Question about leased vehicles

[Raisedin305 5,000+ posts]

OK lets say I had a 4 year/48,000 mile lease. Could I turn the car in before the four years?

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[Prowler573 5,000+ posts]

OK lets say I had a 4 year/48,000 mile lease. Could I turn the car in before the four years?

Once you sign the contract you owe them X amount per month times 48 months. Wanna give the car back early? They'll take it, I'm sure. And that way you could avoid the mileage overage charges (who only drives 12K miles in a year anymore?!?) but you still will owe the balance of the contract.

 

[Raisedin305 5,000+ posts]

Once you sign the contract you owe them X amount per month times 48 months. Wanna give the car back early? They'll take it, I'm sure. And that way you could avoid the mileage overage charges (who only drives 12K miles in a year anymore?!?) but you still will owe the balance of the contract.

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Lets say the car was $30,000 & I have paid $20,000. The contract was for 4 years/48,000 miles and I already have 35,000 miles and still 2 1/2 years left. If I turn it in now I still have to pay the remaining $10,000?

 

[mikeyboc 10+ year member]

Just be carefull and talke to multiple people wherever it is financd through. I have come across several people who turned in a lease early or had it refinanced, and now have a "voluntary repo" on their credit. Don't ask me how, but they put it on there.

 

[Prowler573 5,000+ posts]

A lease is the same as a car purchase excepting the obvious difference of not keeping the vehicle at the end of the lease

The contract states that you will pay them over the term of the lease X amount of dollars (whatever the monthly note is times 48 months)

Like I already stated...I'm sure they will take the vehicle back early if you choose to give it back early but that will not eliminate the fact that you signed a legal contract stating that you will pay them a total of whatever the total lease comes out to be.

You can also choose to return the vehicle early and not pay the remainder then whatever dealership you leased the vehicle from will be getting their legal department to contact you soon thereafter explaining in great detail how much you owe and what action(s) they will happily take if you don't cough up the dough.

It is why leasing a vehicle is financially a terrible route to follow unless you can offset the payments as tax writeoffs such as business expenses or whatever.

 

[Raisedin305 5,000+ posts]

Ahh ok thanks guys.