Early Lease Termination

[redart]

Hey everyone,

Just wondering what do you think the percentage is for people breaking their vehicle lease early? I've been asking around and some say less than 10 percent while others say 30%?

Thanks

[SilverBoost]

Well I don't know how it works here, but I got out of a lease 6 months early once.... and it cost me nothing because the value of the vehicle I was returning was worth more than the remaining payments I hads left + my residual value.

Residual Value $13,000
+ Remaining payments of $400 x 6 ($2400)
$2400 + $13000 = $15,400
Value of truck at the time (or vlaue at least of what dealer was willing to give me for it) $17,000

I actually had a little over a grand then the paly with against a new car on the lot.

I had money down though on my lease. From what I understand, if your car say is worth $10000 and your buyout is say $5000 and your remaining payments added to that $5000 come out to be more than what the car is worth (book value) then you might be respsonsible for that difference fo rbeingin it back early. That's how it's worked fo rme on a few leases at least. Could be different. Best thign to do is just call the dealer and see what they say. It's help though if you said you were palnning on buying anonther car on their lot because they'll give you a better answer then if you just say you're walking away from it.

Hope that helps some.

[Skyline_Addict]

isn't the "fee" for terminating a lease early the residual + the buy out value? that's what i understand. i didn't know there was a convenience fee for this...it might depend on the dealership, the car, and the length of the lease though.