Get Rid of Car Lease

[ydnamarie]

Hello,

After graduating college last year and obtaining my first job in my new career field I stupidly traded in my paid-off fuel efficient sedan in exchange for a 3 year lease on a Honda CR-V (no money down).

Only a few months later after finding this blog did I realize the tragic mistake that I had made. I'm a year into the lease and I pay $285/mo.

I'd really love to get out of my lease early and buy a used car with cash. The problem is that the leasing company (Honda) charges an early termination fee as well as the difference of the cars value (19k) and payoff amount (21k).

At this point, I'm wondering if it would be worth it to bite the bullet and pay the $2,000+ now to exit the lease, or to stay in the lease for the next 24 months which would end up being $6,840. The only positive aspect in that scenario I can find is that maybe if the car's value at the lease end outweighs their buyout price, I might have some equity to use.

Any opnions would be appreciated!

[Bracken_Joy]

Do you have the cash to buy a different vehicle on top of getting out of the lease?

[ydnamarie]

Yes I do!

[Bracken_Joy]

Then, with 2 years left, you'll likely come out ahead it sounds like. What car will you replace it with?

[ShoulderThingThatGoesUp]

There’s lease swapping websites, have you looked into that?

[ydnamarie]

Then, with 2 years left, you'll likely come out ahead it sounds like. What car will you replace it with?

How did you determine I'd come out ahead? The possibility of having equity at the end of the lease?

There’s lease swapping websites, have you looked into that?

I did look into that and unfortunately Honda Financial Services is one of the companies that doesn't allow lease swapping :(

[ydnamarie]

*bump*

Really interested in others input on if it would be worth it to pay the fees now to get rid of this lease or ride it out.