early end lease

Discussion in 'Other Off Topic Forum' started by 95spiderman, Nov 6, 2003.

  1. 95spiderman

    95spiderman F1 World Champ
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    Nov 1, 2003
    anyone here know best way to terminate a lease early? i have a 03 land rover lease for the next 2 years i want to end now to get range rover or cayenne but buy out about 8000$ more than current value.
    whats best way to do this to minimize loss?
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  3. darth550

    darth550 Five Time F1 World Champ
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    Jul 14, 2003
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  4. Doody

    Doody F1 Veteran

    Nov 16, 2001
    MA USA
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    Mr. Doody
    i've seen those lease assumption/swap sites before, i've always assumed they were largely a joke.

    do they really work? and if so, why?

    car leases are not usually transferrable. and in fact, the leasing company has zero incentive to permit a transfer. you're already on the hook :)

    i would go to your rover dealer and tell them you want a new rover and you'll buy it form them, but they have to figure out how to swap you from that lease into a lease on the new car. and if they're not willing to do it you'll take the hit, switch to porsche and never be back again. i think that's the only leverage you've got.

    i've gotten out of three leases early (and i've stopped leasing!). two of them i did okay on because the cars didn't depreciate as fast as expected (a 1993 Rx7 III and a 2001 M5). i got creamed on my 1998 A4, but "creamed" is a relative term - i think it net-cost me a grand or so - worth the benefit of buying it out and being done with it. we've kept it and we're going to drive it into the ground. my three year old calls it "the fun car" (the boss won't let him take him in the 550 - very sad!). the poor soul doesn't know fun from shinola ;)

    good luck.

  5. Kds

    Kds F1 World Champ

    Almost every manufacturer's lease agreement that I have read does not permit the release of the original covenant from the lease obligation.

    You are on the hook if the person who assumes your lease defaults. Now as I am in Canada, "your" laws will vary from state to state and may in fact be much different. But....I doubt it. Just an observation to watch out for with lease-swapping services.....check the agreement and maybe even sit with a lawyer if you feel it's applicable.

    If the $ 8,000 amount that you are "underwater" is based on "listed retail asking prices" for comparable 2003' are out of luck. Sell it privately, swallow the pill and write the cheque for it is a true loss.

    If the $ 8,000 is based on the dealer's cash offer to buy the vehicle from you, then it's a "wholesale" offer and you "may" be able to "retail" the vehicle yourself and wash out a free man.

    Good luck.

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