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Old 10-12-2008, 08:23 PM
 
Location: Boston MA
74 posts, read 253,821 times
Reputation: 28

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Hello All,

I have 19 payments left car lease for $682.00 per month, thinking to return the car back to the Dealer. I called the bank and they told me that, I will be responsible for the remaining payments. My questions is if I return the car, can I pay back the bank the remaining payments for less money per month and Don't HURT my CREDIT?
Anyone had the same experience and would like to share?

Thank you,
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Old 10-12-2008, 08:36 PM
 
Location: Southern Arizona
9,527 posts, read 28,996,945 times
Reputation: 11451
Quote:
Originally Posted by FloripaUSA View Post
Hello All,

I have 19 payments left car lease for $682.00 per month, thinking to return the car back to the Dealer. I called the bank and they told me that, I will be responsible for the remaining payments. My questions is if I return the car, can I pay back the bank the remaining payments for less money per month and Don't HURT my CREDIT?
Anyone had the same experience and would like to share?

Thank you,
There is a website for people looking to transfer their leased vehicle (sorry, unable to locate it right now).

I'll keep searching . . .
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Old 10-12-2008, 08:41 PM
 
Location: Southern Arizona
9,527 posts, read 28,996,945 times
Reputation: 11451
Here ya go, FloripaUSA . . . I found it!

swapalease.com - car lease takeover - auto lease assumption - car lease transfer - auto lease take over (http://www.swapalease.com/g1.asp?gclid=CNKdrLWWo5YCFQKaFQodMHiR6g - broken link)

There are probably more but this one may help.
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Old 10-12-2008, 08:52 PM
 
Location: Boston MA
74 posts, read 253,821 times
Reputation: 28
Quote:
Originally Posted by Bummer View Post
There is a website for people looking to transfer their leased vehicle (sorry, unable to locate it right now).

I'll keep searching . . .
Thank You! I went there already! It's so many other cars just like my with way less money for monthly payments!

Thank you,
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Old 10-12-2008, 09:07 PM
 
Location: Southern Arizona
9,527 posts, read 28,996,945 times
Reputation: 11451
Quote:
Originally Posted by FloripaUSA View Post
Thank You! I went there already! It's so many other cars just like my with way less money for monthly payments!

Thank you,
Sorry, FloripaUSA . . . that doesn't sound good!

Unfortunately, I've never heard anything good about leasing a vehicle.
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Old 10-12-2008, 09:16 PM
 
Location: Boston MA
74 posts, read 253,821 times
Reputation: 28
Quote:
Originally Posted by Bummer View Post
Sorry, FloripaUSA . . . that doesn't sound good!

Unfortunately, I've never heard anything good about leasing a vehicle.
This was one of the bad decision I did in my life!

Thank you!
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Old 10-12-2008, 09:51 PM
 
Location: Southern Arizona
9,527 posts, read 28,996,945 times
Reputation: 11451
Quote:
Originally Posted by FloripaUSA View Post
This was one of the bad decision I did in my life!

Thank you!
Sounds like it.

I sure hope someone else chimes in with a better suggestion because I would do just about anything to avoid ruining my credit rating.
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Old 10-13-2008, 07:00 AM
 
Location: Way up high
18,912 posts, read 24,398,783 times
Reputation: 23786
Sorry to tell you but if you turn the car back in, its' basically a volunteer repossession. You will be responsible for the remaining payments and for the same amount, no less. You can negotiate with the bank to not put it on your credit as well. Just make sure you get it in writing.

Basically, you'll still be paying for the car so why not just keep it?? What are you trying to get rid of anyways?
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Old 10-13-2008, 07:03 AM
 
Location: Texas
44,255 posts, read 58,571,872 times
Reputation: 73664
You have to understand at the beginning of the lease that you will be responsible for paying for the entire term of the lease. I asked that question about 10 times to make sure that there was no "early out."

Then I made sure I had the cash to pay for the car outright before I went to lease it.

You can find people to take over your lease. There are several sites if you google. Maybe the people you are leasing from can even help you with that.
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Old 10-13-2008, 07:13 AM
 
Location: Boston MA
74 posts, read 253,821 times
Reputation: 28
Quote:
Originally Posted by himain View Post
Sorry to tell you but if you turn the car back in, its' basically a volunteer repossession. You will be responsible for the remaining payments and for the same amount, no less. You can negotiate with the bank to not put it on your credit as well. Just make sure you get it in writing.

Basically, you'll still be paying for the car so why not just keep it?? What are you trying to get rid of anyways?
Hi, it's a big SUV, it's killing us on gas, and this payment is too high right now! Plus I would save couple hundreds dollars on Insurance too!

Thank you,
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