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MotorGround >> how to get out of a lease


8/27/08 12:30 AM
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zarek66
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need some advice....my friend has a lease that is one year left in duration. She does not want to stay in this lease. is there anyway to get out of a lease early? thannks
8/27/08 1:33 AM
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walbjj
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when i sold my last car, i was had about a 1.5 years left on my lease. what i did was tell teh buyer that there was finance owing on it, and he made 2 cheques. one for the finance company and one for me which was the difference, seeing as i built up some equity in the car.
i doubt u can just walk away and not pay, someone has to pay eventiually
8/28/08 6:26 PM
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Atecexa
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what is the car? miles?

how many payments left?

how much per payment?

what is the lease end buyout option?

Give me that information and I will tell you if you can get out or not and whether or not she would have to take money out of pocket or not

PS I currently sell new cars and have been for the last 6 yrs so i know what im talking about
8/29/08 4:56 PM
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Atecexa
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apparently not an important issue
8/29/08 6:42 PM
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big_slacker
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Usually its a simple matter of looking at the contract and seeing if you can buy the lease out. Make a call or go online and get a quote for the amount. I did this with an audi I was leasing.

I used the 2 check method. The buyer wrote one check for the payoff amount to audi. He held my check until I received the title and signed it, I held the car and agreed not to drive it. We had a contract stating this and noting the mileage. The title came in a couple of weeks, he handed me the check, I handed him the signed title. Done.

For other options you can consider turning the car in on a new lease or purchase at a dealer. You'll take it in the ass and be heavily upside down on the new car but if thats what you want, thats what you'll get.

Finally, you can return the car and stop making payments. This is irresponsible and of course the resulting damage to your credit and collections calls will haunt you. But again, you make your choices and deal with the consequences.
8/29/08 8:48 PM
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stevekt
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Sell it in Mexico then report it as stolen.
8/30/08 3:11 AM
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zarek66
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sorry Atecexa, it's a
2005 honda civic sedan dx automatic, a/c, power steering/ power brake
56000km not miles that would probably be around 38,000 miles
11 payments left $303 month tax in buyout is 8,500$
9/3/08 6:17 PM
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Atecexa
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so with 11 payments left of 303 and a buyout of 8500 the total buyout is $11833. If the car is in good shape you should very easily be able to sell it for that and possibly more. Put the car on ebay and explain the situation. Also call Honda Finance and find out their procedure for selling a leased vehicle and how fast you can get the title from them. You could even have Honda send it straight to the new owner and you just simply sign a title transfer form, that would probably make the buyer feel better about buying a car without a title

Not hard to do and she is not in a bad position at all on that car

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