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#853 of 1199 Re: Early Termination [julbug]
by kyfdx@Edmunds HOST
Jul 06, 2008 (9:26 am)
At the rate you are driving, you will be 9,000 miles over on your lease.. If your penalty is $0.15 per mile, then you'll owe $1350 at the end of the lease in mileage charges..
So, start saving $112.50 per month for the next year... pay your charges and walk away at the end of the lease.. It isn't like the $1350 is for nothing ... you used those miles..
You might also try to cut back on your driving for the next 12 months, if possible.. With the cost of fuel, you'll have a double savings..
Almost any other measure to get out of your lease early will cost much more than $1350...
#854 of 1199 Re: Early Termination [julbug]
Jul 06, 2008 (9:35 am)
kyfdx has the best solution. $1350 isn't all that bad and you can minimize those cost with smart driving. Anything else will cost you much more then this.
#855 of 1199 Need to get out lease - lost my job and relocating
Jul 08, 2008 (12:19 am)
I recently lost my job and will be relocating to another state. I cannot afford the lease payments on my 2007 Maxima. It is a 24 month lease, and I have 10 lease payments left.
I can transfer the lease to someone else, but based on Nissan Motor Acceptance Corp's (NMAC) lease transfer terms, I will still be listed as a guarantor on the lease even though someone else assumes the lease. The transfer would only be a Transfer of Equity Agreement, which means that I am still liable/responsible for the car. This is not an option I want to take.
And re-leasing to lower the monthly payments is not an option for me.
If I call NMAC and tell them my situation, would I be able to negotiate? Since I have 10 lease payments left, totalling $5000, would I be able to negotiate that total down to $4000 and turn the car in early?
What other options are there? Please Advise.
Thank you for your prompt response.
#856 of 1199 Re: Need to get out lease - lost my job and relocating [getoutoflease]
Jul 09, 2008 (9:33 am)
Check with NMAC and get the current buy out price on the car, not including sales tax. Compare that with what a used vehicle with the same miles and equipment would bring at trade or auction. If the numbers look pretty good, you may be better off to sell the car to a dealer (and maybe make up the difference) than to do the early termination. If you have a big SUV I would say no, but a Maxima should still have pretty decent value - but it all depends on the residual and rate of the lease and how good a job you did on getting a deal when you got it.
#857 of 1199 Re: Ending lease early on 06 VW Passat [dwynne]
Jul 24, 2008 (7:57 am)
Honda has probably the friendliest end of lease with $500 / $1,500 forgiveness, but if you early terminate then you owe any unpaid payments plus the unpaid principle of the cap cost. In addition you may have to pay the difference between the adjusted lease balance (residual plus unpaid principle) and the "realized value" of the vehicle.
Hey dwynee. Just following up on this convo you and I had not long ago. I called HFNA last week and was informed if I terminate now, I will only owe the remaining payments. Nothing else (barring any wear/tear excess, which I'm having evaluated today).
I wonder if this varies by state. (??) As you can see, this is very different from what you've heard/experienced.
#858 of 1199 Re: Ending lease early on 06 VW Passat [qbrozen]
Jul 24, 2008 (9:22 am)
The remaining payments include principle, interest, and taxes - so that may not be such a good deal for you . You pay exactly the same now as you would over the next x months but they get the car NOW and not at the end of that time.
HFNA = AHFC? Honda Finance?
I wonder on an early termination if they still give you the $500/1,500 forgiveness they do at lease end?
My 05 S2000 had 3 to 4 32" tread on the back tires (didn't bother me since I never drove it in the rain unless I got caught in it). If had purchased them from TireRack they are $180 or so each plus shipping, mounting, and balance. My pre turn in inspection quoted them at $160 or so each - so cheaper to turn in and pay than fool with the tires. Then, of course, AHFC says I owe $0 since each "thing" wrong with the car was < $500 and the total was under $1,500. So I just turned it in needing the tires and walked away and paid $0. Gotta love it. Dennis
#859 of 1199 Re: Ending lease early on 06 VW Passat [dwynne]
Jul 24, 2008 (9:39 am)
I was thinking "honda finance north america." haha.
yes, the remaining payments include all of that, of course. Can't get out of what you owe. But there are no penalties (which is what i thought you previously indicated). What I save on is the insurance. About $600.
I don't know about the forgiveness, but I just had the inspection done and he reported $0 extra charges. Of course, nothing is wrong with the car, so I can't say if they would have given forgiveness.
But, I don't think the inspector knows I'm turning it in early, so I think the leniency would have worked no matter what.
#860 of 1199 Re: Ending lease early on 06 VW Passat [qbrozen]
Jul 24, 2008 (1:29 pm)
The inspector is hired by Honda, he or she just notes the damage (if any) and the cost to repair. If they found nothing, then you are good to go. If there had been issues (like my low tread tires) then the inspector turns in the report with the price to repair / replace. Then you get a letter from AHFC advising you of the problems and the cost. If they forgive the items then the cost shown on the letter is $0.
#861 of 1199 Early lease termination fee
Aug 09, 2008 (6:30 am)
I have 08 accord lx (1000miles-> not use much) 233/month w/ honda finanace
I cannot afford the lease payments on my car. It is a 36 month lease, and I have 24 lease payments left.
If I terminate my lease, can you guys tell me roughly about my termination fee?
#862 of 1199 Re: Early lease termination fee [porsche9]
Aug 09, 2008 (2:40 pm)
I would get the current buyout price from Honda Finance (not including taxes) and see if you if you can get a dealer to buy it out for that price (or more). Accords hold value real well and with almost no miles on it (and I assume otherwise in like new shape) there is a good chance you could sell it to a dealer and come out OK.