Hello guys I have a question.
I have a lease that is 1 year and 2 months old. I have a 36/12000 lease. I want to get out of the lease early, what are some of my options? Also will my credit score be affected if I turn the lease back in early, as that is essentially breaking a lease contract?
Thanks!
Provided you pay your remaining 22 payments, your credit won’t be affected.
You’re likely upside down, so a trade in is going to cost you too. It may be cheaper than your remaining payments.
Swap a lease is a possibility, depending on the captive, and your original deal/miles remaining is decent.
You’ll pay one way or another to get out, unless you can swap it. There’s no free lunch in this case.
What brand is it? What is your lease payment like?
If you got a decent deal you can probably unload on swapalease or similar but this all depends on the above data as some manufacturers do not allow transfers etc
I have been looking at swapalease and leasetrader but it isn’t no looking good. I have a toyota 4Runner paying $371/month. With 12k miles left. So around 500ish miles a month left.
Would the dealer be better if I added around $2000 of inventive?
Not sure what you’re asking here. If the car blue books at 22,000, and you currently owe 30,000 (retail payoff), you would owe 8,000 on a trade. If you currently pay 371/mo for 22 more months, you’d owe 8,162 to drop it off and wash your hands of it. I’m not sure your motive behind adding a $2,000 incentive to the dealer. If you’re saying, “Hey, I’ll give you 2k, just take this off my hands,” that’s not going to fly.
Call Toyota Financial, and find out what your retail payoff is. Then, take a look at KBB and see what your car is currently going for on the used car market. That will tell you how far you are upside down on a retail payoff/buyout/trade. You can trade in a leased car, just as if you purchased it. However, depending on how upside down you are, paying off the remaining payments MAY be cheaper. You could also try selling it private party, which would net you more for a buyout…you’d still owe the difference though.
Good morning,
I have a similar question if you guys could help, I have 5 payments left of $228 a month on a 2015 Honda CR-V. I am over in miles 3,000 at 15 cents a mile. KBB trade in value is 13,929-15,135 for good condition (the car is in great condition but I’m being conservative). Pay-off is $16,309.44, I am trying to get into the Volt but every dealership is low balling me on the trade in price (GM, Toyota offered between 13-13.5K), a Honda dealer offered me $14.5K as a trade it. When talking to the dealers they keep saying,“take this deal, you are going to be upside down so much more when you turn in your car in 5 months is not worth it”. This is my first lease and can really use some advice on which would be the course of action where I take the softest hit. I know I’m going to pay but would like some advice. Thank you in advance.
Have you tried carmax?
Mileage penalty at 15c/mi isn’t bad at all. Say you drive another 1k/month, that’ll put you at 8000 miles over, which comes out to $1200. It’s probably best to just finish out the term and pay the overage fees.
I have not tried them yet. Are they pretty competitive in pricing?
That is the way I am leaning. I have walked out of at least two dealerships because paying almost $3000 to get out of my car on top of the new lease is not something I want to do.
Search the forum to see people’s experience with Carmax. Sometimes they pay well, and sometimes they don’t.
Carmax’s only decent offers are on SUVs these days, they will really lowball you on a sedan. I’m not sure on the Honda lineup but hasn’t the CRV come out with a refreshed look? If yes, then it’s unlikely they’ll give you much but it’s 45 min of your time to find out. Now if you have an accident on your carfax then don’t bother, they won’t give you much at all.
yup…17 was a redesign
if that’s the case i’d skip carmax
I’m glad I am getting good advice here. I just saved 1 hour of my time; it would have sucked to go all the way to Burbank for nothing. thank you,
It never hurts to try. You lose nothing but some time. If it’s far away arguably it’s debatable, but carmax gave me a ridiculous amount for my 2008 rdx.