What to do to sell/get rid of car on lease?

[GoChris]

I think I need to get rid of my car (love the car, hate the insurance+payments) but its on a lease and I only got the car 7 months ago.

I should probably know my options but I forget and I dont have anything in front of me to read.

What are my options on a lease? (It's through Peplinski's)

[BokCh0y]

it might be an idea to take a hit and just have someone assume the lease payments and the buy out amount - if you want out QUICK. :dunno:

[rage2]

You can transfer your lease to someone else. You'll have to give a good incentive for someone to take over your lease though, because usually they can lease the same thing BRAND NEW for the same price.

[GoChris]

Ya, I could I suppose, I put a large amount down so that would be some big hit.

I could have someone give me money to cover some of my downpayment and then they take it over right? The buyout is quite small, about $4k after 4 years (3 yrs 5 months left).

[CRX-R]

what kind of car is it?

[GoChris]

Originally posted by rage2
You can transfer your lease to someone else. You'll have to give a good incentive for someone to take over your lease though, because usually they can lease the same thing BRAND NEW for the same price.

Just saw your post after my last post.

Ya I see your point, I might have to take a big hit to get rid of the car. Hopefully part of my incentive is the fact I got a double GST rebate on a remaining 04 model which they probably won't do again for this car, so I got a pretty decent deal. Worked out cheaper than to get 0% financing on the car.

[GoChris]

Originally posted by CRX-R
what kind of car is it?

04 Dodge SRT-4 in silver.

[rage2]

ya what kinda car and payments? Give you some suggestions if you give more details.

[GoChris]

Originally posted by rage2
ya what kinda car and payments? Give you some suggestions if you give more details.

All lease companies will let you transfer it? (with an administration fee I assume)

I pay $447.06 for the car including GST. The buyout like I mentioned is only about $4k. They put my $500 security deposit towards that I guess so it might be less than $4k.

I dont even drive the car anymore barely except on weekends as a grocery getter basically. My fiance drives it because it saves us alot on gas $$ since I drive 2x as far to work everyday.

[350]

how much is the insurance on it cus i want an srt for winter instead of drivin the nissan

[GoChris]

Originally posted by 350
how much is the insurance on it cus i want an srt for winter instead of drivin the nissan

It's hard to say, phone and ask because I'm getting screwed on insurance right now so what I pay isnt really what you would pay. But, it is less than my 2000 Civic SiR was so...thats good. Because of that I would imagine its not really higher than any other car.

[s dime]

Search for a company called leaseboys. I remember hearing an advertisement for them on the radio. Getting people out of leases is their business. Your probably still going to take a hit though...

[C4S]

Just sell your car is the easiest way!

Check your buy out amount for today ...

Depends how much you still own, say if you still own $25K, and you can sell your car for $20K, then you only need to take $5K from your pocket to get rid of your lease.

Even if someone takes over your lease, you may still on the hook .. sometimes .. ;)

[Weapon_R]

Yep, definately the best way to get out of the lease is to sell it for the value of the remainder (if thats possible) and go from there.

From what you said above, it looks like you only owe about 23k for the car, which you should be able to get

[max_boost]

I've talked to a few business managers from various dealerships and they all say the same thing, when you transfer your lease and the buyer defaults on payments, they still come after you. The lease still shows up on your credit file and counts towards your debt ratio. Of course this would also jeopardize the credit of the new owner but it does happen from time to time.