Advice needed on car lease

**washcoog** · 12-31-2005, 02:31 PM

We currently have 2 leases that are very expensive. We did it before Dave. Now we know they are bad, but was wondering if anyone had ever tried to get out of one.
Remember...car leases s*ck!

**Jeanna** · 12-31-2005, 02:52 PM

I got out of a lease years ago. I just took the car back. I did end up paying about $1000 by turning it in early but it was costing me much more. The main thing is do your research. Get out the lease papers you signed and read all the small print. I would guess that the lease you have had the longest would be the best one to try to get out of first, for you have met more of your obligation which would leave less pentalties.

**bee9984** · 12-31-2005, 11:30 PM

We had a car lease as well , I was locked into a 4 year lease and when we found out that dh was transfered to another province I pretty much figured we couldn't afford everything. I went to the car dealership , explained our situation and asked them if they would take back the car and they said yes but I would have to pay the difference which was $2100. I thought that was fair enough as I still had 2 years to go on the lease @ $360 a month which would have ended up costing us over $8000 in the long run plus the buy out at the end of the contract if we decided to keep the car.

You will no doubt loose out on having to pay the difference however, it is much better then the alternative of having to make those high payments each month for however many years/months left on your lease.

This did not effect my credit at all, just showed paid in full. It depends also on how long you have left on your lease on what you would have to pay back for the difference. I had the 2 years left and they figured that the car was worth something like $13,100 so they had a cheque made up by their company for $11,000 which I signed back over to them and then I gave them $2100 cash and got my receipt. If I hadn't had the $2100 cash up front I feel that they would have done this but just lowered the payment till the $2100 left owing was paid in full by me.

This isn't the route for everyone but when I signed off on the car back over to them it was a big weight lifted from my shoulders.