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Smart Shopper Lease Termination Fees and other costs
1027 messages, Last post on Oct 22, 2009 at 8:46 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Hi crazyfool. If you want to know what your leased car is currently worth, you can look up its Edmunds.com True Market Value in the following section of this site: Edmunds.com Used Vehicle Pricing. You also may want to stop by the following discussion that appears here on the Smart Shoppers Message Board: Real-World Trade-In Values. One of our most knowledgeable community members, Terry, hangs out there and he is often kind enough to give people an idea of what their used vehicle is worth if they give him a detailed description of it, including where they live. Car_man Host Smart Shoppers Message Board |
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Dear car man, I have a lease on a 2002 Jetta 1.8T with 32,500 miles. My question is whether I should buy the car out or not. The facts: If I terminate, I will owe $250 term. fee, about $350 for miles (10k/yr.), and , because of the poor rear bumper design on this VW, I am expecting to have to repair all the dings, perhaps $500? So I might be looking at about 1,000-1,200 to give them the car back. OUCH! I could then buy another car. Advantage, I paying down a new car, disadvantage, I will spend maybe 5K more than buying car out. Or, I can buy the Jetta- The residual with tax/title-1,000 rebate is $14,612, which is I beleive less than blue book. I like the car, don't love it. Advantage- less money, discdavantage, I'm paying down a car that will be 7 years old by time I finish payments. Your sage counsel would be welcomed. |
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Hi robco62. I think that this is more a matter of personal preference than a situation that has a right and a wrong answer. If you were significantly over your mileage allowance I would be more inclined to recommend that you purchase this car. However, having to pay your normal disposition fee, $350 in excess mileage charges, and perhaps a few buck for some scratches on the bumper really is not that bad. If you have enjoyed driving this car, have not had any major mechanical problems with it, have not been in an accident, and feel as though it would cost you less to exercise your lease-end purchase option than it would to purchase an equivalent car on the open market then you may want to consider buying it. If you've had problems with this car, played bumper cars with it, or if you feel as though it's price is a little on the high side, then you should just walk away from it. Car_man Host Smart Shoppers Message Board |
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| Hi, quick question. I recently lease a toyota sequoia. I am in month 32 out of 60 months. I can get more for my car selling it privately vs. trading it in. So, am I allowed to do that? I just don't trust toyota, they kind of screwed me when I leased this car while trading in previous lease, so I am done with leasing and just want to start fresh. Are there other fees other than what my buyout amount is from the bank? It is early termination, but I am not turning the car in. Do I have the ability to do it this way. Thanks a bunch. | |
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Hi netchick. You can purchase your leased truck and try to trade it in or sell it on your own, however it will likely be very expensive for you to do so. Not only is there a good chance that it will cost you more to buy your truck than it is worth on the open market right now, but if you do so the bank that you are leasing it through may still want you to pay them your remaining payments. As you can see this could end up being very expensive. Generally speaking, consumers are able to get more for their vehicles by selling them privately than by trading them in. Having said this, the more expensive the vehicle that you are trying to sell is, the more difficult it will be for you to find someone who has the resources to purchase it from you. Unfortunately, you are probably going to lose money trying to get out of your lease almost 30 months prior to its scheduled termination date, but you may be able to minimize your losses if you are able to do a private sale. Your least expensive option would be to continue leasing your Sequoia until you are much closer to its end. I could understand trying to get out of your lease if you could no longer afford to make the payment, you are way over your mileage allowance, or you needed a different size vehicle, but to do so just because you don't trust Toyota does not make a while lot of financial sense. Car_man Host Smart Shoppers Message Board
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Oh, no, I wasn't thinking of trading in my car cause I don't trust toyota, I am planning to purchase a house next year and want to sock away as much money as I can and wanted to get into something smaller, I just wanted to know if trading in to Toyota was my only option, because it's my least favorite. Thanks for your insightful information. Nanci
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You're very welcome, Nanci. I know how expensive purchasing a new home can be and completely understand where you're coming from. You can trade your car in on any brand that you would like, not just Toyota. The problem is that you will likely lose a lot of money when you do so. Car_man Host Smart Shoppers Message Board |
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Replying to: netchick (Sep 09, 2004 4:24 am) I'll bet the house that if you take your residual (per your lease agreement) + 30 months of Payments + Sales tax on the residual you are going to be thousands of dollars higher than what you could get on the open market for it. |
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My girlfriend leased a Nissan 240sx for 5 years and was allowed 1250 miles per month (didn't go over the mileage) and she just turned in the car. We received a bill for $1,200 for excessive wear and tear. There were two small dings on the doors and a puncture hole in the rear bumper. How do they determine excessive wear and tear on a 5 yr old car that has 75,000 miles on it and should I just pay the charge or is there a way for me to challenge it?
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Replying to: carcrap (Sep 15, 2004 6:17 am) Why worry about it or challenge it now when she knew taking it back with the damage would cost her? Did she bother getting the damage estimated before turning it in? |
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