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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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#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)
#29 of 1038 My leasing rip off story -- what to do now by faizur Jul 13, 2004 (7:24 pm)
I signed a lease back in Nov. 2000 for 4 years which is due this Nov. Long story short, they cheated me and I signed the lease without understanding it, any way trying to give back the car and get couple of thousands, finally, they agreed to get back the car and will pay for remaining 3 months, but at least I want my personal property tax back and want them to address me an agreement not to charge for excess wears and tears and pay for year 2003 property tax. They might agree with some of those agreements. It is a 2001 honda accord car, 485 monthly payment, 12k/yr, 13K residual, cap cost was 27k, rent charge 9.5K, huh, shame on me.   Now I want to know, what should I do? I need a car, but don't have any cash in hand, fair credit history, but stable job and last 45 months of Auto payment.   I really appreciate any suggestions and good advice in this regard. Replies to this message: fish8 (Jul 14, 2004 4:23 am)
#30 of 1038 Re: My leasing rip off story -- what to do now [faizur] by fish8 Jul 14, 2004 (4:23 am)
Replying to: faizur (Jul 13, 2004 7:24 pm) I am having trouble following your post. Why are you asking them to pay your property tax? What does that have to do with the car lease? Also, why would the lease company sign something stating that they will waive excess wear and tear charges? Why not just give the car back and be done with it?

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