NT Advice on getting out of my lease!!

[dipsetallday05]

Here is my situation,

I'm currently leasing a 2011 Maxima and have 26 months left on my lease. I love the car don't get me wrong, but I'm thinking I could be investing that money into something else right now.

If I want to end the lease early I have to come out of pocket like 10k, So I was considering switching my lease over to a purchase and I was told that my price would be about 31k plus the misc dealer fees. What I wanted to do was finance the car then just re sell it for slightly lower but when I KBB the car its going for 21k… -_-

I would just swap my lease but speaking with nissan leasing dept they say I'd still be liable if the new person leasing defualts on it.


What can I do NT!!!

Thanks

 

[Damatrixgirl]

 i sell cars the only way is just trade of it and you would still prolly need 8 grand along with it tho
 

 

[ricky409]

Sell the car, use the money to buy the car outright from the dealership.

 

[cashbanks]

What are the benefits of leasing a car for a regular cat?

 

[thunderchunk69]

What are the benefits of leasing a car for a regular cat?

so you can make a thread like this when you realize you just threw money in the trash.

 

[ricky409]

so you can make a thread like this when you realize you just threw money in the trash.

you are the weakest, famb.

Maybe you're cool people...but every time IVE see your post, you take jabs and criticize.

Its not for e laughs cuz its never funny ..

Offer some helpful advice instead of posting in a superior manner as if you don't have problems or make mistakes.

 

[thunderchunk69]

so you can make a thread like this when you realize you just threw money in the trash.

Its not for e laughs cuz its never funny ..

thank you, you're almost there.

edit:
now let me do you.

you might be "cool" as well, but from every time I'VE seen your posts, you seem to give anything "acceptable" a pass, taking no judgement or even thinking for yourself.
entering "advice threads" with no thoughts of your own, I wonder how you plan to help, rather than regurgitate other "acceptable" cliches that got everyone into the mess anyway.
maybe you were raised to be a follower? that's never funny.

 

[picasso swerve]

Now its gonna be $31k? Or thats how much you'll have paid at the end of your 5 years or whatever?

Well one benefit of a lease is that you can always get the latest model car after the lease is over, 5 years or so which is usually the life of a generation of a car before the new gen comes out.

 

[scarsorscabs]

I think the OP's best bet, despite the risk, is to do a lease transfer. Otherwise you're likely to take a huge hit.

What are the benefits of leasing a car for a regular cat?

Well, depends on how regular.

For me, a lease is a business expense. Whether it's a Hyundai or a Benz, the monthly payments are much lower that if I were to finance with a lot less out of pocket. So rather than taking a bunch of money out of my account to either buy a car outright or finance, I can watch that money grow in the interim. Why pay more for someone that only depreciates with every dollar put into it? Plus, the biggest thing for me is the business expense/tax write off aspect. I get a new car every 3 years, have never had to worry about maintenance, I couldn't car less about modding a car.

I don't know how accurate it is but for example, I did a quick calculation and to finance the same car I have, with $5k down at 2.5% for 60 months would be more than twice what I pay per month and I only had to pay less than $1k out of pocket including my 1st month's payment. It just makes sense for me.

 

[humpasaurus rex]

The only way is to do an insurance job. Drive it into a lake and file a police report as stolen. Get creative.

 

[oh you mad]

swapalease.com

 

[crcballer55]

Here is my situation,

I'm currently leasing a 2011 Maxima and have 26 months left on my lease. I love the car don't get me wrong, but I'm thinking I could be investing that money into something else right now.

If I want to end the lease early I have to come out of pocket like 10k, So I was considering switching my lease over to a purchase and I was told that my price would be about 31k plus the misc dealer fees. What I wanted to do was finance the car then just re sell it for slightly lower but when I KBB the car its going for 21k… -_-

I would just swap my lease but speaking with nissan leasing dept they say I'd still be liable if the new person leasing defualts on it.


What can I do NT!!!

Thanks

You've already done the first step and found out the lease buyout amount. Next, if you want to get out of the lease you'll have to pay the amount out of pocket. If you don't have the money, take out a car loan for the amount. The advantage is you'll actually be building equity and have the flexibility to sell the car whenever you want.

