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Smart Shopper Lease Termination Fees and other costs
1039 messages, Last post on Dec 03, 2009 at 10:15 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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Replying to: sensor (Oct 04, 2004 5:52 pm) regards, kyfdx (all that other crap is in case you default on the lease, or leave the car on their doorstep)
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Replying to: kyfdx (Oct 04, 2004 7:15 pm) While I haven't called the bank yet, the numbers I have run indicate this: The payoff under the lease is $8,307.37 (23 payments x $361.19 per payment) The Edmunds TMV of the vehicle is $14,249 (fortunately, I have low mileage, and there is low depreciation on this model) So, does this mean that I am actually ahead of the game by almost $6,000 -- because the trade-in value of the car is far ahead of the payoff amount? In this case, then, shouldn't I just be able to negotiate a deal with around $6,000 net trade-in value (i.e., FMV of vehicle less the $8,307.37 the dealer will have to pay to Volvo to kill the lease)? Or am I missing something obvious? Thanks for the help...
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Unfortunately, you are missing something, sensor. Many banks require consumers to pay their remaining payments in order to get out of their leases early, but this is not the only expense involved in breaking your lease. You also will be required to purchase your leased vehicle from the bank that you are leasing it through. To find out exactly how much money it will cost you to do so at this time, you need to give them a call. So, the total cost of getting out of this lease this early will be the $8,307.37 in remaining payments + the purchase price that your bank quotes you - its actual value which Edmunds estimates to be around $14,249. So you definitely are not $6,000 ahead of the game. Car_man Host Smart Shopper Message Board |
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Replying to: sensor (Oct 05, 2004 7:09 pm)
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Replying to: mfullmer (Oct 06, 2004 9:03 am) Good thing I asked before shopping the car around. This is the last time I sign up for a four-year lease.
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Replying to: sensor (Oct 06, 2004 6:53 pm)
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Replying to: mfullmer (Oct 08, 2004 2:45 am) Thanks.
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Hi princeabubu. You were right in that there is a way for your mother to get out of her leased Durango several years prior to the scheduled end of its contract, however it will likely be prohibitively expensive for her to do so. In order for her to get out of this deal at this time, she will have to purchase the truck from the bank that she is leasing it through. It will probably cost significantly more money to do so than the truck is currently worth on the open market. Furthermore, the bank that she is leasing through, most likely Chrysler Financial, will probably require her to make all of, or at least a significant portion of, her remaining lease payments on this truck in addition to paying its purchase price. As you can imagine, all of this will probably add up to quite a bit of money. Car_man Host Smart Shopper Message Board |
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If I chose to buy my vehicle at the end of a lease do I still have to pay for any wear and tear or for going over the mileage? Just curious how this process works at the end..
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Replying to: alb (Oct 12, 2004 5:08 am) regards, kyfdx |
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