Just curious on what the ins and outs are of breaking leases.
I just called the lease company and they said we would have to pay off the remaining balance of the lease to fullfull the contract. It would be up in July of 06, so we would be breaking it a year early if we can swing it.
Honestly I could care less about where the car goes, just dont want it anymore. No car bills would make things easier.
Now for my real question , If I had someone looking at the car and I didnt care about making any money off the deal, could I just have someone take over the remaining lease payments and get me out of the car without having to fork out the cash to fullfil the contract? There is like $3500 left on the lease and the whole purpose of getting rid of it is lack of money. So paying $3500 to end the lease is kinda stupid when we can drive the car for another year for the same price.

Any opinions?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">Any opinions?</TD></TR></TABLE>

Move it to GDD

 

All companies are different. I work for one and it can get pretty hairy sometimes.

Basically you can look at it like a cell phone contract. For example, you set up a three year deal then after one year you decide you don't want it anymore for whatever reason. They will want you to pay it off in full but you will no longer require the options(call forwarding, messaging, etc). From there they can offer you a base minimum payment(say $20/month) for the balance of the contract which can be paid off in one shot.

For a vehicle, it is similar. The lease company set up your deal based on a selling price and a length of time. When the lease is cut short the residual value has not been met so they'll want the shortfall.

The easiest and least painful way is to find someone to take over the payments. Then you can wash your hands of the vehicle and payment. In the end it ends up being a long term rental because the is no equity.

Of course I'm in Canada so the US may have different policies.

Any other questions feel free to PM me.

 

The lease is with American Honda.

I posted it here, becuase most ITR owners Have many cars and I talk to ITR owners more and will get more of an honest answer for obvious reasons.

I would like to just have someone take over the payments. Seems like the easiest bet. I just wasnt sure if that was possible.

 

Pete...i am lost man, what did you lease? You sold the R...are you talking about the Supra?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr206 &raquo;</TD></TR><TR><TD CLASS="quote">The lease is with American Honda.

I posted it here, becuase most ITR owners Have many cars and I talk to ITR owners more and will get more of an honest answer for obvious reasons.

I would like to just have someone take over the payments. Seems like the easiest bet. I just wasnt sure if that was possible. </TD></TR></TABLE>

http://www.swapalease.com

Check with American Honda finance to see if it can be transferred. If so, post it on swap a lease.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Jon D &raquo;</TD></TR><TR><TD CLASS="quote">Pete...i am lost man, what did you lease? You sold the R...are you talking about the Supra?</TD></TR></TABLE>

My guess is the '02 Civic in his sig.

Like I said before, find someone to take over the lease and wash your hands.

 

http://www.leasetrader.com

 

**** i checked on Swaplease and I dont think American Honda will do it
WTF.