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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Car lease?
I know it's tough to get out of a car lease...but if you have to...what are the typical options?
A 3 year lease with 2 years left?
Im not in this situation yet, but I worry that if I move back to NYC (I have no idea if I will) I will have to get rid of the car. It keeps me up at night that I won't be able to move back because of it. Everyone tells me there is always a way..well I need to know so I can stop worrying.
Thanks.
Message edited 2/13/2008 2:05:56 PM.
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Posted 2/13/08 2:04 PM  |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Car lease?
I think you can try and sell it privately to someone to buy out your lease....
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| Posted 2/13/08 2:05 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: Car lease?
I agree with Lisa, you can always try and find someone privately to buy out your lease.
Message edited 5/15/2008 2:13:34 PM.
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| Posted 2/13/08 2:08 PM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Car lease?
www.swapalease.com
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| Posted 2/13/08 2:08 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: Car lease?
Posted by chmlengr
You leased the car in GA? Even if you moved back to NY, you could technically take it with you (yeah, I know you don't "need" a car in Manhattan) and when the lease is up, just turn it into the the nearest dealer. People do it all the time at my DH's dealership.
I wouldn't be able to afford the car/insurance and rent! NYC is a tough place to live even on a decent salary.
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| Posted 2/13/08 2:09 PM |
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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: Car lease?
Posted by robynfs
Posted by chmlengr
You leased the car in GA? Even if you moved back to NY, you could technically take it with you (yeah, I know you don't "need" a car in Manhattan) and when the lease is up, just turn it into the the nearest dealer. People do it all the time at my DH's dealership.
I wouldn't be able to afford the car/insurance and rent! NYC is a tough place to live even on a decent salary.
I hear ya 
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| Posted 2/13/08 2:12 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: Car lease?
Posted by babymakes3
www.swapalease.com
This is interesting...thank you. Nice to know there are options. Thank you!
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| Posted 2/13/08 2:14 PM |
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Lucky09
2017!
Member since 1/06 7539 total posts
Name:
DW
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Re: Car lease?
Have you read your actual lease agreement? I would think there is an early termination clause or something.
You might have to pay a penalty though.
I can't believe that there is NO way to get out of it. I mean, what if you just stopped paying for it and let it get repo'd?
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| Posted 2/13/08 3:52 PM |
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bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
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Re: Car lease?
Leasetrader.com
leaseswap.com
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| Posted 2/13/08 3:55 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Car lease?
sell it. You can just take the money and pay it off.
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| Posted 2/13/08 4:50 PM |
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robynfs
12/6/10!!
Member since 9/05 4947 total posts
Name:
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Re: Car lease?
Posted by Blu-ize
sell it. You can just take the money and pay it off.
You mean sell/swap the lease right??
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| Posted 2/13/08 5:38 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Car lease?
Don't speculate on anything until you call your financing company that holds the lease.
Tell them you are moving out of state (show them proof).
Ask them what your options are in regards to returning the car now. They will probably hit you up with penalties, but if you are that desperate to sell it and move it may be worth it to just eat the cost.
You can sell or transfer the lease to somebody else, or you could buy the car outright and sell it private party. But you may end up eating money on that anyways.
Call your lender and ask them what your options are.
ETA: Many lease agreements have fine print that you are not allowed to take the car out of state for an extended period of time (like over a month). So there has to be some loopholes available since you are permanently moving and would be breaking your contract terms. 
Message edited 2/13/2008 6:30:39 PM.
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| Posted 2/13/08 6:29 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Car lease?
One other option is to buy a new car in NY and ask the dealer to buy out your lease.
But I would proceed with caution on this and bring somebody with you that knows how to do the math regarding car purchases if you are not 100% familiar.
Lease and Financing buy-outs by dealers are the easiest way for them to sucker a customer into paying top dollar for their new car. They have ways to make the numbers "look good" on paper when you are really paying top dollar. If there is a difference in price between what you owe and what they willing to buy it out for, they usually add the remainding balance to your monthly payments on your new car. Not good.
But this is another option.
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| Posted 2/13/08 6:46 PM |
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DeniseMarie
<3
Member since 8/07 10682 total posts
Name:
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Re: Car lease?
I work for an auto finance company. You should call your company because some of the are diff than others.
A dealership is not going to pay off your car because they dont get anything out of it. They arent going to just take the car in and pay for it without you buying another car.
You can see if your financing company allows you to turn the car in , meaning they will come pick it up, without an early penalty.
You can try to sell it to a third party. Call your finance company to see what your exact balance is.
GL!
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| Posted 2/13/08 7:00 PM |
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