Need Help out of a Lease

[Anonymous]

Long store short.  I did not put my car under chapter 7 bk but I wish I had.  I have a rip off lease purchase deal that I own another $6800 that should take me til this time next yr to buy at which time I will have the option to buy the car for an additional $5k or turn it in.  To get out the car today I would have to pay the dealer $11,500.  At that cost I would be very upside down in a new vehicle.  Is there anyway possible I can get out of this car clean without having to take such a hug lose?  All suggestions welcomed.

[Anonymous]

What car is it?  How many miles?  What year is the car?  I don't know if you have ever thought of letting someone take over your lease but it is possible. That way, you walk away free and clear.  Go here and see if this may be the saving grace.....  http://www.swapalease.com/

[Anonymous]

No go my friend. This is a worthless car but hey, maybe to someone it's a jewel.  The car is a 2008 Pontiac Grand Prix GXP with 147k on it.  Don't laugh..... no it's ok to laugh.  I go this car from a rip off dealship that assist people with lease than perfect credit.  This was all prior to my bk of course.  Anyway...I need a way out.  If I have 6-7k in rebates and incientive I should be able to take my discounts as cash, pay the term off and return the car right?

[Anonymous]

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@Anonymous wrote:

No go my friend. This is a worthless car but hey, maybe to someone it's a jewel.  The car is a 2008 Pontiac Grand Prix GXP with 147k on it.  Don't laugh..... no it's ok to laugh.  I go this car from a rip off dealship that assist people with lease than perfect credit.  This was all prior to my bk of course.  Anyway...I need a way out.  If I have 6-7k in rebates and incientive I should be able to take my discounts as cash, pay the term off and return the car right?

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No laughing from me... You are in a tough spot as that is a lot of miles and the car is 7 years old.  The amount the dealership wants for this car is certainly a rip-off.  Where are the rebates and incentives from? - See blue.  Can you elaborate?

[Anonymous]

Ok, so if there is say a $3,200 rebate a dealer is offer a truck, the x-plan through my employer is offering $3,000 off msrp thats $6,200 in saving.  I could take that money and pay the lease term off and return the car.  One deal suggest even waiting another two months when advertisments for more rebate money on 2015 cars begin.  I've seen offers up to 10k off closer toward the end of year. 

[ezdriver]

I would recommend that prepare yourself to take a loss of some amount to get out of that bad contract. Worst case, run out the lease and turn in the car. Don't make a bad situation worse by then turning around and buying the car!

It soulds like you may have an interesting opportunity with the discounts you mention ... if you can pull it off. I wish you all the best with that.

No way I'd laugh at you as I have had to make some difficult financial decisions ... taking a step back in order to take two forward ... and thankfully it all paid off in the end. Try not to let emotional factors influence your decisions. Focus on the math!

[Anonymous]

Thanks for the sound advice and encouraging words.