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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: nrechtman (Feb 25, 2009 8:47 pm) But, isn't your warranty over at 50K miles? You'll be driving without a warranty for the last 3 months.... Also, do you have tires that might wear out between now and then? An extra $800 for tires would make that extension pretty pricy.. If you take the extension, can you end it at any time? If so, you might find something else before you get out of warranty. Take everything into account... you might find that getting something else will be better in the long run (though I can't think of any great lease deals on crossovers, right now). regards, kyfdx |
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Replying to: nrechtman (Feb 25, 2009 8:47 pm) 
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Some quick background – my early years were spent making bad car decision after bad car decision. I would buy and then trade and be always upside down with payments, etc. Never a good thing and all this came to a screech, when I made another not so great deal back in October of 2006 when I leased a 2007 Honda Odyssey. I signed papers that I’m not even sure without pulling them out what the residual value is (heck, I had no idea what that even meant back then). I’ve got 7 payments remaining (at the tune of $528). Since this is my first lease, I have no idea what to with the end of lease approaching. I was thinking that I could just hand in the keys and buy something new (I’m not interested in leasing anymore, I want to buy a vehicle that will suit me and my 2 kids for many many years to come), but then I read posts and articles that more people seem to buy out their lease, but I’m so bad with negotiating and I feel car salespeople and others just talk circles around me and leave me more confused, I know numbers such as what my payoff amount and the residual value might help so that I can be helped, but I don’t have that information with me right now. The van is in great condition, I will probably be a tad overmileage, but I’m wondering at what point can I start working to end this lease and get into something new, do I have to wait till October, can I start sooner.
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Replying to: psumommyof2 (Mar 13, 2009 8:29 am) As far as I am aware, Honda does not negotiate residuals. So if you are not happy buying the van for the residual found on your contract, you will have to turn it in and walk away after paying for the excess miles. If I were in your shoes, I'd probably start shopping for a replacement in August to give myself plenty of time to find the vehicle I really want before my current lease expires.
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This may have been covered in another post - but here it is anyway. I have a 4 year lease in Quebec that's up in a couple of days with Cite Nissan in Montreal and I was planning on exercising the buyback. The dealer wants to charge me an additional $399 for "admin fees". Except for a charge of $100, there is not mention anywhere in my lease contract of this amount. Is this standard, worth fighting, etc. Thnx. Irvl |
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My brother in law lost his job and can't pay his lease. He is going to go back to school so a high paying job is not in the near future. He obviously does not want to ruin his credit history but can't pay his $335 a month lease anymore. He has 10 months remaining. The vehicle appraised over $3k under the FMV. Does he have any options besides trying to get someone to lease or buy it? Does anyone think Ford Motor Credit would work with him or accept like a $1K (or less) payment and let him out? Lots of questions for him but he does not have internet at home anymore.
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Replying to: caseysdubs1 (Mar 27, 2009 8:25 pm) His best bet is to have someone take over the lease (post on craigslist too) or get some sort of night/weekend job, like bartending or serving, to pay the lease. He'll need a car anyway, right? $335 isn't much for a car payment (especially considering if he had BOUGHT the car the payment would likely be twice that amount and for 2 years longer) and keeping a car and paying it is likely a much better option than ruining his credit over. |
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Replying to: caseysdubs1 (Mar 27, 2009 8:25 pm) There are a number of sites that can help you with lease assumptions. |
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Thanks. His plan is to use the bus system to get to and from school which starts in May. If that does not work out well then to get a beater. His wife has a car that's paid off. I'll suggest CL and swaplease.com as it doesn't look like much else is possible. Oh and when his unemployment starts it will not equal his salary. It's less. Oh well, thought I'd ask anyways. Thanks for the help. I also have a Ford lease but it's got over a year. Anyone know if you lease a Ford would you be considered a returning leasee to lease a Mazda? I like the new 6. Shot in the dark probably. |
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I was just wondering if anyone knew anything about terminating a lease with Chrysler Financial early. I've been trying to research the topic and some websites and forums are saying that they'll waive three months payments and the early termination fee and that they no longer offer leases through Chrysler Financial. Well this is my situation. I leased a Chrysler 300 in 2006 for a 39 month lease. It's $450 a month. A lot, I know. I put nothing down and had to get the leather, made it 15,000 miles a year instead of 12,000 and then upgraded grill for the car. I was 18 and didn't know any better. Anyways, since I signed the contract; I took responsibility and have been paying it on time for the past two and a half years. The mileage is fine. I have not gone over. It's at 43,000 miles right now but I will stop driving it as soon as it reaches 44,500 miles because I already have another car that is paid off and can drive till I can turn this one back in. It is a great time to buy a house and since that is a big car payment, that would qualify me for less on a home loan. I am planning on buying a house around August. If it is in fact true that there is no early termination fee and they will waive three months payments. Then I will be set. I called Chrysler financial and they are telling me that there still is a early termination fee and the current payoff quote and that is all the information they can give me. They said I can wait until August when they contact me and make me an offer to either end the lease and turn it in or buy it. I just want to find out about the early termination fee and the three months waived. Just so I can be prepared by August. So I know how much money I will need and if indeed I can turn it in early with no early termination fee and the last three months waived. Or if I choose to turn it in early and they will not waive the last three months and the early termination fee. Then I guess I will just have to pay it to get out of the lease. Also, if I do choose to end my lease three months early. Does anyone know if that will be bad for my credit? I mean, I will be paying them the whole amount I owe them. Whatever that amount is. If anyone has any information that could help me out. That would be great. Thanks!
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