IS IT POSSIBLE TO TERMINATE A CAR LEASE EARLY?

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I am profitable $400 the month for the automobile we will never own. we feel it’s such the rubbish of money. Any of we ever consummated the lease? How did we do it? Did it price you?

Posted on November 6, 2009 at 7:21 am by admin · Permalink
In: Tips · Tagged with: , , ,

5 Responses

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  1. Written by Matthew Stewart
    on November 6, 2009 at 7:21 am
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    To terminate a lease early, you must make all remaining payments, PLUS pay a “disposition fee” (also called an “early termination fee”, this is usually between 250 and 500) PLUS any overage on miles or “excess wear and tear”, as stated in your lease contract.
    Leases DO have a buy-out option at the end of the lease. Most people do not excersize this option, but you can own the car in the end.

  2. Written by jay
    on November 6, 2009 at 7:21 am
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    There is always a way out. It can be costly though. You are responsible for the remaining payments, no matter what. The best way to have those payments paid is to get someone to assume your lease. The following site is considered the best for swapping leases: http://www.swapalease.com/ Good luck.

  3. Written by FORD-MAN
    on November 6, 2009 at 7:21 am
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    Yes. There’s even a web site that can hook you up to someone else that might want it. There is a slight fee.

  4. Written by CarMan
    on November 6, 2009 at 7:21 am
    Permalink

    Leasing is not really a waste of money in that the low payments only pay for the depreciation in th car’s value during the time you drive the car. If you wanted to own the car at the end, you would pay approximately 50% more in monthly payments (in your case, about $800). The car still depreciates wherther you lease or buy. So, if you buy for $800 a month, $400 is still lost to depreciation and the other $400 goes into equity into the car. At the end of the loan, you have a car that is only worth half of what you have paid.
    If you want to buy with a loan and still pay only $400, you would have to select a car that is worth about half the cost of the car you now drive.
    Back to your question — leases are designed to be completed, not terminated early. Terminating early can be very expensive. However, if you can find a “buyer” to take over your lease, it’s not so expensive. Here’s an article that explains it in more detail:http://www.leaseguide.com/Articles/termi…
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  5. Written by JayKay
    on November 6, 2009 at 7:21 am
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    I never terminated a lease, it is a big pain, but the easy way out is if you have the car in a good condition, you can transfer the lease to some one for the remaining of th lease period. You win they win every one is happy

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