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Help! Must get out of lease

reno55
Regular Contributor

Help! Must get out of lease

Long story short I have a lease that is a 5 year lease (had no choice in doing this as I was unemployed for several years before getting job). I am allowed 15k miles per year and it wad purchased Feb 2011.i currently have 54675 miles on it so I'm going to be way over.

I need to get out in the worst way but not sure how.. It is a 2011 Toyota camry se with some nice options.... It is through a private leasing company who writes their own paper so they will work with me again but not sure how to approach this.

I thought of talking to dcu which i just joined to see if there would be an option there....

Any advice would be greatly appreciated
Message 1 of 4
3 REPLIES 3
sccredit
Valued Contributor

Re: Help! Must get out of lease

See if DCU will refinance the purchase of the car.  

 

What is the residual on a 5 year lease?  I've never seen it before!

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500
Infiniti Financial Lease
Goal: New Mortgage 3/2022
Message 2 of 4
reno55
Regular Contributor

Re: Help! Must get out of lease

Yeah I think I will have to buy the car from the leasing company and then turn around and trade it

Message 3 of 4
StartingOver10
Moderator Emerita

Re: Help! Must get out of lease


@reno55 wrote:

Yeah I think I will have to buy the car from the leasing company and then turn around and trade it


Once you buy it you don't need to trade it because then the milage doesn't matter. Leasing, then buying, then trading immediatly means you lose the abosolute most money on the transaction.  It is most likely a good idea to buy it now since you are over on your miles. Just do the math for the milage and the lease in comparison with the buy out to see where you are to know that it is the best route.

The only way to reduce the loss is for you to sell it privately after you purchase and hold a while. If you are a high milage driver (or any over the max milage allowed in a lease) don't lease a vehicle. It is not worth the expense.  Most auto leases are designed to get you on the milage.

Message 4 of 4
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