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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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What is this discussion about? Car Leasing

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#16 of 1038 Re: ALSO-Does Honda extend easily? by Car_man HOST Apr 12, 2004 (3:44 am)
Hi BOBPUT. AHFC does extend its leases for a few months for consumers who wish to. Place a call directly to AHFC and they will tell you exactly how to do so.   Car_man Host Smart Shoppers / FWI Message Boards
#17 of 1038 Bobput by atlgaxt Apr 12, 2004 (6:06 am)
I was leasing through Provident Bank. They gave me a good overall deal (there were no special or subsidized deals from the manufacturer at the time I did it), but I guess because it was a bank and not a car company, they were less flexible at the end.   Upon inspection, they noted minor damage on our car and the fact that it had been wrecked and fixed. The wreck was not our fault and was paid for by the other insurance company, and the inspector claimed it was not fixed right. I thought I was going to be in for a fight, but then they just waived all the damage that the inspector identified.   Typically leases will extend beyond expiration on a month to month basis on the same basic terms, but you would have to look at your contract to see the exact language. Sales tax varies by state to state. I believe in Georgia (my state), I would have had to bay taxes to buy the car, but there are no taxes on private party sales. I am not sure how your state operates. Sorry I can't help more, but issues such as your original lease contract and the laws of the state you are in will control your specific circumstances. I used to do OK leasing, but in the last few years I have been doing to much driving, so I am back to buying.
#18 of 1038 Lease Trading Services by gari Jun 25, 2004 (4:21 pm)
Hello!   I've got a 2003 Nissan Xterra with 19 months left on the lease. I'm moving back to NYC from Cali. and don't really need the vehicle. I've looked into the lease trading sites and was wondering if anyone has had any experience - good or bad, with them? I know that I'm still on the lease even if I transfer. All of the lease trading services offer an "insurance plan". What I'd like to know is: are these plans really reliable? does anyone have a success story?? ANY info would be helpful!!   Thank you.
#19 of 1038 Transmission problem 2 months before lease is due by norminez Jun 26, 2004 (5:01 pm)
Our lease will be due in early September. We leased our 2001 Honda Civic for my 18 year old son's birthday as a new vehicle. We have a predicament: we just found out that my our 2001 Honda Civic will need a transmission which will cost at least $1,000. The car never gave us a visual warning/indicator that something was wrong. Could this be a defect? According to the CARFAX report, the last odometer reading was reported on 12/2/02. However, we have been taking the car for tune-ups and maintenance service at the Honda Dealer on a consistent basis. Is Honda Repair Service supposed to report this to the CARFAX? CARFAX also estimates that the Honda "has 4 months or 10,349 miles remaining on the basic warranty which provides bumper-to-bumper coverage." Is transmission problems part of the basic warranty?      In addition, my son was in a minor accident. In 2002, a few days before his 18th birthday, the car was hit on the left back side by an uninsured and unlicensed motorist. Three estimates indicated an average cost of over $3,000 to repair the damage. Unfortunately due to our bad judgment, my husband and I were the only insured drivers and my two teen-aged sons were excluded due to high insurance rates. Can you give us advice in dealing with these problems since the lease will be due in September?
#20 of 1038 inez by steine13 Jun 26, 2004 (7:14 pm)
good news: the transmission is covered. bad news: you have to have the body damage properly repaired, at your expense. good news: it's a lease, so as long as it's repaired right, you walk away from it. even with the best possible repair, the car has taken a hit in value with the body work, but that is the leasing company's problem. this is the only advantage of leasing that i am aware of...   so you're altogether not in bad shape... have the repair done right, spend the $3k, and figure you saved a similar amount by not paying insurance for your son.   -Mathias
#21 of 1038 by hpoohh Jul 02, 2004 (9:31 pm)
2002 Corolla, 5 months remaining on a 36 months lease, term is 15k/yr. But the car has only 31k as of today, and i don't think i can put on another 14k miles in 5 months. I will probably lease another Toyota after this one. Do you think if i can get some incentive or a better deal on the next car? someone suggested to buy it and sell it in the open market. But the residual is $8600 and the TMV from Edmunds.com is around $8200 for trade in. It make no sense to pay the $8600 + 8.25% tax in CA and resell it for $8200. Any idea?
#22 of 1038 Re: hpoohh by Car_man HOST Jul 04, 2004 (6:01 am)
Hi hpoohh. Unless you are absolutely positive that your leased Corolla is worth more on the open market than it would cost you to purchase it at the end of your lease, you should not buy it. There would be nothing worse than going through all of the trouble of purchasing this car, selling it on your own, and losing money on the whole ordeal. Banks do not refund money to lessees for unused mileage. So unfortunately, you will not get any sort of consideration for the fact that you will have over 10,000 allowable miles remaining on your Corolla. If you do lease again, as you mentioned you would in your post, you may want to consider leasing with only 12,000 miles per year.   Car_man Host Smart Shoppers Message Board
#23 of 1038 Re: hpoohh by Car_man HOST by hpoohh Jul 05, 2004 (8:23 am)
Thanks Car_man   I am pretty sure that the leased corolla is worth LESS than the open market. So what i am going to do is to drive the hell out of it and use as much mileage as possible.   My other 2003 4runner's got bad mileage anyway 16-18mpg so i can save some gas $$$   My last leased VW Golf was 8K miles over when i return it. That's why i opt for 15k/yr when i leased the corolla. But somehow, office moved to like 8miles from my home instead of 35miles and that's how i get the extra mileage.   Thanks for your advise.
#24 of 1038 Re: Re: hpoohh by Car_man HOST by Car_man HOST Jul 06, 2004 (3:14 am)
You're welcome, hpoohh. It's always better to be under mileage than over .   Car_man Host Smart Shoppers Message Board
#25 of 1038 Early Term by hospsafe Jul 11, 2004 (12:54 pm)
Ok..let me see if I understand everything posted here. It seems like every post here mentions a part of my current predicament. I have a 2001 VW Beetle GLS 14000 miles. Lease runs out in January 2005. Based on the posts here I guess I can't get out of it sooner, even though it has incredibly low miles. If I am wrong please tell me. Secondly, I have a 2001 EB Expendition will 42,000 miles. The lease runs out next May. I already know I want another EB Expedition. My guess is that Ford will not let me out of the current lease even though they could get me locked into another 3 year lease for more money. Again if I am wrong please tell me. Finally, what paperwork do I need to bring with me to the dealer if I want my company's name on the registration? Thanks. Replies to this message: samnoe (Jul 18, 2004 7:50 pm) ikramerica (May 03, 2005 1:07 am) rroyce10 (May 03, 2005 2:35 am)

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