Returning leased car early

[max_boost]

Hey just curious has anyone returned their leased car early?

Say my contract terms are 4 years 80k

But in year 3 i have already driven up to 80k and i just want to get rid of it. Can I walk into BMW, give them the car and a cheque for my remaining 12 payments and have them wipe the thing off my record? Thanks.

[A790]

Have you considered giving away the lease to someone? Offer like a $5,000 incentive or something and see if they'd assume it.

[Redlyne_mr2]

Hi Sam,
Yes you can, with that being said another way to do it is to get the current buyout. What is the buyout in relation to current market value? If the buyout is less than what they're selling for it's worth spending some time trying to sell it. BMW might even straight up buy it off you if the buyout is low enough.

[spikerS]

Originally posted by A790
Have you considered giving away the lease to someone? Offer like a $5,000 incentive or something and see if they'd assume it.

that $5k is probably more than the remaining months on his lease.

[bourge73]

Originally posted by spikerS


that $5k is probably more than the remaining months on his lease.

But but but he is over his kms. Perfect though if
he offers say a good incentive and someone
doesn't drive much.

[spikerS]

Originally posted by bourge73


But but but he is over his kms. Perfect though if
he offers say a good incentive and someone
doesn't drive much.

Or just parks it in his garage.

[D. Dub]

Return a lease early? Prepare to bend over.

[ExtraSlow]

leasebusters?

[mboldt]

Returning early or returning on time you are screwed either way basically. I'm not sure what their km fee is like but I am sure you'll be paying a pretty penny.

I would call and get your buyout, list it everywhere you can for sale and go to the dealer and see if they would be interested in buying it how it is right now for your current buyout. Lease busters someone would have to be stupid or incentivized to take your car when you've maxed or gone over your allowed km already.

I only have experience with Toyotas but I have bailed a couple of clients out of their vehicles 12-18 months early by having the preowned manager buy them in.

Hoping you didn't have any negative equity rolled into your lease either.

Going over on your km can be big danger with leasing a vehicle and having no intention to trade it back in or purchase it.

[Shlade]

That's why leasing is retarded

[Env-Consultant]

Leasing...

[dirtsniffer]

You know leasing is better than buying generally right?

[JRSC00LUDE]

That's an impossible thing to make a statement on.

[dirtsniffer]

That's why I said generally.

The only benefit for financing would be a marginally better interest rate if that is available.

[blitz]

Originally posted by max_boost
Can I walk into BMW, give them the car and a cheque for my remaining 12 payments and have them wipe the thing off my record? Thanks.

Yes.

[max_boost]

Lol thanks redlyne and blitz.

Everyone else

[Sugarphreak]

...

[Aleks]

I only lease new cars too. But I only pick ones with very low lease rate and high residuals. I "returned" a Forester early once and made $6500. I drove a new STI for 3 months for $1400. I've never had to offer any incentives on any takeover other than maybe the transfer fee split or full cover.

Sam, the best thing would be to sell it privately if you have time and patience. Else, if you have a decent low payment try a takeover. All these require some work and dealing with kijiji type crowd a lot of whom don't understand leasing.

[bigbadboss101]

Redlyne was quite helpful when I sold my financed X3 back to the dealer.

With my previous leases I was under the km so I sold the vehicles privately and had some extra $ between what I sold for and what I owe on the car. In your case Max looks like Redlyne can hook you up.

[rage2]

Originally posted by Shlade
That's why leasing is retarded

Originally posted by Env-Consultant
Leasing...

Well in this case, I agree haha.