Turning a lease in early?
06-21-2010, 08:39 PM
#1
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Turning a lease in early?
I was wondering if anyone knows the process of turning a lease in early? I have a year and a half left and I'm racking up way to many miles! Anyone have any insight??? 
06-21-2010, 08:49 PM
#4
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You'll get raped turning it in early. Your best scenerio is to call and ask what the lease payoff is, (not breaking lease) and sell it outright for the payoff or whatever you can get for it. The sooner the better.
You can also trade it in, but you'll get more selling outright.
You can also trade it in, but you'll get more selling outright.
06-21-2010, 08:55 PM
#5
Hate to give you the bad news.
You will not be able to get out of your lease without dumping a ton of $$
That's to keep all of us in the car for the full term of the lease, that's how they make money & is not negotable.
Buy a cheap whip for local store runs etc...,
I know it's not much of a soultion, but leases are basically a scheme to extract the maximum amount from you & they get the car back.
You will not be able to get out of your lease without dumping a ton of $$
That's to keep all of us in the car for the full term of the lease, that's how they make money & is not negotable.
Buy a cheap whip for local store runs etc...,
I know it's not much of a soultion, but leases are basically a scheme to extract the maximum amount from you & they get the car back.
06-21-2010, 08:59 PM
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Dammm so basically my only two options are to either get a nice cheap car and drive this one less or try and buy it out then sell it to pay it off?
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06-21-2010, 11:25 PM
#10
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No you don't have to buy it and then sell it. A leased car has a payoff just like a financed car. Call Infiniti, ask for the lease payoff. You can sell it outright to someone, or you can trade it for another car. I've done both with some of my previously leased infinitis.
06-22-2010, 02:59 PM
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Here's the smart advice, average out how many miles you are going to have and then multiply by the price of the miles (.15 or .20) and then see what used ones might sell for and how much the payoff is.
Odds are you'll be better off just knowing you're going to be over. Unless you want to lose like 4k or more. Also when turning in the lease you can always TRADE it in and not go to lease end and you might be able to get the miles or amount reduced at the end.
Don't people know how many miles they drive?
Odds are you'll be better off just knowing you're going to be over. Unless you want to lose like 4k or more. Also when turning in the lease you can always TRADE it in and not go to lease end and you might be able to get the miles or amount reduced at the end.
Don't people know how many miles they drive?
07-09-2010, 11:26 AM
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OK first of all, I was in your situation 2 years ago. I was leasing an 08 G37S for 15k mi/yr, but had 24,000miles in my first year. The payoff was pretty high, and no dealer or private sale could break even. So your 2 options to get out without a big penalty are:
1. Buy the vehicle at the end of the lease term. There are no excessive mileage charges if you purchase the vehicle. Inifiniti either charges you a $395 disposition fee if you don't buy it, or a $150 "purchase fee" if you do buy it.
2. Have someone else assume your lease (this is what I did). You can do this through swapalease.com or leasetrader.com. Once a new lessee wants your car, the webiste will take care of all the paperwork and there is normally a $300-$500 fee for the transaction. Depending on who the vehicle is leased through (Infiniti or 3rd party bank) you may still be listed on the lease contract.
I did option #2, and it worked out great. My car was actually leased through US Bank, which had a higher transaction fee, but when the new owner assumed the lease my name was completely removed from all paperwork tied to the vehicle. IFS still requires the original owner to be listed as a co-signer, so there is still some liability there.
Don't let everyone on here scare you by saying you're screwed, there's always a loophole here and there to get out of a pinch. You'll be fine
1. Buy the vehicle at the end of the lease term. There are no excessive mileage charges if you purchase the vehicle. Inifiniti either charges you a $395 disposition fee if you don't buy it, or a $150 "purchase fee" if you do buy it.
2. Have someone else assume your lease (this is what I did). You can do this through swapalease.com or leasetrader.com. Once a new lessee wants your car, the webiste will take care of all the paperwork and there is normally a $300-$500 fee for the transaction. Depending on who the vehicle is leased through (Infiniti or 3rd party bank) you may still be listed on the lease contract.
I did option #2, and it worked out great. My car was actually leased through US Bank, which had a higher transaction fee, but when the new owner assumed the lease my name was completely removed from all paperwork tied to the vehicle. IFS still requires the original owner to be listed as a co-signer, so there is still some liability there.
Don't let everyone on here scare you by saying you're screwed, there's always a loophole here and there to get out of a pinch. You'll be fine
07-09-2010, 09:53 PM
#14
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You have to buy the car from IFS first to sell it. You pay the outstanding balance off (residual + balance left of lease) at a Nissan or Infinit dealer. This is because IFS cant accept loan payoffs, only monthly payments. The Nissan dealer takes your money and pays off the loan (dont forget to pay uncle Sam his sales tax on top of the payoff amount too). At that point, the title is put onto your name, and you can resell the car. Trust me on this one, I just found all this out this week as I've been trying to sell my leased G for months. IFS forgot to tell me about the sales tax deal over the phone. I found out from the Nissan dealer Tuesday when I found a buyer and we were ready to begin the process. GL
07-10-2010, 12:31 AM
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you get it coming for turning in a lease early a lot of fees a lot of money and a lot of drama from the dealer my bro leased an 2007 acura tl type s and went to go turn it in early in 2009 for a 370 and they got him for almost 15k