nitrate

Just curious to see if any of you guys have any experience terminating a lease early? I am not really too serious about terminating mine as I haven't even had the car a year yet (just about 11 months) but am just curious to how it would work if I decide I want a different car before my lease term is up. I'm sure there are termination fees and such but just trying to get a better understanding of how it works. I have a 48 month lease so I still have 3 years left on my term. Let me know.

Thanks

tmk70

Ouch....that would be a huge loss for you. I turned in my one and only lease 2 months early. It was a 98 Integra GS-R. My dealer ate the 2 months worth of payments because I was buying my CLS from them. You would take a big hit turning it in this early, my friend.

Beltfed

Getting out of leases costs money......just depends on how much. Leases are designed so you can't easily get out of them.

Right now (lets assume), you wanted out of your lease. I'm guessing that you would owe in the $6k area to get out. Maybe a bit more.

The dealer looks up the cars value in Galves (in most cases), then you call your bank (probably Honda Finance) to get your buyout. The dealer just looks at the disparity between what you owe and what they are willing to give you- which 99% of the time is less than what your buyout is.

Ashburner

I wanted out of a lease so I went to my credit union and purchased the car from the lease. Then I sold the car.

-Ash

nitrate

Most likely it will cost me more to buy the car now than I would be able to get for it if I sold it. There is the possibility of transferring the lease and putting it up on one of those lease trade sites (leasetrading.com, swapalease.com, etc.). Wonder how they work?

JasonT

Do you lease with Honda finance? If so, it's not too easy. I also live in FL, & asked teh dealer before I leased mine what was involved. He said there will be a termination fee, & I would be responbsiable for any payments that are due. Mine is a 39 month. I have 35 payments left. If I wanted to get out of it today, I'd have to pay the fee, & 35 payments of whatever my lease payment is. That's alot of money!
The other option wopuld be to get the buyout from Honda, & the end lease purchase price of the car. Add that together, & then sell the car for close to that price. The buyer will give you the money, you will pay off Honda fiance, then sign the title to him after you get it. The problem here is it may take a few weeks for it to come.

nitrate

My lease actually went through Chase finance, not Honda so who knows what their policy is. Like I said earlier, I was just curious. If I could get out of it without it costing me a considerable amount of money I might think about it, but from the way it sounds it's will so I guess that made up my mind .. Thanks for the replies

gvtire

I guess it depends on the leasing company. I leased a 01 CL-P through AHFC. I traded the car in on a TL-S less than 5 months later. I did not have to pay a termination fee, maybe since I leased again through AHFC. The dealer called AHFC to confirm what I owed on the car and payed it off, and the difference was put twords the the TL.