What's the best way out of a lease?

[schmidty]

Swapalease.com

[BlueDubbinTDI]

Originally Posted by ashtray

That's the problem with leasing a car - you got payments. When the payments stop, you got no car. Last new car I bought (WRX) I paid off in 4 years, and then drove the next 7 without a car payment. Well, without a car payment on THAT car. Leasing is nice if you want a new car every few years and never want to get into the maintenance/repairs scene of higher mileage cars.

There's certainly ways out of your lease, but look at it this way: the car depreciates FAST in the first week you own it. Drive it off the lot, lose $1k. Then the rate of depreciation tapers off - though the first three years are higher than the next three. So within your lease period, you have a fixed monthly payment. That payment is "cheap" at the start of the lease as your car is depreciating faster than your lease payment, but then gets expensive towards the end - as your car isn't depreciating as much as your payment is.

With that in mind, why would someone take over a lease on a used car for a year at $350/mo, when they can lease a new car for $350/mo?

The economics of the lease transfer would dictate that the original owner would lose any down payment. If no down payment was made, then the person may have to pay someone to take over their lease. Also depends on the mileage and condition. If you're tracking to exceed the lease mileage, you have to pay the next guy for your overage; while if you're under on usage, then you can get a credit for that. Ie - if you have 10k miles on your car it's worth more than if you have 25k miles. If you have 30k miles on it and the lease was for 3 years/36k miles and there's 1 year left on your lease, then it's going to cost you to get out of that lease.

There's a lot to it - but you have options:
- Go through a 3rd party that handles lease buyouts.
- Buy your car out of the lease - get a 5yr loan from the bank and your payments might even go down, depending on the interest rate.
- Trade the car in on something else. Find out from your insurance company how much the new car will cost to insure so there's no surprises.

Lots of people lease cars - hindsight is 20/20. For some people leasing was the right financial choice, and for others buying would have been better. Best to think ahead when deciding either route, and not just focusing on the short term.

Solid reply to this thread. Thank you. I do believe I will just stick out the lease at this point and just turn it in at the end. My milage is behind schedule and I put 2k down. yes, hind sight is 20/20 for sure. I'm just glad I learned it on a 26k car instead of a 60k car. These payments aren't the end of the world, they're just irresponsible. But so are most 24 year olds and I wish I wasn't

[Model Citizen]

Originally Posted by BlaineWasHere

Just eat it. I was ready to toss $25k away forever when I bought this car. I love cars more than anything in the world but I understand it's expensive as hell.

Op. When reading this guys advice you should realize he's a soulless gingerjew, his viewpoint may or may not represent that of the average bear.




That out of the way I feel similar despite possessing the hollow shell of a rotten soul, auto related expenses are my freightliner of stupidity on lake sensible.

[Model Citizen]

Originally Posted by Celica00

probably because its a scion brand which is designed to attract college age kids and that age group has extreme inconsistencies w/ finances.

I think the phrase you were looking for was hype machine.


Everyone had to have one, then a few month later they are going oh shit, I made a completely emotional purchase that doesn't actually work worth a damn for the needs of my life.

[BlueDubbinTDI]

Originally Posted by Model Citizen

I think the phrase you were looking for was hype machine.


Everyone had to have one, then a few month later they are going oh shit, I made a completely emotional purchase that doesn't actually work worth a damn for the needs of my life.

LOL. Sort of. I still don't "regret" it. But going back I wouldn't have done it. Maybe that's the definition of insanity to not regret something you wouldn't do again but it's true. This car was an experience, I just don't need 2 more years of it.

[Model Citizen]

Originally Posted by BlueDubbinTDI

LOL. Sort of. I still don't "regret" it. But going back I wouldn't have done it. Maybe that's the definition of insanity to not regret something you wouldn't do again but it's true. This car was an experience, I just don't need 2 more years of it.

