Best way to end a lease early - Nissan Forums : Nissan Forum
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post #1 of 19 Old 02-09-2007, 05:37 PM Thread Starter
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Best way to end a lease early

Hey,

Anyone know the best way to end a Lease early? Without it showing up on your credit report as a negative? I've been in the Lease for 14months and its a 39 month lease. Is Leasetrader .com a good idea?

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post #2 of 19 Old 02-09-2007, 05:41 PM
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You guys smell something burning...... JK.

You can break (end) a lease at anytime, all it takes is money.

Buy the car immediatley (with penalty) then sell it for a loss, (because you'll now owe more than the car is worth).
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post #3 of 19 Old 02-09-2007, 06:15 PM
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Quote:
Originally Posted by RobMac
You guys smell something burning...... JK.).
Damn it.....You beat me to it......

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post #4 of 19 Old 02-09-2007, 06:56 PM
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Leasetrader and Swapalease are viable options, but in most cases you will be tied till the lease expires (creditwise). So if the buyer defaults your credit gets screwed.

Also, it depends on your payments. If you try to swap an Altima Lease with $500/month it will be just unfeasible.
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post #5 of 19 Old 02-09-2007, 07:24 PM
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Bankruptcy will clear all your woes;EXCEPT it'll take 10 years to clear the bankruptcy. But all other defaults, etc. will be cleared. I would not advise you do this.

Traded 10/10/11 for a 2012 Hyundai Genesis Track Coupe.
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post #6 of 19 Old 02-11-2007, 09:47 PM Thread Starter
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Arrow

What I would like to do is be able to get out of the Nissan and into a Infiniti.(different brand) I would even be willing to pay a early termination few as long as it would not affect my credit. Is it as simple as going to the dealer or calling Nissan about this?

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post #7 of 19 Old 02-11-2007, 11:10 PM
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Early Termination fee = Actual-Payoff-amount MINUS Trade-In Value paid by dealer. That can be several thousand dollars.
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post #8 of 19 Old 02-11-2007, 11:20 PM
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If you are going to trade up at the same dealer you bought the car from you'll be surprised how much they will work with you...

Neil

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post #9 of 19 Old 02-12-2007, 01:06 AM
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Quote:
Originally Posted by Neil01
If you are going to trade up at the same dealer you bought the car from you'll be surprised how much they will work with you...

Neil
Word up Neil. He is absolutely right. If you want to trade up to a more expensive automobile, you have got some barganing power.

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post #10 of 19 Old 02-12-2007, 06:46 AM
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why would u lease a car anyway.. i never understood why people can't just pay the damn thing off without dealing with the fact of even if u do pay off the lease, you're still empty handed MINUS however much the total amount leased.

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post #11 of 19 Old 02-12-2007, 11:38 AM
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Quote:
Originally Posted by WhiteAlti06
why would u lease a car anyway.. i never understood why people can't just pay the damn thing off without dealing with the fact of even if u do pay off the lease, you're still empty handed MINUS however much the total amount leased.
I agree with you, but the allure of leasing is that it is typically cheaper per month. Hence, you can afford more car for less $$$ per month. Also, some people like to have a new car every 2-3 years without the headache of trading and/or selling on your own.

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post #12 of 19 Old 02-12-2007, 01:22 PM
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All depends on the lease....Most cases you are better buying...Some you are not..

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post #13 of 19 Old 02-12-2007, 01:34 PM
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It all depends on:

1. Residual Value - www.alg.com/deprratings.aspx - High Residual Vehicles can be inexpensive to lease (there was a local dealer offering an 07 Altima for $199/month x 24 months Sign & Drive)

2. How quickly do you change cars

3. If you drive less than 15K, 12K, or 10K miles a year.

4. You wanna have a preset payoff amount at the lease maturity date (so you can determine if you purchase or just dispose it off).

5. Incentives applied on top of the sale price.

As an example, I have leased an 06 Volvo XC90 that retailed for $43,500. Last year it was a high residual vehicle. I paid for tags only at delivery. I just need to worry about $458 x 23 months and get done with it. Ive seen people paying that much for a BMW 3 series and for 36 months, and they put money down. The reason of my deal was a combo between high residual and lots of incetives applied at delivery and at the sale price. It would have been a mistake to purchase a car that expensive IMO.

PS. I forgot to mention, Tier 1 leases are offered to high credit applicants.

Last edited by zamo; 02-12-2007 at 01:36 PM.
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post #14 of 19 Old 02-12-2007, 09:48 PM
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Quote:
Originally Posted by zamo
I have leased an 06 Volvo XC90 that retailed for $43,500. Last year it was a high residual vehicle. I paid for tags only at delivery. I just need to worry about $458 x 23 months and get done with it.
That's $10,543 down the drain, along with A LOT of gas money cuz I doubt that gas tank lasts a week regardless of the driving habits, on top of the higher premium insurance rates you have to pay...

Even for the V6 Model, you cover at a minimum only 358.7 miles and max at 464.2 miles per tank (21.1 gallons). So let's say the V6 takes 89 octane gas and you calculate at lets say $2.19x 21.1, which equals $46.21. 23 months = 92 weeks. So 92 Weeks times $46.21 = $4,251.32 (Under the assumption you can make your tank last a week).

For the V8 Model, the minimum is 316.5 and tha max you'll get is 422 miles per tank (21.1 gallons). So V8 is a 93 octane must. So calculate lets say $2.35x 21.1, which equals $49.59 a tank. So over a 23 month period, 92 Weeks times $49.59 = $4,562.28.

So you are looking at about a minimum of $14,794.32 and max of $15,105.28.
That is not including your interest rate. Let's say you got a real catchy interest rate of even 4.5%. So take $10,543 times .045, that = $11,017.44. So you do the math... you are still either way paying close to 16-17K for a lease, not counting insurance.

I'm sorry but I would rather add on an aditional $8,000 dollars and own a 2006Altima SE fully loaded, which is JUST as nice and luxurious, to my taste anyways. My payment is slightly more than yours, but on 60 months, and I will know I own the car, for only $8,000 more and not have to get ripped again. Yea i did not include the gas expense in this post, but my tank lasts on an average of 11-13 days with a 20 gallon tank, not 7. So you do the math.

Volvo is just an emblem, just like Audi and BMW, and Lexus... I can take any 3 series BMW except the M3, and still get away with about $15,000 +/- cheaper, not to mention the Audi A4, even turbo models.

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Last edited by WhiteAlti06; 02-12-2007 at 09:51 PM.
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post #15 of 19 Old 02-12-2007, 10:14 PM
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I drove a new GTO for 2 years for a wopping $2,649.00........... out of pocket....

Top dat biotches.....No buy in the world gonna beat that

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