I recently got a job offer in NYC and planning to move in the next 6 months. I have an Alfa Romeo Giulia TI Sport with roughly 30 months left on the lease, but I wont be needing a car in NYC. I have never had to return a lease early and wanted to see if you guys had some knowledge on the best option to get out of this. Below are quotes I received from Ally on the early release vs a buyout.
Early Lease Payoff: $15,000
Buyout: $41,000
I figured I have the following options:
A) Payoff the lease for $15,000 - not ideal obviously.
B) Sell the car privately and cover the difference between market price and buyout value.
C) Do a lease takeover/transfer: Probably cheapest option, but not sure how soon this might happen
Does anybody have any suggestion on this based on experience and / or alternatives?
Maybe it’s a planned move and it is taking the company that long to get there. I know people that have had more than that to figure out the move. If it was one company to another, I’d be surprised though. And some government moves you get months of notice as well.
Options C.) will be your best bet, if your monthly payment is low enough to attract interested lease transferee. Otherwise, you can always add some incentives to lower the monthly payment.
A.) you’ll just pay off your lease, and still have the right to drive the remaining months or returning the car, unless you’re company will pay for that loss, not recommended.
B.) You’ll be resbonsible for the negative equity amount when you try to sell the car, and not sure how big of difference it is for Guilia.
I wonder if the company has any compensation if they have a relo package going for you. Could be worth asking if they’d cover any negative costs from you leaving the lease due to your move.
