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Bogle
08-12-2005, 02:17 PM
I'm into my lease for almost a year now and I'm really thinking of terminating my lease agreement. Has anyone ever done this? What where the penalties? I just want to get an idea of other experiences before I approach the dealer.

I also thought of buying out the contract. Will I need another down payment? Will the money I already put into the lease be taken into consideration?

Please post your experience and knowledge. Thanks.

piscesgirl_2
08-12-2005, 02:35 PM
Hi Bogle,

I leased a vehicle, no early termination, but here's where I got a lot of information from Edmunds.com (http://www.edmunds.com/advice/leasing/articles/index.html?tid=edmunds.a.advicelanding.secnav.3.1. *) and it was very helpful. Good Luck.

Bogle
08-12-2005, 05:26 PM
Thank you. I will check the website.

Ellann4
08-12-2005, 05:58 PM
How you terminate the deal is based on the contract you signed. Take it out and read it...there should be a clause in there about early termination of lease.

MsMila
08-21-2005, 03:38 AM
I leased a car before and I was just about to go over my mileage and right before I did that I traded the car in and got financed for another one.
I took a financial lost because I rushed into a decision when I leased in the first place. So please be careful and read the small print.

giggleblue
08-27-2005, 10:55 AM
:2cents: from personal financial management classes at the university.

leasing a car is never a good option in the long run. unless you are leasing the vehicle for business use, in which case the expenses are deductable, and leasing makes it easier to keep up with the expenditures for tax purposes. plus, it gives business owners the option to upgrade their vehicles more frequently.

there will be pentalties, and they will be in the lease that you signed... usually they are in the form of fees that must be paid in full when the contract is ended...