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Got a new lease and I absolutely hate it.

New Member

Got a new lease and I absolutely hate it.

Hello, everyone!


I had purchased a used vehicle back in April and shortly after found out the vehicle was in two accidents prior to me purchasing. Before too much judgement is passed and I receive a rude comment response– NO, I did not receive the CarFax & the dealer skipped over that section. In the past I have received CarFax and I think the state of mind I was in at the time- I didn’t think to ask.


Long story short – I was upside down on the vehicle obviously and had roughly 18K in negative equity that had to be rolled over. I went with a lease because that is the best way to assume negative equity because in three years you walk away clean. I was approved with multiple dealers but ended up going with one and I ABSOLUTELY Hate the car due to the technology, speed, engine, etc- and yes I test drove the car and liked it then. After having the vehicle for almost three weeks, I am confident that I do not like it now and want out of it by November/December.


My plan is to trade the vehicle in at that time and put down 6/8K of a down payment to offset the negative equity. I just refuse to pay for something that doesn't make me happy any longer than I need to.


My question here is: how I determine the pay-off amount for the Lease to have a dealer pay off the loan. I am asking because the information hasn’t been uploaded into my account yet nor have I seen a statement.


According to the paperwork:

Depreciation & Any Amortized Amounts: 34,459.36

Rent Charge: 5,473.64

=Total of Base Payments, $39,933.00

Total of Payments at Lease End = $42,284.05


I had the vehicle appraised at CarMax the other day for 32K- I am trying to figure out will my lease pay off amount be significantly higher than the $42,284 or will it potentially be less?


PS- We all have made purchases that we later realized, didn't make us happy. If you haven’t congratulations and I hope that you never do. With that being said, it doesn’t benefit you or myself with providing a negative response regarding what you think I should have done. Obviously, I am aware I didn’t make the best decision, or I wouldn’t be asking for guidance. I’ve seen too many post where people respond with lectures and negative information instead of just answering the question asked.  If you can’t provide a response without including a negative opinion – please do not respond.

Thank you!

Message 1 of 4
Valued Contributor

Re: Got a new lease and I absolutely hate it.

Who is the vehicle leased with?  I know with Toyota Financial Services for a lease I can pull a payoff on their website.


You are calculating the payoff using only the lease payments - you have to include the residual.  I suspect you are much deeper upside down than you are thinking.  The other option is to call the leasing company and ask them for a payoff to trade it in - they will be able to provide that amount.  


No judgment on the wanting out part.  Been there and done that.  Heck, I am looking to trade in my Tundra lease now.

Ch 7 Discharge 3/12/2018
Cap One VentureX $30,000, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900

California Coast CU Auto Loan $36k 2.48%
Message 2 of 4
New Member

Re: Got a new lease and I absolutely hate it.

Thank you for the response.


The vehicle is leased with Acrua - my account isn't even in the system yet as the deal was just finalized/approved two days ago- I had no idea that the deal wasn't approved at the time of signing and I wouldn't of took the vehicle if I knew that and kept my car.


You are absolutely right - I am way more negative than I thought. I called customer service number and they told me I have the following options. 1. I could pay off the total amount of payments (42K) to get out of the lease, I could surrender the car to the dealer but take a hit via credit, OR I can trade in the vehicle to a dealer but the delaer would have to pay the full pay off amount (residal/lease payments) but the rent charge would be reduced.


I have reached out to the dealer to see if there is any consideration for them to do an unwind and allow me to take my old car back since they haven't paid it off YET but suspect they won't allow it. I would be willing to forfeit my first months, and maybe even my down payment if they would.


I had an approval with Audi and should've went with them as I know I would've been happier for the car. Sucks paying for something you don't want. I would consider a lease swap website, but the payments are higher due to negative equity, that I doubt it would be of any incentive to someone.

Message 3 of 4
New Member

Re: Got a new lease and I absolutely hate it.

Once again, thank you for responding.


Just so I can understand how this works as it's my first time leasing. I'll be able to hopefully verify my payoff tomorrow. It looks like in order to verify the true pay off of the lease, I need to add the Total of Lease Payments + the residual value. So for example, if the total pay off is 20K and the Residual is 15K then pay off would be 35K when speaking with a dealership? Does the rent chage get pro-rated? If that is the case- this sucks LOL.



Message 4 of 4
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