What are the benefits of leasing a car for a regular cat?

The only "advantage" is that you can get a new car more often. However, you'll always have a payment and you'll always be throwing your money away on something that's going right back to the dealership when you're done.

For me, a lease is a business expense.  the biggest thing for me is the business expense/tax write off aspect. I get a new car every 3 years, have never had to worry about maintenance,

Your tax write down works the same way whether your purchase or lease the car. You're essentially sending the leasing company $1 so the government can send you back ~$.25. On top of that, you're accruing unnecessary business expenses over the long run by always getting a new vehicle.

 

[dipsetallday05]

You've already done the first step and found out the lease buyout amount. Next, if you want to get out of the lease you'll have to pay the amount out of pocket. If you don't have the money, take out a car loan for the amount. The advantage is you'll actually be building equity and have the flexibility to sell the car whenever you want.

Thanks for the reply, If i take a loan out for the 31k even I'd need a term long enough so my payments aren't higher. I did the math currently im pay 435 a month, if I loan that 31k even strectch over the max term I know of, 60 months, not even factoring interest im at 516 a month!!

I could do that and just ax my insurance and keep the car in the garge while i try to sell, but even if I do that I doubt ill be able to break even or close to it. I dont want to be left with no more than 5k after selling..

 

[ricky409]

I think the OP's best bet, despite the risk, is to do a lease transfer. Otherwise you're likely to take a huge hit.
Well, depends on how regular.
For me, a lease is a business expense. Whether it's a Hyundai or a Benz, the monthly payments are much lower that if I were to finance with a lot less out of pocket. So rather than taking a bunch of money out of my account to either buy a car outright or finance, I can watch that money grow in the interim. Why pay more for someone that only depreciates with every dollar put into it? Plus, the biggest thing for me is the business expense/tax write off aspect. I get a new car every 3 years, have never had to worry about maintenance, I couldn't car less about modding a car.
I don't know how accurate it is but for example, I did a quick calculation and to finance the same car I have, with $5k down at 2.5% for 60 months would be more than twice what I pay per month and I only had to pay less than $1k out of pocket including my 1st month's payment. It just makes sense for me.

see... that's what I thought...

My pop and bro was trying to talk me out of a lease...

I'm like... why? Car is paid for and in good condition... so I won't be in the leased whip everyday ...

My bro is on a ( ) 72 month lease... I'm like, how much is that car going to be worth at the end of the lease...

And how much longer will it last, especially if it has 150k+ miles on it...

I always thought it was just more logical to have a regular, everyday whip like a Camry or impala that's paid for...

Then lease a nice luxury whip like a BMW or Lexus as a weekend / night out / whip...

Hell, even a motorcycle. / leased whip combo doesn't sound so bad...

 

[crcballer55]

You've already done the first step and found out the lease buyout amount. Next, if you want to get out of the lease you'll have to pay the amount out of pocket. If you don't have the money, take out a car loan for the amount. The advantage is you'll actually be building equity and have the flexibility to sell the car whenever you want.

Thanks for the reply, If i take a loan out for the 31k even I'd need a term long enough so my payments aren't higher. I did the math currently im pay 435 a month, if I loan that 31k even strectch over the max term I know of, 60 months, not even factoring interest im at 516 a month!!

I could do that and just ax my insurance and keep the car in the garge while i try to sell, but even if I do that I doubt ill be able to break even or close to it. I dont want to be left with no more than 5k after selling..

I thought you said the early buyout was only $10k? If that's the case, take out the loan for 10K, buy a decent used car for 10K and start saving for the next couple years to upgrade your car.

Either way, $31K for a Maxima seems pretty extreme. Looking at Edmonds, it shouldn't be more than $23K.

 

[semf]

i hope this is a lesson to every one, but leasing a car isn't the way to go . . . I can't justify leasing a car for any reason, BUT . . .

OP, can you wait 24 months? $31K or 24 months? what's worth less hassle?

 

[dipsetallday05]

I think the OP's best bet, despite the risk, is to do a lease transfer.

