Author Topic: Best way to get out of a lease?  (Read 523 times)

RollingGreen

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Best way to get out of a lease?
« on: June 06, 2019, 01:13:38 PM »
The lease is up on my car in five months. Can't wait to be out of it. What's the best method to do so? The payments are $299/mo., and the current buyout quote is $12,375. Should I do the buyout now or wait until October?

Also, the dealership will probably try to persuade me to do something that benefits them. Should I be ready with a credit union auto loan to buy out the car first before they try to get me to finance through them?

Haven't done this before so I'm looking for advice on the best approach.

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robartsd

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Re: Best way to get out of a lease?
« Reply #1 on: June 06, 2019, 02:08:58 PM »
First you have to determine if buying the car is a good deal - if not you turn the car over to the dealership at the end of your lease and go about buying a used car that makes more sense.

JLee

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Re: Best way to get out of a lease?
« Reply #2 on: June 06, 2019, 02:15:15 PM »
By getting out of the lease, do you mean buying the car the end of the lease or simply being done?  When the lease ends, you turn the car back in and you're out of it.

RollingGreen

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Re: Best way to get out of a lease?
« Reply #3 on: June 06, 2019, 02:23:08 PM »
By getting out of the lease, do you mean buying the car the end of the lease or simply being done?  When the lease ends, you turn the car back in and you're out of it.
I do mean purchasing this leased car.

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JLee

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Re: Best way to get out of a lease?
« Reply #4 on: June 06, 2019, 02:41:35 PM »
By getting out of the lease, do you mean buying the car the end of the lease or simply being done?  When the lease ends, you turn the car back in and you're out of it.
I do mean purchasing this leased car.

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This is not something I've done, but the common note among my quick Google results are to basically wait for them to make the first move and don't be too eager.

https://www.bankrate.com/loans/auto-loans/tips-on-buying-your-leased-car/

RollingGreen

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Re: Best way to get out of a lease?
« Reply #5 on: June 06, 2019, 03:05:06 PM »
By getting out of the lease, do you mean buying the car the end of the lease or simply being done?  When the lease ends, you turn the car back in and you're out of it.
I do mean purchasing this leased car.

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This is not something I've done, but the common note among my quick Google results are to basically wait for them to make the first move and don't be too eager.

https://www.bankrate.com/loans/auto-loans/tips-on-buying-your-leased-car/
Ahh. Gotcha. Thanks!

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Enigma

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Re: Best way to get out of a lease?
« Reply #6 on: June 06, 2019, 06:15:33 PM »
Also note the best time to buy both used and new cars is Oct, Nov, and Dec.  You will not be in a good position trying to buy them out of the car early in your lease during the summer.  The market gets flooded with the 2020s then and they dealers will already be trying to get rid of everything on their lots including the 2019s.  They will be more eager to convince you to keep your car than to add it to their inventories.  Plus they like closing out the books Dec 31st for the year.  It will look better to take it off their inventory before then as well.

robartsd

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Re: Best way to get out of a lease?
« Reply #7 on: June 07, 2019, 09:52:53 AM »
Sounds like you should shop for a 3rd party loan shortly before you lease ends and have it in your back pocket when you go to the dealership to close out the lease. Assuming you're within your lease mileage, you are not obligated to do more than turn over the car, so you have some power in the negotiations (if you're over mileage then you'll have to pay the lease terms for the extra miles unless you buy the car - think of the mileage payment as a sunk cost when evaluating purchasing the car). As in most negotiations, you don't want to be the first to give a number.