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-   -   How can I break a lease? (http://www.jeepgarage.org/f97/how-can-i-break-a-lease-69907.html)

YjagetaJeep 01-03-2014 02:04 AM

How can I break a lease?
 
I'm one year in on a three year lease on a '13 Overland, and I'd like to know how to get out of it to buy an SRT8....Anybody ever done that?

Schleprock 01-03-2014 02:30 AM

Re: How can I break a lease?
 
real simple. 3 ways.

1. You get someone to take over the lease.
2. You trade the vehicle in and hope they give you enough for it to cover the lease payoff (I forget the specifics, but I did this with my '04 GTO to get my '06 GTO). High chance they will not and you will roll that dead money into the new SRT. I was lucky that GTOs had a high resale at the time and only had to roll $1,000 or so in, and considering I got my Dad's GM price, it was still cheaper than a normal person buying.
3. Pay the rest of your lease off (# of payments left x monthly payment).

kennzz05 01-03-2014 03:59 AM

Re: How can I break a lease?
 
4. pay someone to make it disapear

lstowell 01-03-2014 11:51 AM

Re: How can I break a lease?
 
If the SRT comes from the same dealer and you aren't too upside down on your lease, it would seem only an insane dealership would turn down the extra money, plus the ability to make a few bucks on a presumably nice off-lease vehicle. If you trust them, talk to them.

Schleprock 01-03-2014 01:14 PM

Re: How can I break a lease?
 
Post your numbers and maybe we can offer you more good news......or bad LOL

how much did you put at signing, your mileage limit and where you are at, monthly, residual, # of payments left.

EDIT: Better yet. Call your lease holder and asked for the BUYOUT PRICE of your lease. That is your crucial number. Anything you get above that number for trade in is surplus, any trade in value below is negative equity you have to roll over/pay down.

YjagetaJeep 01-03-2014 02:09 PM

Quote:

Originally Posted by Schleprock (Post 954026)
Post your numbers and maybe we can offer you more good news......or bad LOL

how much did you put at signing, your mileage limit and where you are at, monthly, residual, # of payments left.

EDIT: Better yet. Call your lease holder and asked for the BUYOUT PRICE of your lease. That is your crucial number. Anything you get above that number for trade in is surplus, any trade in value below is negative equity you have to roll over/pay down.

I put $10k down at signing, have a mileage limit of 10K/ year and I've only accumulated about 800 miles so far. I put in $10K cash and my payments are $300.00 I have twenty nine months remaining. My residual is $25k.
I will also contact Chryser Capitol to ask about a buyout price.
Thanks!
Ed

Schleprock 01-03-2014 02:22 PM

Re: How can I break a lease?
 
Quote:

Originally Posted by YjagetaJeep (Post 954050)
I put $10k down at signing, have a mileage limit of 10K/ year and I've only accumulated about 800 miles so far. I put in $10K cash and my payments are $300.00 I have twenty nine months remaining. My residual is $25k.
I will also contact Chryser Capitol to ask about a buyout price.
Thanks!
Ed

Considering you put $10k down I'd say you are good to go. Your buyout should be below the trade in offer. I'm guessing you can get $35k trade in? Not sure what the market is, I just got $45k for my 2012 SRT.

Not sure why you put $10k down on a lease, that doesn't make much sense, but that's your personal choice. However, in this case it may benefit you jumping to the SRT because it will help get you out of it. I'm totally estimating here, but even at invoice I'm guessing your SRT and getting out of the lease will still be $55k+ to finance/lease (IMO, wouldn't lease an SRT).

johngreen1234 01-03-2014 02:22 PM

Re: How can I break a lease?
 
Nice car, low miles, but somebody has to pay for the priviledge of drving a "new" car off a lot, and it's going to be you.

Since most lease customers are only concerned about the monthly payment--and have a good credit profile--you may find the dealer can make it work for you. But YOU are going to pay for the priviledge.

Anyone who changes their mind about a new car after 800 miles (or did you mean 8,000), has issues with impulse control. Car dealers LOVE thesse people, and leases are designed for them. EVENTUALLY you will have to pay for the priviledge of changing your mind because the weather changed, or it's Tuesday. In the mean time, enjoy!

Schleprock 01-03-2014 02:32 PM

Re: How can I break a lease?
 
Quote:

Originally Posted by johngreen1234 (Post 954058)
Nice car, low miles, but somebody has to pay for the priviledge of drving a "new" car off a lot, and it's going to be you.

Since most lease customers are only concerned about the monthly payment--and have a good credit profile--you may find the dealer can make it work for you. But YOU are going to pay for the priviledge.

Anyone who changes their mind about a new car after 800 miles (or did you mean 8,000), has issues with impulse control. Car dealers LOVE thesse people, and leases are designed for them. EVENTUALLY you will have to pay for the priviledge of changing your mind because the weather changed, or it's Tuesday. In the mean time, enjoy!

Thanks for the lecture Dad, but I don't think he needs it.

Most "car guys" understand you have to pay to play. I just paid thousands out of pocket, and increased what I owe on my bank note by thousands in order to get out of my 2012 SRT and into my 2014 SRT. However, my payment stays the same, I have a ton of equity in the 2014, and my POS 2012 is gone. I'll still pay it off before the loan ends. The 2014 feels like a completely different truck. My Shelby also has 1500 miles on it in 1.5 yrs and I owe half of what I paid for it. Cars are not good financial decisions, you have to go in knowing you are wasting money and have to judge if that waste is worth the happiness.

jbjones85 01-03-2014 02:35 PM

Yep being a car guy means making financially "not smart" decisions.

YjagetaJeep 01-03-2014 02:46 PM

I am not in a position where I need to change vehicles or desperately want another vehicle. I will most likely ride out the lease, and sell the GC, which wll probably have about four thousand miles on it at end of lease, and will be in better condition than I got it in from the dealer. I was just looking at the options for getting myself into an SRT, which, coincidentally, I hadn't really considered until I started looking around this forum. (Four second 0-60 times and 13 sec E/Ts are very strong aphrodisiacs for me!)
I sincerely thank you guys for giving me a good view of my options. And thank you too Joe, for helping me save money with the free Jeepgarage psycoanalysis!

lstowell 01-03-2014 03:41 PM

Re: How can I break a lease?
 
Quote:

Originally Posted by jbjones85 (Post 954065)
Yep being a car guy means making financially "not smart" decisions.

I'd have to argue that the "not smart" tends to extend well beyond just the financial realm.
....and hopefully that will NEVER change.

"Sorry honey, you are gorgeous and filthy rich, but you just cannot handle a stick shift...so see ya"


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