I was more generalizing, the turnover rate on this car seems to have been pretty high,

wether its people that buy it and find out its slow,

people that buy it and realize that it really isn't meant for more than 2 people despite having a back seat, nor is it as practical as a real sedan, let alone hatch/wagon

people that buy it and get scared of all the attention from men that is found,

people that buy it and realize it isn't a jeep

people that buy it and realize its too much money compared to what they can afford/justify.

this list goes on,

but after the years of hype, and every auto journalist proclaiming it the greatest thing since thriller when it finally launched it just seems like a lot of people who bought into the hype found themselves wondering why they committed to something that actually didn't work for their particular needs and wants.

[BlueDubbinTDI]

Originally Posted by Model Citizen

I was more generalizing, the turnover rate on this car seems to have been pretty high,

wether its people that buy it and find out its slow,

people that buy it and realize that it really isn't meant for more than 2 people despite having a back seat, nor is it as practical as a real sedan, let alone hatch/wagon

people that buy it and get scared of all the attention from men that is found,

people that buy it and realize it isn't a jeep

people that buy it and realize its too much money compared to what they can afford/justify.

this list goes on,

but after the years of hype, and every auto journalist proclaiming it the greatest thing since thriller when it finally launched it just seems like a lot of people who bought into the hype found themselves wondering why they committed to something that actually didn't work for their particular needs and wants.

This is a niche car for sure. I'll never own a car this small again I don't think. It's only good for the driver and literally nothing else. But I needed to experience it myself and I'm glad I did.

[J_kennington]

Pull a "mayhem" situation? Like, drive on the interstate when all of a sudden mayhem is laying on the road in front of you so you veer out of control into the woods?

Sorry, I love the mayhem insurance commercials...lol

[BlueDubbinTDI]

Originally Posted by J_kennington

Pull a "mayhem" situation? Like, drive on the interstate when all of a sudden mayhem is laying on the road in front of you so you veer out of control into the woods?

Sorry, I love the mayhem insurance commercials...lol

I have thought about this of course but, since I don't feel like breaking the law, I doubt I'll go this route hahaha.

[Shawnofthedead]

Drive it into a turn at 55 the wall will cradle your collision?

[poison1916]

I got this car on a 2 yr lease after my x decided to cheat on my after 7 years, a 2000 sq ft house with giant over sized detached garage, and 2 cats... My last car was beat to hell. 60k miles in 2 years, 3k a year in repairs and oil changes to keep it cruising.

I'm paying about 18-20% of my monthly income on the lease. I'm only going to be doing minor cosmetic mods like antenna and plastidip to get the hot lava/white color scene I want. Maybe a remote starter. Point is the lease fits my life style right now. I have extra cash. Chicks dig the car. It's a riot at the bar. I don't need 4 doors in my life currently. So what if I'm going through a midlife crisis at 26 (yea I fit into that crowd). But at the end of 24 months I pay a 350 dumping fee and I'm done. If I still want another sports car I'll sign another lease.

If things change before the 2 years I'll ask for a lease trade-in at the dealership at get a TC or a Prius or corola. Who knows!

Sent from my HTC6525LVW using Tapatalk

[HunterGreene]

OP, to introduce a little levity here, you could hire this girl, I hear she works cheap:

[STIITS]

Have it stolen/wrecked?

[BlueDubbinTDI]

Originally Posted by poison1916

I got this car on a 2 yr lease after my x decided to cheat on my after 7 years, a 2000 sq ft house with giant over sized detached garage, and 2 cats... My last car was beat to hell. 60k miles in 2 years, 3k a year in repairs and oil changes to keep it cruising.

I'm paying about 18-20% of my monthly income on the lease. I'm only going to be doing minor cosmetic mods like antenna and plastidip to get the hot lava/white color scene I want. Maybe a remote starter. Point is the lease fits my life style right now. I have extra cash. Chicks dig the car. It's a riot at the bar. I don't need 4 doors in my life currently. So what if I'm going through a midlife crisis at 26 (yea I fit into that crowd). But at the end of 24 months I pay a 350 dumping fee and I'm done. If I still want another sports car I'll sign another lease.

If things change before the 2 years I'll ask for a lease trade-in at the dealership at get a TC or a Prius or corola. Who knows!

Sent from my HTC6525LVW using Tapatalk

These were my thoughts too. And I knew I wouldn't go over the milage limit. Question though. Can I trade it in to any Toyota dealer for something else or just the 1 I signed the lease at?