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Has anyone ever tried this? I'm a year and a few months into a 3 year lease on a car that I would like to get out of.
I don't have to get out of the lease...but I really want to!
What would be a typical penalty? I'd be willing to pay a few bucks in penalties but not 1000's.
To give an idea on the car its a 3 year lease with 10,500 miles per year. I've put 8,000 miles on it in 15 months...so hopefully there's some value there.
A leased car will have a value attached to it as well as a remaining value of the lease. You can sell the car or trade it in like any other car and as long as the value they give you is higher than what you still owe on the lease you will be fine.
Has anyone ever tried this? I'm a year and a few months into a 3 year lease on a car that I would like to get out of.
I don't have to get out of the lease...but I really want to!
What would be a typical penalty? I'd be willing to pay a few bucks in penalties but not 1000's.
To give an idea on the car its a 3 year lease with 10,500 miles per year. I've put 8,000 miles on it in 15 months...so hopefully there's some value there.
Thanks for any insight!
The lease must be satisfied. Your can take it to a dealer as a curb buy or sell it yourself private party. You need to find what the lease buyout value is, which you can do by calling the bank that leased it to you. If you can sell if for more than that, congrats, you'll make money on the deal. If you can sell it for around that value, then you can walk away without paying anything. If its worth less than the buyout value, you have to write a check for the difference.
Obviously, the you will get the most money selling the car private party. But, take it to Carmax and a local dealer as well to get a bid to buy the car. Due to the hassle of paying the bank back, the dealership might be an easier route.
Conversely, you can look at a lease swapping website, where someone else takes over your lease.
Hi.. I just got a lease a month ago of a small car and I realize it is to small for my family, does anyone know if I can change it at the dealer for a more spacious car, would they do that, has anyone gone threw this situation.
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