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Smart Shopper Lease Termination Fees and other costs
1038 messages, Last post on Nov 19, 2009 at 9:34 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: qbrozen (Oct 13, 2006 10:45 am) That being said - if you really want to get out of the lease - you have to buy your way out. That means taking the vehicle to a dealer (go to an Infiniti dealer) and having them give you a price for the vehicle. You will have to come up with the difference between the amount they offer you and the payoff to the leasing company. Another option is - you could try a website like www.swapalease.com where someone else may want to assume your remaining 11 payments - and since you're willing to pay the leasing company - maybe you could offer an incentive to someone to assume your lease. Good luck. |
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I have a seemingly odd situation with Chase, and I'm wondering if anyone else out there has encountered the same. Here goes: I leased a Lexus RX300 from Chase, and the lease terminated on August 24th of this year. I dutifully returned the car to my Lexus dealer on August 22nd. As per the terms of my lease, I am to be charged 15 cents per mile for going over the preset mileage, which in my case was 60,000 miles. I turned the car in with 71,495 miles - 11,495 miles over - which comes to the sum of $1,724.25. Also, my lease had a clause about another $300 "lease termination fee." So, altogether, I owe Chase $2,024.25. I was told the car would be picked up from the dealer by Chase and within a few weeks, I'd get my final bill from Chase. To date, I've received nothing from Chase. We're coming up on 3 months. Now, I've been calling them on a regular basis to try to close out my account. Turns out the car sat on the dealer's lot for almost 2 months before Chase came to get it. Fine, whatever. But for some reason, it's just taking FOREVER for them to close the account and issue the final bill. After many calls, I did manage to reach an extremely helpful person in the "End of Term" office. As of today, she told me that my final bill would be....$504.00, which consists of the cost of some body work that was apparently done to the car (it did have some minor dings, and a very small chip in the windshield). I asked her twice, "Are there any other charges I will need to pay to Chase?" meaning, the overage/lease termination charges. She said no, just the $504.00. She said that the final paperwork will hopefully be done by this Friday, and that she'd fax me the final bill along with an official letter stating the account was closed. Is this possible?????????? I will shamefully admit that I haven't looked at my lease agreement in the past four years - it's filed away at home in our filing cabinet - but you can bet I'll dig it out tonight and re-read it, fine print and all. I just cannot believe this is correct. I'm afraid that somehow, somewhere, Chase will still think I owe them the $2,024 (don't I?) but not tell me, and will mess up my credit report. Sorry for such a LONG post, but I want to see if something remotely like this has happened to anyone else.  PS - just coming back to add that maybe there are two separate Chase offices that will bill me? One for the overage, one for the body work? To be honest, I have over $3,000 set aside to pay Chase, but I'd sure LOVE to just pay that $504!! I was too chicken to ask the lady from the "End of Lease" office if I'd be getting another bill from some other Chase entity, but now I feel guilty.
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Replying to: astegman (Nov 15, 2006 10:40 am) I wouldn't worry about your credit. If they get everything straight, they will certainly bill you for it. If they don't, be glad you only have to pay $504. They probably have it wrong, but I surely wouldn't lose sleep over not getting billed for extra end-of-lease charges. Just my $0.02 kyfdx |
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Replying to: astegman (Nov 15, 2006 10:40 am) So my point is, everything is negotiable. I wouldn't pay the $504 and then get stuck later on for the mileage. Demand a bill from them that has all of the charges, and then negotiate from there. |
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Replying to: chloetan (Oct 13, 2006 9:25 am) Sorry to hear about your job. I was wondering if you were interested in transfering over your lease. I am currenlty in the market for a short term lease. Let me know. KG6C |
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Replying to: hbomber (May 09, 2005 3:04 pm) Have you heard of others who have been slammed with EWT charges from US Bank? I'm looking at leasing an Acura MDX. The mthly payment would be $29 less per month if I use US Bank vs. Honda Finance ($570 vs. $599). Honda has $1500 damage waiver, US Bank does not. Dealer warned me that banks are more stringent upon return. I am the one who asked for a lower money factor, based upon another dealer. I can't tell if they want me to use Honda Finance, so they make more, or if US Bank truly is a bad way to go. Thx. |
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My mother has a leased vehicle with GMAC; she has been off work on disability for 7 months and has just had to take retirement (she's 65) as she is not yet able to return to working full time. Her retirement income will probably not be enough to cover her monthly bills, including her $400+ car lease payment. Is there any kind of hardship lease termination we can ask for to end the lease, without paying the substantial lease payoff? Any suggestions? She'll need a vehicle to get around locally, but at a lower monthly payment. Thanks!
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Replying to: sus3 (Dec 15, 2006 9:43 am) |
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I have a leased Lexus that has reached the end. The purchase price is considerably less than current market value so I buying the vehicle. However, the dealer is loading my contract up with a $599.00 dealer fee. Does this sound legit? In FL, you have to go to the dealer for the buy-out. What other charges should I be aware of. Thanks Libby
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Replying to: libby33 (Jan 19, 2007 12:22 pm) tidester, host |
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Smart Shopper Lease Termination Fees and other costs
