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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: qbrozen (Sep 16, 2008 8:25 am) Nor would I. I always wonder how many people actually read the contracts they sign and commit to. tidester, host SUVs and Smart Shopper
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Replying to: tidester (Sep 16, 2008 8:44 am) Almost no one. When I did F&I maybe 1 person a year would read the front and back of the contract.
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Replying to: volvomax (Sep 16, 2008 9:25 am) And every F&I person I've dealt with has agreed with that. They are always shocked I read it (although quickly) and make some sort of comment.
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Replying to: qbrozen (Sep 16, 2008 9:28 am) The leasing company really would rather you comply with the terms. I've found most banks to be very fair at lease end, assuming you've held up your end.. If you want out early, there are other ways than just turning the car back in... that usually turns out to be the most expensive way to get out of a lease. regards, kyfdx |
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Replying to: kyfdx (Sep 16, 2008 11:03 am) (keep in mind, I consider selling it privately or trading it in "buying it" because that is essentially what you are doing) I had to turn my Accord in early because it was already worth FAR below its residual and still had 9 months to go. |
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Replying to: qbrozen (Sep 16, 2008 2:30 pm) If the calculation is done with some other formula that allows you to pay less than the remaining payments, then I can understand prorating the mileage. |
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Replying to: qbrozen (Sep 16, 2008 2:30 pm) If you trade it in, you never take title or pay sales tax... I don't consider that the same thing, at all... Plus, depending on the bank, you can just sell it straight out to a car dealer.. Generally, you'll come out ahead that way.... rather than turning the car back in.. As in all things, it depends...  Early termination of a lease can result in many unexpected charges... Some banks are better than others... I've heard Chrysler Finance is one of the worst. Rather than hundreds or thousands in extra charges, I'd let the car sit in my driveway and make the monthly payments.. After all, who doesn't need and extra car? Or, three? 
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Replying to: kyfdx (Sep 16, 2008 6:54 pm) Don't know what you heard about Chrysler, but we had absolutely no problems with them. Turned in our Pacifica 3-4 months early. Paid what was on the contract (remaining payments and disposal fee) and that was it. corvette - I think it varies by state, but neither Honda nor Chrysler gave me any interest credit. I had to pay all remaining FULL payments, including tax and interest. |
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Replying to: qbrozen (Sep 16, 2008 2:30 pm)
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Replying to: saablcp (Sep 17, 2008 9:54 am) The sentence you've picked, by itself, can be confusing. I did not HAVE to turn it in for the reason stated. But I did WANT to get out of it and turning it in early was the cheaper option. It was the same with our Pacifica. And, as a matter of fact, we had hit the mileage limit on our Pacifica (45k) 4 months before lease end. We turned it in, sent Chrysler a check for the remaining 4 payments and that was it. No projected excess mileage charges or early termination fees. |
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