Leased Vehicles - Getting rid of them before lease is up!!

[Calgal25]

Hi,

I have a chevy Aveo (fully loaded) that I got in May of 2008 on lease. Currently the car has 38,000 clicks on it and this is my third year with the car. I am on a 5 yr lease and want to get out of the lease to purchase/lease a new car. How do I go about getting out of the lease?? <what are my options >

Any help would be great

Thanks!

[B20EF]

You can have someone take over your lease. At Honda it was a $500 name transfer fee and someone can just take it over. You may have to walk away from your down payment though, depends on your negotiating skills with new owner.

[Cos]

3 options (usually, have to check with GMAC or whoever you're through).

1.) Sell Car... Pay out lease with penalties
2.) Trade car... stealership pays out lease with penalties
3.) Have someone take over the lease

[That.Guy.S30]

you can also trade in your lease. depends on what they give you for trade-in value. would have to pay off the balance on your lease with the trade-in value.

you can also sell it. pay off the balance of the car.

[Calgal25]

Originally posted by B20EF
You can have someone take over your lease. At Honda it was a $500 name transfer fee and someone can just take it over. You may have to walk away from your down payment though, depends on your negotiating skills with new owner.

Do dealerships let you transfer lease easily... I mean $500 isnt a big deal at all... are there usually alot of difficulties in getting someone to take over the lease?

[max_boost]

Originally posted by Cos
3 options (usually, have to check with GMAC or whoever you're through).

1.) Sell Car... Pay out lease with penalties
2.) Trade car... stealership pays out lease with penalties
3.) Have someone take over the lease

What do you mean penalties?

Basically find out how much you owe, for example $10,000.

How much is your car worth? If you sell it for less than your buyout, you put up the difference.

[Calgal25]

Originally posted by max_boost


What do you mean penalties?

Basically find out how much you owe, for example $10,000.

How much is your car worth? If you sell it for less than your buyout, you put up the difference.

I own a chevy aveo 5 door fully loaded, i bought it at prime value before the recession and after GM's decline and car market falling its not worth much i bet!

I own about 8k on my lease and a brand new chevy aveo same car is about 15k in the market right now (brand new)!

So im not sure how to go about this ...

[max_boost]

Originally posted by Calgal25




Do dealerships let you transfer lease easily... I mean $500 isnt a big deal at all... are there usually alot of difficulties in getting someone to take over the lease?

Question 1: Yes

Question 2: Depends

People will generally take over someone's lease if it's a good deal.

[Calgal25]

Originally posted by max_boost


Question 1: Yes

Question 2: Depends

People will generally take over someone's lease if it's a good deal.

\


What would a good deal be in my case?

[max_boost]

Originally posted by Calgal25



I own a chevy aveo 5 door fully loaded, i bought it at prime value before the recession and after GM's decline and car market falling its not worth much i bet!

I own about 8k on my lease and a brand new chevy aveo same car is about 15k in the market right now (brand new)!

So im not sure how to go about this ...

You owe $8000. Can you sell the car for $8000?

If you sell the car for $7000, you have to pony up the other $1000.

Make sense?

If you need more help, send a private message to my buddy EK2.0 and he'll guide you through the process.

[Cos]

Originally posted by max_boost


What do you mean penalties?

Basically find out how much you owe, for example $10,000.

How much is your car worth? If you sell it for less than your buyout, you put up the difference.

Sorry, penalties may have been the wrong word. Let's say you owe 10 months and pay 300 a month. You owe 3000.00. You don't usually get a break on the interest (where in a normal loan your interest is calculated daily or monthly so any prepayments or payouts positively reduce your interest). You usually pay a lot more paying out your lease early.

[Redlyne_mr2]

How much are your lease payments, how many payments do you have left owing? What type of car are you trying to buy?

[max_boost]

Originally posted by Cos


Sorry, penalties may have been the wrong word. Let's say you owe 10 months and pay 300 a month. You owe 3000.00. You don't usually get a break on the interest (where in a normal loan your interest is calculated daily or monthly so any prepayments or payouts positively reduce your interest). You usually pay a lot more paying out your lease early.

I have never heard of that ever. Better get your facts straight man.

[shynepho]

I've done two lease transfers in the past. I used Lease busters and I will admit it did take a few months to find a buyer however if you offer the right incentive (one time small cash payment or 2-3x payments free on your behalf for the new owner) you can lower that wait time.

[Cos]

.... Nevermind not worth it

[Calgal25]

Originally posted by Redlyne_mr2
How much are your lease payments, how many payments do you have left owing? What type of car are you trying to buy?

I pay $238/month and I have 2 years left of the lease and I want to buy a stronger car mostly for long distance travel so something stronger and heavier in weight... I haven't given the make or model much thought yet since i am still in the lease.

But if I can get out of it then I will start my car shopping!

[benyl]

Originally posted by max_boost


I have never heard of that ever. Better get your facts straight man.

For a guy who leases many cars, you should know that what Cos is saying is correct.

If you want to get out of a lease early, you have to pay all the remaining payments at full value (including the interest). Those payment, plus the buyout + GST is what is owed on the car in order to sell it.

On a Finance, you just pay the principal of what is owing. You don't have to pay out the interest of the full term if you are paying out early.

That said, if calgal25 has had the car for 36 months and has 24 months left, she owes the lease company 24 payments + the buyout in order to sell the car to someone.

I don't know why people get 5 year leases.

Edit: Calgal, you owe $5721 + your buyout. Look at kijiji and see what your car is selling for to see how upside down you are.

[Disoblige]

^^ Wow.. Yeah, after reading this thread, doesn't sound fun being in long term leases at all.

[Cos]

Thanks benyl. I wrote out a big long post and realized I was tired and angry.

[Skyline_Addict]

Yikes, never heard of a 5 year lease before. In any case, coming out of a lease without too much damage usually relies on the ability of the car to hold its value over a 3-4 year period. Even with low buyout amount, I unfortunately doubt your car held it's market value well.