I'm wondering if any of you have any suggestions how to get of a lease you still have 3 years left on? I was thinking sell it out right and pay the lease off?
If I sold my TSX now would I be taking a huge hit money wise?

Thanks

TAC

 

In some states, there are local laws that give you options with regard to early termination of leases. But, generally, there isn't really much you can do. So, anything that you do would most likely lead to a big hit in $. Don't forget, the day your drive a car off the lot, it looses a huge % of it's value.

That said, the TSX is one of the fastest selling cars in the country, many dealers have waiting lists, and there should be lots of buyers out there. So, you're going to loose some money, but there may be buyers out there, if you've got a desirable color/drivetrain combo.

 

Honda will have sold more Accords last month than Acura will sell TSXs all year. I think you meant highest demand:supply ratio, not "fastest selling"

 

Bend over and be prepared.

 

no, it's actually fastest-selling... as in average time spent on the lot. the TSX I bought had been on the lot about 6 hours before I drove it home.

 

Makes ZERO Difference...you are BURIED right now...just like if you financed it conventionally.

 

I actually meant exactly what Crazytree mentioned, days on the lot. Speed of sales, in terms of the time from arrival on dealer's lots to purchase by the new owner.

 

It's easier to get out of a marriage than getting out of a lease.

Good luck.

 

ah. ok


Coincidentally, I heard that the Nissan Quest was the fastest selling car in the US a few weeks ago, so I guess that's a pretty hot seller also.

 

I heard that too. I think that is just an example of a new car selling well. The Murano and Maxima were both selling like gang busters when they first came out as well, but you can get both for close to invoice these days.

 

Easier but no cheaper. They're both contracts you agree to, and along with the lower payment of a lease comes the responsibility of pretty much keeping the car for that length of time.

Options:

1. many dealers/manufacturers will be much more tolerant of a broken lease if you're breaking it to buy or lease another (more expensive) car with them.

2. you could look for someone to assume your lease. If your lease deal is fairly good (or you put some money down to lower the payment) and the car is in showroom condition, then you might find someone willing to take it over. It may still cost you money. Say your payment is $450/month, you might find someone who would take it over at $425, leaving you to come up with $25 a month for a car you're not using. You have to be careful when you do this or you could end up being liable if the new person doesn't make payments or trashes the car. Go to http://www.leasetrader.com for info on this.

3. is it really a lease? in a couple of states (TX is one) leasing is tax DISadvantageous for individuals, so they use balloon payment financing. This might be easier to get out of.

All these options will cost you money. It's a matter of which one will cost you the least amount. Good luck.

C.

PS if your car is stolen and totalled or just totalled, your insurance will cough up, plus the lease company probably has "gap protection" built into your premium to avoid you owing money. Of course, that would be a remarkable coincidence (you don't live in Northern NJ do you?)

 

I agree the best bet is to find someone willing to take over your lease. If you are purchasing another Acura your dealer may be able to even help you.

 

It is possible that if you get your car stolen, the insurance company will settle the rest of the lease with the car lease company.

On the other hand, if you did put $10K down and you have only been driving the car for one week, don't count on seeing your money back.

When you give a large down deposit, it is recommended to take a replacement value insurance with the dealer.

That's why one should never give a large down (or any at all).


This situation already happened to one of my friend. His car was stolen after a little over one year after he got the car (leased a Prelude). He gave a $4000 down. He lost his down and had to resign a new lease. This happened around 4 years ago so I don't know if this would still happen today.

Regards

 

You can have someone take over your lease. But there has to be some incentive for the other person, like if u put down a larger down payment = lower monthly payments.

www.leasetrader.com

Other than that,

 

looks like someone beat me to tha point

 

Um... u cant sell a lease. after u lease u have to give the car back. Leasing is sort of like renting the car out. So... the only choices would be to either turn the lease in early (and pay the early termination fee, which is stated on your lease agreement) or keep the lease until it runs out.

 

there are four options you can opt for:
- transfer the contract to a third party
- let the financer bid the car (the most riskiest)
- hand it over to a dealer, if they accept
- change the lease in to finance and sell it.

 

I am in the market for a new car. What do you have? I amlooking for a 6 sp with navi. Let me know

 

Why do you want to get out of your lease?

 

I know seriously. What's going on here?

 

Hello all,

I read somewhere on another forum that someone got into a lease on a TSX, and traded in his Acura Legend with a negative equity of $6K....and was only paying $325 monthly on a lease. How is that possible?

When I asked the dealer to get me out of my lease they said that they could, but they would have to tack on the $6K negative equity from my Accord, and my monthly payment for 6yrs would be $625 monthly (plus I have iffy credit 620 score at the time). How did the other guy get away with that?

BTW, I tried asking him, but he did not reply yet. Any thoughts? Will Acura pay off my lease so I can finance the TSX without adding the negative $6K to my loan and paying an outrageous monthly payment? Is the economy bad enough for the dealers to take on that lost?

Thanks in advance
-S

 

No a dealer won't do that. In effect you're asking them to discount 6k off the price of the car and you won't get that on a TSX.

You need to either make higher payments, or keep your cars longer. If you roll the negative equity into the next lease you will absolutely be forced to continue that lease to the very end because nobody will ever be willing to take it over. There is no way out of this situation for you, I'm sorry to say. I went through it once before, traded a car I had negative equity in and suffered a high payment thereafter and I vowed I would never ever do it again. It sucks to be paying for your last car (or two) for 10 years or so.

C. <-- no car payments, but a lot of pain getting there.
03 Ford F150
02 BMW M Coupe

 

Yeah...I think that guy must have been BS'ing. Guess I'll have to wait until the 05' models come out in October of next year. The smart thing to do is give it time to build up better credit, drop off the car at the end, pay for the excess mileage and wear n' tear. YIKES...it's going to cost me anywhere between $1500 - $2500 at the end just to drop off the car

-Thanks for the info Chrisalberts.