Author Topic: can i end a car lease early?  (Read 1869 times)

FuckRx

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can i end a car lease early?
« on: October 25, 2013, 04:26:12 PM »

this just came up in a post i made about trying to payoff my car...
i have a smart car, i like it, it's small, it's great on gas ...
i'm leasing it for 162/mo...
lease ends in 16 months...
i would have to pay a little under 13k to buy it out...
i've already paid a little under 3k in lease payments...

can i just call the company and say i want to terminate the lease early?
i already tried to do swap a lease and no takers... ($100 wasted)

dadof4

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Re: can i end a car lease early?
« Reply #1 on: October 25, 2013, 06:31:39 PM »
Without the particulars, it will be hard to help you here.
Look at your contract, or call the dealer. There will typically be fees if you want to get out of the lease. You should be able to avoid fees if you buy it, however - check how much the KBB value of the car currently is. If it is below 13k, you are paying an implicit fee.

Also, check your contract for the residual value at the end of the lease.

How many miles do you drive per year?

Armed with these numbers, you can make a better choice.

ETA: The 3k in lease payments you've already paid are a sunk cost. Ignore them.
« Last Edit: October 25, 2013, 07:37:13 PM by dadof4 »

chasesfish

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Re: can i end a car lease early?
« Reply #2 on: October 25, 2013, 06:42:07 PM »
I sounds like you're getting close to canning the smart car.

Have you received an offer through carmax to see what they would pay?  Then buyout the lease, sell it to them, and take the loss.