- #91 of 1039
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Re: Lease Termination Fees and other costs [patsy7]
by classy1
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Nov 19, 2004 (8:26 am)
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Replying to: patsy7 (Feb 10, 2004 11:14 am)
I got a car back in 2000 from Mitsubishi which I thought that I was purchasing. I was told one price over the phone and another price once I reached the dealership. I had sat in the dealer's office about I know 5 hours or more. Then when the papers were drawn up I found out the real monthly payment. At that point I informed the dealer that is not what I was told that my monthly payments would be with a trade-in. On my trade in I still owe about 2000 dollar which they said they would pay off. I informed the dealer that I changed my mind about purchasing the car. I went to my old car to find out that it would not no longer crank. At this point I was in a bind and really upset/frustrate. I need a car to get back and forth to work and I also have kids . I went back into the dealership and they briefly went over the paper work with me not informing me that my car would be a lease. Just about a year ago I called to find out my pay out on my car and learned that I owe 4500 dollar but have a balloon payment of 9000 dollars. I asked what was a balloon payment and she began to explain. Well to my understanding you pay a low monthly rate and have a big end payment . Well my payment per month was not close to low. I went back to the place and the gentlemen no longer works there in fact none of the people work there. One gentlemen that I remember from when I purchase my car is still there and I told him what happen. He said that the dealership was selling over 30 cars a month. There a lot of people out there that think they own they car but do not because they was not informed that they were leasing. Now I have had the car for almost 5 years and do not owe it . I have to turn the car in or pay the balloon payment. Not only that I have gone way way over the mileage. Yes I did sign the contract , but was not informed of it being a lease. Is there any thing I could do or any suggestion. Please any suggestions would be greatly appreciated.
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- #92 of 1039
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Lease Transfer
by cv22
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Nov 23, 2004 (6:15 pm)
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I have approx 29 months left on a 48 month lease for a 2003 Honda Accord(I know now 48mo leases are bad, never again). I'm relocating to NYC and do not need a car. I asked Honda Finance and the purchase amount would be about 18,500. Even if I purchased it and then sold it privately, I would probably be short about 4,500(if I got 14,000 for it - blue book is about 14,500) I can't afford to be out 4,500 at this time. Therefore my question is regarding lease transfer. I wanted to know if I would ultimately be responsible if the party the car was transferred to, did not pay. Also would I have any recourse if that occured. Also are there any other options that I'm not considering to get out of my lease. I called the salesperson I leased the car through, and he just told me to go to a dealership(I'm not in the same area anymore as he) and ask if they would buy the car. This dosen't seem plausable though given the amount owed. Any insight would be greatly appreciated. Thanks.
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- #93 of 1039
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by pjo1966
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Nov 23, 2004 (6:36 pm)
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I went to swapalease.com. Honda Financial Services does not support leases transfers at all.
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- #94 of 1039
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Re: [pjo1966]
by kyfdx HOST
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Nov 24, 2004 (7:39 am)
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Replying to: pjo1966 (Nov 23, 2004 6:36 pm)
Ditto here.. AHFC will not let you transfer your lease.. Your only choices are to keep paying on it, or trade it in and add the negative equity onto the next car payment..
Your best and cheapest alternative is to keep paying on the lease and honoring the contract that you signed.
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- #95 of 1039
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Re: Question [princeabubu]
by blueiedgod
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Nov 24, 2004 (8:11 am)
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Replying to: princeabubu (Oct 10, 2004 4:45 pm)
Hi all, I am but 17 years old, and I have an interesting situtation to discuss. My Mom is leasing an 04 Durango for 48 months, she got it in May, so it has been with us about 5 months. My Dad just financed an 04 Silverado not 3 weeks ago. Well, the only reason my mom got an SUV over say a car was because she needed six seats if we all wanted to go somewhere at once. Well the Silverado seats six, and my mom is kinda pissed that she has a gas hog, and feels like she is stuck in the lease that has quite a while to go. I told her that there has to be a way to get out of it. And there has to be! But my question is, is it going to be rather expensive to get out of it? I'm not asking for exact numbers, just any basic info would help me out.
Not to be rude, but there is a lack of communication between your Dad and your Mom. Had Dad informed Mom that he was interested in a 4WD SUV, Mom would have suggested that he takes her truck and he buys something small for her. Simple as that!
