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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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#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)
#27 of 1038 Repayment of personal property tax! by jab3 Jul 12, 2004 (6:55 pm)
Just ended a lease with Provident Automotive Leasing. On the lease settlement there is a line for Personal Property Tax. Does anyone know what this is for and is this common when you turn in a leased vehicle at maturity. Replies to this message: carguy79 (Jul 13, 2004 10:51 am)
#28 of 1038 Re: Repayment of personal property tax! [jab3] by carguy79 Jul 13, 2004 (10:51 am)
Replying to: jab3 (Jul 12, 2004 6:55 pm) Personal property tax is not determined by the bank, it is required by some states. I handle lease end for several clients and this is a common fee. Most states I have dealt with, that charge this tax, collect this tax in the arrears. (2003 tax due Jan 1 2004)

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