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Lease Termination Fees and other costs

1189 messages,  Last post on Apr 19, 2013 at 4:18 AM

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Messages Page 119 of 119

#1179 of 1189 Re: how to terminate a lease in order to lease another car with vw [qbrozen] by lepia

Dec 11, 2012 (6:34 pm)

Replying to: qbrozen (Dec 11, 2012 9:27 am)
You were right qbrozen.
 
Thank you for the insight.

#1180 of 1189 Re: End of lease discussions [jeffmetanna] by jipster

Dec 27, 2012 (8:04 pm)

Replying to: jeffmetanna (Oct 28, 2012 9:45 am)
Also, during the last 3 years of lease, I only had 3 oil changes and nothing else. Would that be a problem?
 
yes.

#1181 of 1189 lease expiring? by steve_ HOST

Jan 22, 2013 (9:10 pm)

A reporter would like to speak to someone who is going to be in the market for a new car in the next few months because their lease is expiring. If you fit this description, please email your daytime contact info to predmunds.com by Friday, January 25, 2013 at noon PT/3 p.m. ET.

#1182 of 1189 Re: dealership mess [rx2man] by ess_ess

Apr 16, 2013 (5:32 pm)

Replying to: rx2man (Jul 17, 2011 5:11 am)
This is my first post here at Edmunds. I hope this thread is still active.
 
I am in a similar position. I leased a 2012 Chevy Cruze LS for 39 months. In the residual column, the finance guy struck out the amount given with the added $2500 fee with a pen, and rewrote the amount for $2500 lesser when I pointed it out to him and said that is wrong. I guess I didn't push him to get a new document with the correct amount printed on. Now, I'm in a condition where I'll be leaving the country and I've to do something about my lease. Turning it in is super expensive as I'll owe every payment due until the end which is about 27 months at 250 apiece minus interest charges.
 
I called Ally today for a buyout price and was quoted at the residual(8600) + 2500 + all remaining payments(6500) + "property taxes". The buyout price is greater than the value of the car when I signed the lease(17k + taxes in full because I'm in Texas) . The car itself is in great condition with under 7000 miles on it after 12 months lease period is up.
 
Does anyone have any experience if this 2500 buyout fee goes away for a dealer buyout? How screwed am I?

#1183 of 1189 Re: dealership mess [ess_ess] by dwynne

Apr 17, 2013 (9:42 am)

Replying to: ess_ess (Apr 16, 2013 5:32 pm)
That $2500 buyout fee is a crime, but you did sign the lease so you may be stuck.
 
If you buyout or sell the car to a dealer you should not owe all remaining payments plus residual and fee. A lot of the remaining payments is interest which you wouldn't owe if paid in full now. So residual plus fee plus some remaining principle amount. Property tax may apply where you live, but probably not on a dealer purchase.
 
Take your car down to CarMax and see what they will give you for it, then have them contact Ally for a buyout price. Anything more than they offer you will have to be paid to CarMax (in cash or certified funds) to get them to take it off your hands.

#1184 of 1189 Re: dealership mess [dwynne] by ess_ess

Apr 17, 2013 (10:04 am)

Replying to: dwynne (Apr 17, 2013 9:42 am)
Thanks dwynne.
 
I'm planning on going down to Carmax and checking out what they will offer this weekend. I'm also exploring the option of a lease transfer and want to keep the selling as a last option in case the lease transfer doesn't go through.
 
I have another question, does any dealer take a lease buyout because this will be a sale only? Or only Carmax? Can I go to the dealership I leased the car and check if they will buyout my lease? I'm pretty sure that I'll probably not get a great price for it, but can I check?

#1185 of 1189 Re: dealership mess [ess_ess] by qbrozen

Apr 17, 2013 (11:17 am)

Replying to: ess_ess (Apr 17, 2013 10:04 am)
You can take it to anyone you want to buy it from you. You will, however, owe any difference between the buyout and what they are willing to pay for the car.
 
Lease transfer may be your least expensive option, even if you have to add cash from your pocket to sweeten the deal.

#1186 of 1189 Re: dealership mess [ess_ess] by billy3554

Apr 18, 2013 (3:41 am)

Replying to: ess_ess (Apr 17, 2013 10:04 am)
If you were to transfer the lease, the person picking up the lease would likely be stuck with the $2,500 buyout fee. Not likely anyone would be foolish enough to assume that burden.
 
With this lease, as described, there is no painless way out. If it were me, I would sell the car, Carmax perhaps, and take out a low interest loan to pay the difference.
 
A lease is great for many people provided they understand the terms of the lease. This is an example of why people should never, ever trust an auto salesperson or anyone in the dealership.
 
Look at it as a lesson learned and move on.

#1187 of 1189 Re: dealership mess [billy3554] by qbrozen

Apr 18, 2013 (6:02 am)

Replying to: billy3554 (Apr 18, 2013 3:41 am)
But at this point in the lease, he'd probably have to come up with WAY more than $2500 if selling to a dealership. However, if transferring the lease, it may be he only needs to come up with $2500 to hand over the the transferee. So still the cheaper option.

#1188 of 1189 Re: dealership mess [ess_ess] by dwynne

Apr 19, 2013 (4:10 am)

Replying to: ess_ess (Apr 17, 2013 10:04 am)
Any dealer can buy your car off lease, Carmax is just set to make the whole process easier.
 
I don't think you will find many takers on a transfer - that is assuming Ally allows them and they let you off the hook (some banks hold the original lessee responsible even after a transfer). This is partly due to the fee but your payment is way too high for this car. Someone could get a new lease for less. You will have to offer a large cash incentive to entice someone to take it.

Messages Page 119 of 119

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