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Lease Termination Fees and other costs

1038 messages,  Last post on Nov 19, 2009 at 9:34 AM

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#951 of 1038 tire wear by bleacher1 Jan 22, 2009 (12:02 pm)
What about tire wear at the end of a lease? Any charges for that? Replies to this message: volvomax (Jan 22, 2009 12:07 pm)
#952 of 1038 Re: tire wear [bleacher1] by volvomax Jan 22, 2009 (12:07 pm)
Replying to: bleacher1 (Jan 22, 2009 12:02 pm) Yes. If the tires are below min tread depth, usually 4/32's the lease co will bill you for new OEM tires. You can either go w/ an off brand new tires, or a good set of used tires will acceptable tread depth.
#953 of 1038 Leasetrader, Swapalease or another?? by houston_man Jan 23, 2009 (3:38 am)
Greetings all,   Just wondering which one of the "third" parties to swap or transfer the lease you would recommend? I am basing my choice on prior success, fees, ease, etc. Thanks for any input..... Replies to this message: sebring95 (Jan 23, 2009 5:36 am)
#954 of 1038 Re: Leasetrader, Swapalease or another?? [houston_man] by sebring95 Jan 23, 2009 (5:36 am)
Replying to: houston_man (Jan 23, 2009 3:38 am) I've used Swapalease about three times to assume other leases. I've never used any of their ancillary services or tried to sell a lease through them. The folks I assumed the leases from seemed happy with the service. They really just take your money and list your vehicle. Subscribers can then access your personal contact information and after that, swapalease doesn't seem to do anything else. The seller/buyer do all the footwork from there, although they may offer additional services. I've never used them for anything but contact info. The three leases I have assumed took about a month to complete the paperwork and get the vehicle.   Assuming you have a reasonable lease and/or are willing to pony up cash to the buyer you shouldn't have any trouble. If you have a four year old vehicle over the mileage limit with 20 payments of $500/month remaining and aren't offering a cash incentive...you might as well save the $50 listing fee because nobody will assume that nasty paper. The folks looking to assume leases are typically bargain hunters (myself included) looking to make out on someone else's misfortune so there aren't many suckers looking to assume someone else's bad dealings. I would also assume in this economy there is an abundance of folks trying to get out of leases and an abundance of folks who can't get approved to assume the lease. I'd say you better have a pretty sweet deal or again, save the $50 listing fee.
#955 of 1038 by houston_man Jan 24, 2009 (1:39 pm)
Seabring95,   Thanks for your thoughts on this. Actually, I have a Toyota Highlander LTD on lease with 18K miles/year with about 16 months remaining. Plan is to offer it up with about 12 months left and throw in some sort of cash incentive. We'll see how things look towards the summer.....
#956 of 1038 Lease Swap Question by houston_man Jan 30, 2009 (2:06 pm)
OK, so to take the thread a bit further. Suppose my 08 HL Ltd will have less than the allotted 54K miles at the end of the 3 year lease. My 'average' so far has been about 1100 miles/month. Based on your replies regarding cash incentive, what would you (or anyone else) say would be a fair cash incentive to offer with 12-14 months remaining on the lease to sweeten the pot.... Replies to this message: sebring95 (Jan 30, 2009 8:13 pm) nbennett88 (Feb 25, 2009 11:23 am) volvomax (Feb 25, 2009 2:41 pm)
#957 of 1038 Re: Lease Swap Question [houston_man] by sebring95 Jan 30, 2009 (8:13 pm)
Replying to: houston_man (Jan 30, 2009 2:06 pm) Well being under the mileage is a big plus, because you've essentially overpaid all along for the lease. The residual is obviously less than if you'd bought a 36k mile lease. I can't say what everyone looks at when shopping these lease assumptions. in speaking with others that have done it, it appears we're all bargain hunters. The math I usually look for is to take the residual, plus remaining payments, less cash incentive = total purchase price. Then I compare that to what I can buy the same vehicle for today. If the lease is considerably less, I look closer. I've assumed three leases and my goal was to assume the lease, buy it out at the end, and turn around and sell it to regain some of my cash outlay. That worked pretty good on the first two, one of which I essential drove for 18 months for free. The last one wasn't as good of a deal but I was about $2,000 ahead when I bought it out and decided to keep it. So that's what's going on in my head with these.   The other option I had considered assuming a lease was for my travel vehicle back when I was piling on a lot of miles. The goal was to buy a lease that had a lot of miles remaining with a cheap payment and then turn it at the end. You're on the right track as it sounds like you'll have about 20,000 miles remaining with 12 months to go. Now if you can get the cash adjusted payment to something sweet, there should be plenty of interested parties.   Very hard to throw a number on something like that but the vehicles that seem to fly off swapalease quickly tend to have cash adjusted payments in the neighborhood of $300-$400. So if you have a $500/month lease a $1,200-$2,000 incentive should make for an easy deal. Just guessing though, again I'm not sure how bad the lease assumption market had been hit in this economy.
#958 of 1038 by houston_man Jan 31, 2009 (4:03 am)
Re: Post#957   Thanks for the well thought out reply...............exactly what I was looking for. Fortunately, leases are a writeoff for me, but I can tell you from this experience that Toyota Highlander's do not lease well. Lesson learned on my part..... Replies to this message: sebring95 (Jan 31, 2009 4:49 am)
#959 of 1038 Re: [houston_man] by sebring95 Jan 31, 2009 (4:49 am)
Replying to: houston_man (Jan 31, 2009 4:03 am) I won't go into my long list of loathing leases for the general public. I'm a CPA and even if you can write-off the payment, it's still very hard to make a good financial case for it. Taking all factors into consideration...present value of cash, investing saved capital, tax deduction, etc. I've generally found you have to be buying a vehicle worth over $40,000 to even come close. But that's for another discussion. Nothing SUV/Truckish leases well at the moment. Most are currently underwater so the folks like me don't have any good deals to pick from on the lease assumption front. Future lease deals are going to be slim and none as captive financing and banks have taken a beating on the current stock. Many are getting out of it completely and the one's that aren't are making sure they're not going to lose money in the future.
#960 of 1038 Help with Getting out of a very! new lease by musthavemy350z Feb 08, 2009 (9:31 pm)
Hello, This is my first post and I hope it doesnt sound stupid..well maybe it kind of is but anyway here is my question. I just leased a 2009 accord LXP from a local honda about a week ago. It has maybe 150 miles on it right now. I do not want this car anymore I have a nissan 350z I have been trying to get for 6 months but could not get the payment I was looking for. So of course 2 days after I lease a new Honda the Nissan guy calls and is ready to deal. My bad for not waiting more than 6 months but any advice on how to get out of this lease would be helpful. Should I try and sell the car to a private owner? Beg the dealer to take it back LOL I must have this car it is a sweet 350z nismo jet black awesome car! I wish I knew how to attach pics I would show you what I mean, oh and for more information this accord is the 9th car in a row my wife and I have leased from the same Honda dealer. Thank you Replies to this message: sebring95 (Feb 09, 2009 5:15 am) qbrozen (Feb 09, 2009 8:27 am)

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