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Established Member
Posts: 47
Registered: ‎06-03-2012
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Getting out of a lease

I know getting out of a lease is not cheap and will ruin my credit if i give the car back.

 

I just leased a 2014 FRS a few months back and.................now have a child on the way. So a two door sports car doesnt really fit the bill. Has anyone heard of any programs where i can turn in the FRS and get a sedan instead?


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Established Contributor
Posts: 656
Registered: ‎11-30-2012
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Re: Getting out of a lease

There is a lease swap web site where you can accomplish this.  However, you will have to do your own due diligence.  Early lease termination is very expensive.  How long is the lease?  If 24 or 36 months and the passenger seat has an airbag off switch you could make do.  With a 24 month lease you will be half way through the lease before the baby gets here.  GIven how expensive baby start up costs are, the last thing you want to do is be in another hole because of the car.

 


bhenken08 wrote:

I know getting out of a lease is not cheap and will ruin my credit if i give the car back.

 

I just leased a 2014 FRS a few months back and.................now have a child on the way. So a two door sports car doesnt really fit the bill. Has anyone heard of any programs where i can turn in the FRS and get a sedan instead?




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Re: Getting out of a lease


bhenken08 wrote:

I know getting out of a lease is not cheap and will ruin my credit if i give the car back.

 

I just leased a 2014 FRS a few months back and.................now have a child on the way. So a two door sports car doesnt really fit the bill. Has anyone heard of any programs where i can turn in the FRS and get a sedan instead?


Do you only have one vehicle in your family? Is this the vehicle?

 

Or do you have two vehicles...one for you and one for your significant other?

 

Is the second vehicle baby appropriate?

 

I am asking these questions because getting out of a lease is much more expensive than getting out of a financed vehicle. Be very careful with the lease swap sites out there - quite a few are scams. They purport to take over your lease payments and may actually make a payment or two and then dissappear with your vehicle and no further payments are made - it trashes your credit. Do your due diligence.

 

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Posts: 1,288
Registered: ‎02-12-2014
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Re: Getting out of a lease

You can trade in a lease just like a regular car at like Carmax, etc. Let's start with some basics:

 

KBB Good condition Value of car?

Current Lease balance? (This should be online somewhere, you may have to call them and ask how much it would be if you wanted to buy the car today)

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
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Posts: 648
Registered: ‎03-07-2013
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Re: Getting out of a lease


Remember0 wrote:

You can trade in a lease just like a regular car at like Carmax, etc. Let's start with some basics:

 

KBB Good condition Value of car?

Current Lease balance? (This should be online somewhere, you may have to call them and ask how much it would be if you wanted to buy the car today)


I see were your going with this as i am in the same situation regarding my lease but its wont work i looked that route already i mean my car isnt an FRS but with leases the buyout amount tends to be higher than the actual amount anyone is willing to offer for the car to trade in .... So what happens is for you to trade a lease in and get in a financed vehicle you have to come  out of pocket with the residual/remainder of what they dont give you to bring you lease down to the amount they offer you... Which for ex my car 2013 Honda Accord .... Payout = 29000 , Value = 20000, dealer will give 21000 with bonus coupon .... = I need $8000 to pay onto my lease before i can trade it in...

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Valued Member
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Registered: ‎03-19-2011
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Re: Getting out of a lease

Go to the dealer and explain the situation and see about moving to a lease on a more appropriate vehicle.

 

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Registered: ‎02-12-2014
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Re: Getting out of a lease

Yes, the upside down nature of leases is a problem. But it's helpful to see how much money you need to bring to the table hypothetically.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
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