black06speed

Im taking a job in NYC and will probably need to break my lease. Is there anything I can do to keep from getting screwed? How much does it normally cost to break a lease? I have an 06 Manual with navi

Tripp11

http://www.leaseguide.com/Articles/terminate.htm

Personally, I think it would be VERY difficult to terminate a lease and walk-away without paying thru your nose for it. A good starting point would be the actual lease agreement which has termination verbiage included - read it, understand it, and then you will have some options.

Or hell, there's a billion companies out there who offer to take over your payments for you - unfortunately, the advantage is all theirs and you'll pay thru your nose, again.

billycuth

actually its kind of like trading in the car. you can give it back to the dealer, they'll give you a bottom line figure that you owe (something like all of your remaining lease payments, plus the residula value of the car, plus a possible penalty) from which you will subtract the trade in number that they give you for it, and that is what you will owe, in cash to get out of it.

It will hurt.

saw1

Call the leasing company and they will send you a printed letter stating your buy-out. Most leasing companies will not do this over the phone unless you have less than 1 year left on your lease.

Once you have the buy-out amount, you can try to buy the car and then sell it which is kind of a pain to do, but it can work. Or you can go to a dealer and have them buy-out the lease. Keep in mind that in most cases, the dealer buy-out is lower than yours, so make sure the dealer comes clean with their buy-out number. You will have to pay the difference between the dealer buy-out and the dealer trade in value. My guess is that you will be looking at several thousand dollars.

If the site still exists, you can try to list on Leasetrader.com, and try to find someone to take over your lease.

What are your lease terms?

pekkieboyz

to get out of a lease, EASY, just crash the car!!!

Thorin78

Also you may be able to have your relocation company or company to pay for you to break the lease.

Tripp11

Why would the relocation company, assuming they even provided a relocation company to assist, pay to break his car lease? Why would an employer pay to break his car lease?

If it were an apartment lease, I could perhaps see your point.

Hooksta

I absolutely do not recommend this but I believe pekkie is correct. You have gap insurance on the lease and it is my understanding that the car gets totalled you are out free and clear. The problem is (1) that I would assume it would be insurance fraud, (2) you could get seriously hurt, and (3) lastly, it is just wrong.

your_mom

Why not take your car with you? If the cost of parking is less than what you will owe the dealer to break the lease, you will come out ahead. Plus you likely won't have to pay the cost of parking all at once.

Thorin78

The reason is because some companies can understand that you dont' need a car in NYC and would help you with what they can to get you to work for them. But you don't know if you never ask. I just wanted point that out. Not what or what the company won't do.

TL1999

y lease in the beginning? anyways not my business...bottom line you will pay thru your nose when you turn in early....

Tripp11

In my previous life working for a large consulting firm and being partially responsible for staffing for our office, I never heard of any relo company or any company paying for a new employee to break a car lease. We even had locations in major US cities.

Never gave it much thought until you mentioned it.

I do agree though that you never know until you ask and perhaps we never ran into the right person who would ask.

Will Y.

A relocation company hired by the employer will handle every aspect of the relocation- lease/purchase of new home, lease/sale of old home, transport of everything from one location to another, etc. The relocation contract will specify everything to be done. A relocation company dealing with a high-level exec. or key acquisition will likely have seen everything, including dealing with multiple cars and benefits negotiated by the employer and employee.

OP- 1) I was wondering- why not keep the car in NYC?
2) Have new employer pay for part of lease or cancellation loss as part of signing compensation if not finalized
3) Transfer lease to another lessee to assume (or better yet, well heeled family member looking for a nice car who can write off business use of car)
4) Sell car, pay off lease - to minimize loss compared to straight cancellation.
G/L!

Desert_TL

When I relocated to my current job, my company gave me money to cover breaking the lease on the house I was renting but they did not offer money to cover breaking a car lease. Not that it mattered; I don't lease cars. Doesn't make sense that any company would offer to cover the cost of a broken car lease.

keepin_it_clean

You should take a look at swapalease.com that is a good option I feel. I put my old car on there and got rid of it quick.

JAB00

Why the need to break the lease before I can give any intelligible answer to you question, if it's presumably the same job and same pay?

dshafiee

I have broken two leases. Both in a situation where I lease a new car.

Both leases were 4 years, and 2 years into it I got a new car:

04 TSX to 05 TL

05 TL to 07 TL-S

In both situations my lease buy out was less then what my car was worth. Total number of payments + buy. Simple.

The 05 I just gave back had 17,000 miles on it and I owed 26K. Dealer gave me 26.8K.

ndabunka

Unless you don't have GAP insurance. Then crashing will hurt not only your car but also your pocketbook. The leasing company will STILL hit you up for the shortage between market and your balance.

There ARE companies out there that help you "transfer" your lease. Sure, it cost a little, but you never know. Maybe someone will take over your payments and get you out of it (realitively cheap)?

Keep in mind also that some of these people saying it's "EASY" also bought new cars from the SAME dealer they were buying the new cars from when they got out of their old leases (Do'ah! Of COURSE THEY didn't have problems!). Your situation sounds like you would not be buying another car so those who claim it was easy for them aren't equivilant to your situation.

ndabunka

Most people workign in NY don't need a car. Live in the city and hoof it. Have you ANY idea what it costs to park a d car downtown?

taitando

Transferring services won't do you any good. If you check closely, places like swapalease.com and leasetrader.com all mention that Honda Financial Services do not allow lease transfers. The Acura cars on their website are dealership deals, not private party.