomax (Oct 08, 2009 11:26 am)
#1024 of 1038 Re: Leased a new car.. Still have my old lease.. what are my options? [pezradar] by goodmaj1 Oct 07, 2009 (9:17 am)
Replying to: pezradar (Sep 26, 2009 3:26 pm) The first thing I'd do would be to find out if you can pay for the rest of the lease right now and then pay the residual amount to buy the car. Under all circumstances before you sell the car you actually have to own it, only then could you sell the car.   Your Mini will continue to depreciate as time marches on, so if you're going to do this deal, you need to do it immediately. Before you take on the risk of buying a car, i.e., paying the residual cost, I'd go to Carmax and see what they'd give you for your car. That'd be your worst case scenario from a pricing perspective. Then I'd check eBay and Autotrader to see how much you think your car could sell for. At the end of the day, the key is how much risk you're willing to take on - are you willing to risk that your car might not sell above the residual price?   Under no circumstances should you rely on KBB or any other valuation site to determine if you should do this arbitrage. Ultimately, the car is worth what someone else will pay for it so you need the Carmax (or even auction) data point. Some dealers looking for good used cars will also give you an offer, I actually sold one of my cars, a BMW, straight to a Lexus dealer.
#1025 of 1038 Re: Leased a new car.. Still have my old lease.. what are my options? [pezradar] by volvomax Oct 08, 2009 (11:26 am)
Replying to: pezradar (Sep 26, 2009 3:26 pm) Don't forget that you will probably have to pay sales tax on the buyout amount if you sell the car privately.   If you sell it to a dealer, there is no tax. At best, you will probably break even at a dealer, dunno if it's worth it.
#1026 of 1038 scratch repair by law228 Oct 21, 2009 (4:04 pm)
Hi. My lease is up in November. I have a scratch on my car that is about a foot long. Looks like someone keyed my car or something. Should I get that repaired before I turn it in or will the dealer consider it to be normal wear on my car? Replies to this message: volvomax (Oct 22, 2009 8:46 am)
#1027 of 1038 Re: scratch repair [law228] by volvomax Oct 22, 2009 (8:46 am)
Replying to: law228 (Oct 21, 2009 4:04 pm) What the dealer thinks is immaterial. The Lease company will certainly hit you for excess wear and tear.
#1028 of 1038 Help getting out of Honda lease by cinweed2 Nov 10, 2009 (11:24 am)
I am in my 30 th month ($353 a month) of a 66 month lease for a Honda PilotEX 2007 2WD, residual value $10,176,Kelley blue blue value is 21,500, the lease is with Huntington,payoff $20,000.The Honda is in very good condition with only 12,500, I paid for $15,000 miles a year.    This is my first time leasing,I want out.I know I am going upside down. Butcan I go to dealer and they pay off the Honda, BUY a used car and put the remainer that I owe on that loan.(Will banks due that?) And hopefully get a loan between $250/$300.    The Honda is great, just to big, the payment to high. And I don`t like the feeling of driving something that is not mine.     Doesn`t it make sense to get rid of it while it looks great and has low mileage? Any advice will be appreciated. Thank You! Replies to this message: sebring95 (Nov 10, 2009 12:11 pm) qbrozen (Nov 10, 2009 1:01 pm) qbrozen (Nov 10, 2009 1:03 pm) cinweed2 (Nov 10, 2009 3:05 pm) qbrozen (Nov 11, 2009 10:16 am) tifighter (Nov 17, 2009 4:11 pm)
#1029 of 1038 Re: Help getting out of Honda lease [cinweed2] by sebring95 Nov 10, 2009 (12:11 pm)
Replying to: cinweed2 (Nov 10, 2009 11:24 am) Best bet is to try and find someone to assume the lease. leasetrader.com or swapalease.com is the most popular sites to market the lease. If someone will assume, that will be a far better deal for you. Otherwise, you need to figure out what the real-world trade in value is before going that route. Most banks won't finance 100% or higher on a used car these days so it might be hard to do what you want to do and actually save money. Always expensive to get out of one vehicle and into another. Replies to this message: qbrozen (Nov 10, 2009 1:01 pm)
#1030 of 1038 Re: Help getting out of Honda lease [sebring95] by qbrozen Nov 10, 2009 (1:01 pm)
Replying to: sebring95 (Nov 10, 2009 12:11 pm) Honda Finance does not allow lease assumptions.   BUT... just reread the post and see if might be with a bank.(??) In which case, the poster will need to check with that bank to see if they allow assumptions and/or if there are any fees/penalties involved.
#1031 of 1038 Re: Help getting out of Honda lease [cinweed2] by qbrozen Nov 10, 2009 (1:03 pm)
Replying to: cinweed2 (Nov 10, 2009 11:24 am) Are you saying you've had it for 30 months and it only has 12,500 miles total??   First step for you is to head over to the Real-World Trade-In Values thread and find out what the vehicle is worth as a trade-in. That will let you know how far upside down you really are. Replies to this message: cinweed2 (Nov 10, 2009 3:05 pm) qbrozen (Nov 11, 2009 10:16 am)

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