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Lease Termination Fees and other costs

1032 messages,  Last post on Nov 10, 2009 at 3:05 PM

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#5 of 1032 car man by ksurg Feb 18, 2004 (3:27 pm)
I'm 30 months into a 36 month Audi A6 4.2 lease. I'm under mileage but have some minor body damage which I can fix for about $1000. I was surprised to learn that with early termination I was responsible for a "garage fee" for the remainder of the lease and any difference between the anticipated residual and the actual residual( sort of blows away the concept of a closed end lease). I'm willing to make the remaining lease payments but being responsible for the residual and the garage fee seems unreasonable, especially since they will clear it at auction almost immediately. Oh and BTW this has not been a typically termination clause based on the 4 or 5 leases I have had previously. It is particularly sad given it is a standard VW financial lease. Even BMW is more friendly( I plan on taking delivery on a 04' 745i in about 4 weeks). Any suggestions, or should I just take my lumps and get out?
#6 of 1032 Re: car man by Car_man HOST Feb 19, 2004 (4:48 am)
Hi ksurg. If you are going to have to make all of the remaining payments on your Audi and are way under your allotted mileage, why not just keep it for the last couple of months and drive it occasionally? Of course, you will have to continue to insure it, but I probably would choose to keep the car rather than turn it in if I had to pay for it anyways. If Audi is going to charge you all sorts of early termination fees, you always have the option to purchase your leased vehicle and sell it on your own or trade it in on your next vehicle. You may find that your vehicle is actually worth close to your purchase option price if you are way under your allotted mileage. In order to find out if purchasing your car is a realistic option, you need to figure out what it is realistically worth on the open market right now and then compare that figure to a purchase quote that you get from the bank that you are leasing it through.   Car_man Host Smart Shoppers / FWI Message Boards
#7 of 1032 lease-end fees? dealer experience? what to expect? by kasperghost Feb 24, 2004 (8:32 am)
To change the thread... The lease on my '01 Pathfinder is almost up. I am trying to find out what to expect when I walk in to buy-out the lease. I want to turn my ass-u-mes into something I can rely on.   -My assumption is that since I Leased from NMAC, I can return at a different dealer? -What kind of 'fees' can I expect to be charged? In looking at my contract, I will be responsible for the $150 buy-out-fee and the end-of-lease buy-out price of 16,563.80. Taxes and title fees on top of this- will I have to relicense with the state (Colorado)?   Aside from those questions I need to find out what kind of 'phases' I will go through in buying the lease out? e.g., Buying a new car generally involves three phases: actual car price negotiations; trade-in credit; last, finance dept. I would be shocked if it was just, "'Here, take money.' 'Here, take keys.'" I am already expecting the pitches for the extended warranty (Don't want) and in-house financing (Getting outside financing from CU). What am I missing or should be aware of either money or other?   Thanks for the help:)
#8 of 1032 kasperghost by jratcliffe Feb 24, 2004 (2:27 pm)
If you're buying out, you don't need to "walk in" anywhere. Just call up Toyota Finance (I assume you leased through them) and tell them you want to buy it out. They'll tell you where to send the check, and when they get it, they'll send you a title. No dealership involved. You _might_, though, want to see if you can negotiate the buyout price. Check with Terry (rroyce10) over in Smart Shopper/Real-World Trade-In Values and ask how much your truck is actually worth. If it's less than the buyout, you might be able to convince Toyota to lower the buyout. If I remember correctly, they rarely, if ever, do, but it can't hurt to try.
#9 of 1032 Not Walking In is great by kasperghost Feb 25, 2004 (3:28 pm)
Thanks for the advice. I called NMAC and got a payoff faxed over (Residual is non-negotiable:( ). My CU is going to do a loan for 4%. Best of all, no yahoos to deal with at a dealership.   The regional Kelly Blue Book is about $1500 above residual and locally about $2-3,000 above residual.   I'm shocked- Take Money- Take Keys- Good to go:)
#10 of 1032 RE: car man by ksurg by dtownfb Feb 27, 2004 (9:27 pm)
If you have to pay the lease payments for the Audi, why not just keep it until the end of the lease? You only have 6 months left. The BMW 745 will still be there in July.
#11 of 1032 Dtownfb .. by rroyce10 Feb 28, 2004 (1:25 pm)
....... Good point, it's not like anyone is beating a path to buy the new "7", it might even be the same one sitting there with a nice rebate in the trunk ..........                        Terry.
#12 of 1032 ? Damage allowance - Acura MDX-T '01 by BOBPUT Apr 07, 2004 (12:38 pm)
I would like to know what "damage allowance" may apply by American Honda- I've seen $1500, 1200 & 500 on various postings, but don't find anything specific in my 3/01 lease (42mo). Over mileage by 7-8K --do they always stick to the 15c/mile in the lease, if vehicle is worth more than the residual? Anything to negotiate anywhere? All else equal, leasing an '04 or '05 would please my wife.
#13 of 1032 Bobput by atlgaxt Apr 08, 2004 (1:45 pm)
With the high resale values on the MDX, I would buy it and sell it or trade it. I'm not sure about the damage allowance, but they will probably try to stick it to you for the mileage. I think some of these factors used to be more negotiable upon a trade in, but it seems they have been getting pretty tough lately.   I bought a car two months before my last lease was up. I tried to make the last payment and give it back. They did not want it until the lease was up. I was right at my mileage limit, so I had to park the stupid thing and pay insurance for two months. It made no sense to me. They said if I brought it in early, they would take it to auction and I would have to pay the difference between that and residual, which probably would have been thousands (I guess I did OK leasing their in the big picture - they took a big hit on the bad residual). But their policies at the end are ridiculous. Replies to this message: BOBPUT (Apr 10, 2004 1:35 pm)
#14 of 1032 Re: Bobput [atlgaxt #13] by BOBPUT Apr 10, 2004 (1:35 pm)
Replying to: atlgaxt (Apr 08, 2004 1:45 pm) Thanks for the response--What was your leasing co?--That's what I'm trying to get a feel for--sorry yours was so inflexible-before the MDX I leased 2 Windstars thru Ford, & couldn't complain-- there "damage allowance" seemed weird: $250 allowed on each quarter of the exterior! but still would like to know AHFC Honda policy and $. WORST thing is Lease says will only tranfer MDX directly to MY name--so I guess the sales tax on residual price would have to be paid by me, and then again by any buyer-- unless I become a licensed dealer--Any way around this??? Thanks

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