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Smart Shopper Lease Termination Fees and other costs
1038 messages, Last post on Nov 19, 2009 at 9:34 AM
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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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No I didn't misunderstand you as much as I don't understand the rationale of terminating your lease early and taking a needless hit on trade inequity or by paying off the balance of the payments and not having the use of the car.The only situation where you are "upside down''on a lease is if you choose to terminate it early.So the queston becomes "why?"....are you already over mileage and driving what I try to jokingly refer to my customers as a "taxicab"the meter is running at anywhere from 15 to 20 cents a mile /per mile driven ? Has the car become grossly inappropriate for your needs,such as you just had twin babies and you ain't even going to attempt to get two car seats in the back of your Saab convertible? I don't get it ! Unless you have an overwhelming need to end the lease early,,just ride it out!The only time that the cars value in the market being below your lease residual matters is if you want to break the lease early.What was your need or reasons for doing this apparently on both a Chrysler and a Honda lease?
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Replying to: saablcp (Sep 17, 2008 11:26 am)
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Replying to: qbrozen (Sep 17, 2008 1:03 pm)
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