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- #96 of 1039
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Re: Lease Termination Fees and other costs [classy1]
by blueiedgod
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Nov 24, 2004 (8:18 am)
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Replying to: classy1 (Nov 19, 2004 8:26 am)
I got a car back in 2000 from Mitsubishi which I thought that I was purchasing. I was told one price over the phone and another price once I reached the dealership. I had sat in the dealer's office about I know 5 hours or more. Then when the papers were drawn up I found out the real monthly payment. At that point I informed the dealer that is not what I was told that my monthly payments would be with a trade-in. On my trade in I still owe about 2000 dollar which they said they would pay off. I informed the dealer that I changed my mind about purchasing the car. I went to my old car to find out that it would not no longer crank. At this point I was in a bind and really upset/frustrate. I need a car to get back and forth to work and I also have kids . I went back into the dealership and they briefly went over the paper work with me not informing me that my car would be a lease. Just about a year ago I called to find out my pay out on my car and learned that I owe 4500 dollar but have a balloon payment of 9000 dollars. I asked what was a balloon payment and she began to explain. Well to my understanding you pay a low monthly rate and have a big end payment . Well my payment per month was not close to low. I went back to the place and the gentlemen no longer works there in fact none of the people work there. One gentlemen that I remember from when I purchase my car is still there and I told him what happen. He said that the dealership was selling over 30 cars a month. There a lot of people out there that think they own they car but do not because they was not informed that they were leasing. Now I have had the car for almost 5 years and do not owe it . I have to turn the car in or pay the balloon payment. Not only that I have gone way way over the mileage. Yes I did sign the contract , but was not informed of it being a lease. Is there any thing I could do or any suggestion. Please any suggestions would be greatly appreciated.
Are you sure it was not one of those 0/0/0 promotions? Those can get ugly at trade in as well. Baloon payments are not leases. They are structured like a lease, but you are the owner of the vehicle, while the bank holds the lien against it. I am pretty sure the contract stated the monthly payments as well as last payment, and mileage allowance. Yes, they COULD HAVE been nicer and told you that it was a baloon, but you stuck them with a dead car. So, you were not nice either. Live and learn. Or Do unto others as you want done unto you.
I was told one price over the phone and another price once I reached the dealership.
This was your first sign to run away from this dealer.
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- #97 of 1039
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Re: Lease Transfer
by Car_man HOST
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Nov 29, 2004 (4:28 am)
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Hi cv22. American Honda Finance Corp. usually has a fairly attractive lease program on the Accord so this is probably the bank that your lease is through. As the other community members have already helpfully stated, AHFC does not allow its lessees to transfer their leases to another individual. As a result, if you really want to get out of your lease at this time, you will have to purchase your car from the bank that you are leasing it through and either sell it to a dealer or try to sell it on your own. As you suspect, you probably owe more money on your leased vehicle than it is currently worth on the open market. This means that it may cost you several thousand dollars to get out of your lease at this time. If I was in your situation, I would continue to lease this car until I was closer to its scheduled end.
Car_man
Host
Smart Shopper Forum
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- #98 of 1039
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Best way to terminate lease
by linda8
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Dec 15, 2004 (8:21 am)
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Hi-
I have 24 months left on a 48 mon lease on a 2003 Outback Ltd. sedan. What is the best way to get out of this lease. Would a dealer be willing to trade in one lease for another on another car?
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- #99 of 1039
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SET and inspections.
by sandyl
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Dec 15, 2004 (5:43 pm)
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before I turn in my camry I would like to get it inspected. I have bumper scratches and want to know if they need to be fixed. in talking to OMNI/SET today they
said that the dealer sends the car away and then
they access it. SHould I insist that I have someone inspect the car locally? at the dealership? I did not get another toyota, so how cooperative will they be. the way toyota
in the southeast does business is just crazy!
Thanks!
sandy (owner of a new lease of an Altima)
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- #100 of 1039
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Re: SET and inspections. ... Sandyl ..
by rroyce10
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Dec 16, 2004 (4:44 am)
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Replying to: sandyl (Dec 15, 2004 5:43 pm)
... World Omni.? .. no problem, just get it cleaned up a little, maybe a little buff and wax will make it go away ... call them for an appointment, get it signed off, get all the copies ..... Nissan does business the same way as Toyota, just different names and different dates ....................... 
Terry.
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