Car Lease Question

[DaJoker]

A buddy of mine leased a Nissan Murano, I think it is a 4 year lease. Make a long story short they wanna buy the car outright now, only 2 years into the lease. Any tips? He is considering trading the car in on a GMC Sierra just to get out of the lease, he would be purchasing the GMC. They like the car they just want out of their lease. How hard will they have to take the shaft to get out of the lease? I believe they are well over the mileage already.op:

 

[FordSVTFan]

The specific terms of the lease will control that.

 

[svtsmo]

The specific terms of the lease will control that.

+1 generally its extremely cost prohibitive to break a lease early. also, leasing a car for more than 3 years isnt really worth it in the first place. for four years you might as well finance it

 

[Junior00]

Not to mention that "most" but not all contracts charge you out the ass for going over the set mileage per year. Leasing sucks for the average joe in most cases.

 

[Euphoric One]

My tips for your buddy; start working a ton of OT. There are typically few options for getting out of a lease. Furthermore, who goes over miles on a 4 year lease in 2 years?

Unless there is a magic loophole, your buddy has a shit sandwich he is going to have to take a bite out of.

 

[Seraphus]

what they said lol.

It's either that or get some sap to take over the lease for him . . .

 

[DaJoker]

Yes I did some research and he is pretty much screwed. He called Nissan Finance and they wouldn't even talk to him since the lease is in his wife's name. I told him to get a gallon of gas, some matches and :burn:........... Screw leasing!! He's got 40k miles on the car already, only get 10k or 12k a year.

 

[Rochard]

He wants to get out of the lease so he can trade it in on another car?

Your friend seems to think he has some value in the car he's leasing, and wants to use this to leverage a down payment on another car. A lease doesn't work that way. Basically, he' renting the car. At the end of the lease term, if he wants the car, he has to buy it - at what it is currently worth at the end of his lease. There might be some incentive to buy as part of the lease agreement but it's not that great.

Even if he had purchased the car, if it was a four year loan and he's only two years into the loan he would still owe more than half of the original purchase price of the car because of the interest. On top of that, the moment he drove it off the lot the car went down in value.

Your friend is an idiot.

 

[DaJoker]

He wants to get out of the lease so he can trade it in on another car?

Your friend seems to think he has some value in the car he's leasing, and wants to use this to leverage a down payment on another car. A lease doesn't work that way. Basically, he' renting the car. At the end of the lease term, if he wants the car, he has to buy it - at what it is currently worth at the end of his lease. There might be some incentive to buy as part of the lease agreement but it's not that great.

Even if he had purchased the car, if it was a four year loan and he's only two years into the loan he would still owe more than half of the original purchase price of the car because of the interest. On top of that, the moment he drove it off the lot the car went down in value.

Your friend is an idiot.

He knows that money will be added to the purchase of the next vehicle. He has looked around several times and knows he is upside down. He just wants to OWN the next car even if its a step down. I think his wife wanted to keep up with her friends who bought new cars, even though they couldn't afford it. Like I said before he is screwed. Just hate to see a friend fall into this trap.

 

[STG]

Furthermore, who goes over miles on a 4 year lease in 2 years?

The customer who didn't want or couldn't afford the monthly payments on a higher mileage limit.

OP screwed himself. That's what it costs to appease the wife because she wants to keep up with the neighbors.

 

[Common]

He can always try LeaseTrader.com - Car Lease - Lease Assumption - Short Term Leases

I personally love leasetrader, what a bright concept, it's for people like your buddy pretty much, the only thing working against him is the over used miles. People who peruse lease trader and swap-a-lease.com tend to scoop up remainders of leases that are well under the mileage. This way they get a really short/sweet lease and no money down, all they pay is the leasetrader's 60$ fee iirc and 350$ transfer fee.

 

[DaJoker]

The customer who didn't want or couldn't afford the monthly payments on a higher mileage limit.

OP screwed himself. That's what it costs to appease the wife because she wants to keep up with the neighbors.

OP???? I buy not lease!:beer: But I get what your saying. My wife has a Pilot and its almost paid for.

 

[Kevin the Clean 1]

A buddy of mine leased a Nissan Murano, I think it is a 4 year lease. Make a long story short they wanna buy the car outright now, only 2 years into the lease. Any tips? He is considering trading the car in on a GMC Sierra just to get out of the lease, he would be purchasing the GMC. They like the car they just want out of their lease. How hard will they have to take the shaft to get out of the lease? I believe they are well over the mileage already.op:

It might take a while but tell him to put the car up on swapalease.com

They are the best,biggest & most respected at what they do... !

 

[floyd4ford]

Flease not Lease.

 

[DaJoker]

It might take a while but tell him to put the car up on swapalease.com

They are the best,biggest & most respected at what they do... !

Thanks. I think he may try that. I told him to hold on till another hurricane comes thru and drive it in deep water.:uh oh:

 

[Rochard]

He knows that money will be added to the purchase of the next vehicle. He has looked around several times and knows he is upside down. He just wants to OWN the next car even if its a step down. I think his wife wanted to keep up with her friends who bought new cars, even though they couldn't afford it. Like I said before he is screwed. Just hate to see a friend fall into this trap.

So I did understand correctly.

One of my friends did this. He owned a truck he was still making payments on, but wanted to buy a new truck. So, he traded somehow traded in a truck he still owed money on and bought a new SUV. He had to get a five year loan to cover it all. He drives a lot so now he's got a five year old truck ( Chevy Trailblazer) with like 300k miles on it that's falling apart.