I'm going to look more into the swap, or I might just stomach it for the next 26 months....

Would I be able to go into a lease for a cheaper car at a lower term if i turn this one in?

 

[friscosfinest]

What are the benefits of leasing a car for a regular cat?

smaller payments, no maintenance, and always getting a brand new car.

its not considered throwing money away because you technically lose money after being an "owner" of a car.

Example: You buy a brand new 30,000 toyota. Next month you have a change of heart, and decide to trade it in to the SAME dealership. How much do you think you'll get? It has like what.. 400 miles on it? The dealer will offer you around 24-26 grand. You lost 4-6 grand just because you are a registered owner of the vehicle.

For people like me who ususally get sick of the car in 3 years, leasing actually saves me money

 

[dipsetallday05]

I thought you said the early buyout was only $10k? If that's the case, take out the loan for 10K, buy a decent used car for 10K and start saving for the next couple years to upgrade your car.

Either way, $31K for a Maxima seems pretty extreme. Looking at Edmonds, it shouldn't be more than $23K.

Ending the lease now and switching to buy is $31k, the 10k is how much i'd have to pay if i wanted to cancel the lease now just to be out of it.


i hope this is a lesson to every one, but leasing a car isn't the way to go . . . I can't justify leasing a car for any reason, BUT . . .

OP, can you wait 24 months? $31K or 24 months? what's worth less hassle?

yeah, i'm leaning towards just waiting and take the L. Thank God, I can still make payments and live but seeing that money leave my account for a car I really don't have a need for is killing me!!

 

[Bert.]

What are the benefits of leasing a car for a regular cat?

so you can make a thread like this when you realize you just threw money in the trash.

you mad im leasing a 2012 charger r/t for $200 a month?

 

[semf]

What are the benefits of leasing a car for a regular cat?

smaller payments, no maintenance, and always getting a brand new car.

its not considered throwing money away because you technically lose money after being an "owner" of a car.

For people like me who ususally get sick of the car in 3 years, leasing actually saves me money

If you can afford to lease for the rest of your life / afford a monthly payment for the rest of your life, then god bless you.

I just finished paying off my car (5 years). That extra $300ish monthly payment is done. I now have the option of taking that former $300 / month car payment and putting it towards savings / 401K / retirement , using that extra cash to pay off school loans or other debt, etc.

 

[thunderchunk69]

What are the benefits of leasing a car for a regular cat?

so you can make a thread like this when you realize you just threw money in the trash.

you mad im leasing a 2012 charger r/t for $200 a month?

yes, I was secretly angered by your personal situation the whole time.

 

[hoosierdaddy317]

i hope this is a lesson to every one, but leasing a car isn't the way to go . . . I can't justify leasing a car for any reason, BUT . . .
OP, can you wait 24 months? $31K or 24 months? what's worth less hassle?

don't listen to this fool... leasing is a good way to go if you want to be in a car every new 3 years AND you have the option of financing the car at the end of your term. 

 

[dipsetallday05]

If you can afford to lease for the rest of your life / afford a monthly payment for the rest of your life, then god bless you.
I just finished paying off my car (5 years). That extra $300ish monthly payment is done. I now have the option of taking that former $300 / month car payment and putting it towards savings / 401K / retirement , using that extra cash to pay off school loans or other debt, etc.

Exactly how I'm feeling.. I set an appt to meet with a lease manager this Saturday. I know these car peoples are sharks so any help on what questions to ask would be helpful.

 

[ricky409]

If you can afford to lease for the rest of your life / afford a monthly payment for the rest of your life, then god bless you.
I just finished paying off my car (5 years). That extra $300ish monthly payment is done. I now have the option of taking that former $300 / month car payment and putting it towards savings / 401K / retirement , using that extra cash to pay off school loans or other debt, etc.

great point...

But how much longer will the car last?

Don't know where you live... but in Texas, one could EASILY put 100k on a whip in 5 years...

Also, maintenance and repairs should be kept in mind as well...

Not shining on you or nothing ... I just think circumstances and geographical location have something to do with the choice between leasing and buying ...

Lastly, what if you have a lifestyle improvement?