getting out of a lease question

[fkong777]

I have a lease on a 2002 lexus IS300 5spd. 2 years left on a 48month lease. If I can get out of the lease I can buy my brother's 91 NSX.

So my question is - Is there a good way to get out of a lease? so I can be a NSX owner?

Thanks.

 

[Eric5273]

The only way to get out of a lease is to find out from the leasing company how much they need to get for the car now and to then sell it. I tried in the past to get out of a lease and this is the only way you can do it.

 

[Dave5]

You can try www.leasetrader.com, similar to autotrader.com but for leases. I have personally never tried this, but a friend of mine has had marginal luck with it. I'm not sure what it costs, etc.

Dave

 

[Doug]

The easiest and least expensive way is to see if someone can assume it. Otherwise, you will be in for big $$$ to buy out. Try swapalease.com and you may find someone. If you are high on your mileage allotment, you may have difficulty.

 

[Eric5273]

The easiest and least expensive way is to see if someone can assume it. Otherwise, you will be in for big $$$ to buy out. Try swapalease.com and you may find someone. If you are high on your mileage allotment, you may have difficulty.

Many leasing companies do not allow this. I tried this when I leased a Mitsubishi a few years ago and they said no.

 

[Rexer]

Call the lease company and get the payoff. Sell it and most likely you will have to eat the negative equity you will have in the car. Depends how bad you want out of your lease. I've done it and it cost me about $2k in negative. It can be done.

 

[Eric5273]

Call the lease company and get the payoff. Sell it and most likely you will have to eat the negative equity you will have in the car. Depends how bad you want out of your lease. I've done it and it cost me about $2k in negative. It can be done.

Exactly. This is most likely the only way out.

 

[Bilulan]

i have read threads before where people claimed the person they "swapped the lease over too" didnt make good on down the road payments, and subsequently it went back on the credit of the person who originally signed the lease.

Not sure on this, but definately a question I would ask if your thinking of sub-letting that lease over to someone else. Who's responsible if the secondary owner can't/doesn't make the payments?

hope that helps...

 

[JOPRIMO]

Is your lease contract an "open-end" or "closed-end" lease? More than likely its closed-end which means your SOL unless you can sell it outright.

But... (a big but) First read "ALL" the fine print on the contract before you try to sell it. Some closed-end leases have an early payoff penalty or over mileage penalty for payoffs. Not all just Some.

 

[NemesisX]

I have a question on this quandry...

Quote: 02 Lexus IS300 5MT - 19" ALT, TEIN HA, TRD Sways, JIC STB, Tanabe underbrace, Pro-1 header, Apexi-N1, CF-intake, Blitz powermeter, Race bucket, CWest bumper

I am wondering how your lease will be affected with all the modifications on the car (assuming it didnt come like that), and what you will have to do (if anything) when you turn it back in (if you dont sell it or keep it).

Do alot of people modify leased cars, and can they do it without some sort of penalty?

 

[fkong777]

I have a question on this quandry...

Quote: 02 Lexus IS300 5MT - 19" ALT, TEIN HA, TRD Sways, JIC STB, Tanabe underbrace, Pro-1 header, Apexi-N1, CF-intake, Blitz powermeter, Race bucket, CWest bumper

I am wondering how your lease will be affected with all the modifications on the car (assuming it didnt come like that), and what you will have to do (if anything) when you turn it back in (if you dont sell it or keep it).

Do alot of people modify leased cars, and can they do it without some sort of penalty?

Yes good point. I made sure all my mods are reversible. Nothing was cut or weld in. so it will take me a little bit of time to install all the OEM part back in. But the is300 can be completely OEM again.

I guess the penalty for me is my installation time and depreciation of the aftermarket part when I sell them on ebay / recycler / or internet forum.

well. looks as though I have to keep the is300 for a while. No good way to get out of a lease.

 

[NemesisX]

Ah..Thats cool that the mods can be done by you...smart thinking!

I think you should try and sell the IS (with Mods) because they are great cars (that dont depreciate as fast) and with the mods you might be able to cover your lease or be a bit underwater (who knows).....BUT you might be able to recoup some of the losses by getting a great deal with your brother selling you his 91........

AND with your new 91, you can come give me a RIDE!!!!!

 

[NemesisX]

BUT you might be able to recoup some of the losses by getting a great deal with your brother selling you his 91........

GEEZZZZZ....I dunno what I was thinking writing that....MY Brother would charge me double!!!!!!