Not Really Relative...But

[Groz]

Guys,

I know this is not really the place for this, but I know a bunch of our regulars would give me some good advice. I apologize to Bettorsworld for putting this here, but I wanted to hear from some people I could relate to.
My question is about car leasing. I am in the middle of my lease with my Maxima. I would like to get out of the lease and get a new Maxima. The last Maxima that I leased, was thru Nissan and when I turned it in 4 months early, I was able to pay a nominal fee(around $600) and not have to make the last 3 payments of $400. This included the extra mileage that I had owed.
Unfortunately this time, my dealer told me to Finance thru Chase with them and Chase will not budge on early termination. They said I still have to make all the payments due,(I still have 16 months left of 39 months). Or I could have a Dealer pay off the residual, which is 24,000. I have not discussed this with my dealer, yet.
My question is how can I find anyone to pay off the balance of the car? The payoff is way too high, I think.
If anyone here has a good suggestion for me, it would be greatly appreciated. I am sure many of you have leased cars and have turned them in early. What should I do? I have 46,000 miles on the car, only three thousand until I have to start paying for extra mileage.
Thanks for your replies. I know this isn't about betting, but I consider negotiating with the dealers, almost on par.
Thanks,
Groz

[Dot Mix]

Looks like you are "upside down" with a net lease obligation probably substantially exceeding the actual cash value(wholesale) of the Maxima. Adding to the problem is the number of months left on your lease and the milage which is probably on the high side for the year of the car. The bank has probably told you see the dealer and have him pay off the car by buying out the lease, but if what you owe is more than what your car is actually worth with respect to the lease balance the dealer won't help you. He'd probably love to have you Maxima to resell, but he's only going to contribute to paying off the lease obligation to the tune of what the Maxima is actually worth to him on a wholesale basis. Then you would have to come up with the difference of what is owed. He'd write a check to the bank and you'd write a check to the bank. After the paper work was done the dealer would get the car and the title and you would be out of the lease.

This situation is not quite like the old lease car. In your case ---theres a big difference between owing four months(previous car) and owing 16 months on this one.

As far as I can see theres only a few options
short of dropping the car off at the dealers door and voluntatily turning it in, but that would legally leave you on "the hook for any deficiencies between the amount you owe on your lease and whatever the car would be sold or liquadated for. That is not a good idea with "bad credit" ramifications unless you make up the deficiencies and I'm sure thats not what you had in mind.

1.Try to find a buyer for retail market price and if there is a difference between your selling price and NET money owed YOU WOULD HAVE TO COUGH IT UP. Maybe you could find someone the bank would approve to take over the lease but that is probably unlikely.

2. Live with the car for the lease balance. The Maxima is not a hard car to live with for sure!

3. Next time---consider that leasing is not a great deal if you put a lot of miles on the car because of the excess milage penalties. also ---most cars take a huge depreciation the first year or two. If you hung in another year or so you might be in position to get out early again.

I wish I could offer better. Good luck.

Dot

[Dot Mix]

Looks like you are "upside down" with a net lease obligation probably substantially exceeding the actual cash value(wholesale) of the Maxima. Adding to the problem is the number of months left on your lease and the milage which is probably on the high side for the year of the car. The bank has probably told you see the dealer and have him pay off the car by buying out the lease, but if what you owe is more than what your car is actually worth with respect to the lease balance the dealer won't help you. He'd probably love to have you Maxima to resell, but he's only going to contribute to paying off the lease obligation to the tune of what the Maxima is actually worth to him on a wholesale basis. Then you would have to come up with the difference of what is owed. He'd write a check to the bank and you'd write a check to the bank. After the paper work was done the dealer would get the car and the title and you would be out of the lease.

This situation is not quite like the old lease car. In your case ---theres a big difference between owing four months(previous car) and owing 16 months on this one.

As far as I can see theres only a few options
short of dropping the car off at the dealers door and voluntatily turning it in, but that would legally leave you on "the hook for any deficiencies between the amount you owe on your lease and whatever the car would be sold or liquadated for. That is not a good idea with "bad credit" ramifications unless you make up the deficiencies and I'm sure thats not what you had in mind.

1.Try to find a buyer for retail market price and if there is a difference between your selling price and NET money owed YOU WOULD HAVE TO COUGH IT UP. Maybe you could find someone the bank would approve to take over the lease but that is probably unlikely.

2. Live with the car for the lease balance. The Maxima is not a hard car to live with for sure!

3. Next time---consider that leasing is not a great deal if you put a lot of miles on the car because of the excess milage penalties. also ---most cars take a huge depreciation the first year or two. If you hung in another year or so you might be in position to get out early again.

I wish I could offer better. Good luck.

Dot

[STING]

I've done this once or twice. My last car I actually turned in late but the one before this I had 12 months still to owe at $400.00 per month. In this case I went to another dealership (totally different make of automobile) and they bought out the lease, but I think it was around $2400 that this dealership still wanted from me to pay for the remainder. Not too sure how this works. Just know it worked.

[Groz]

Thanks Dot Mix and Sting for your replies. I hope a few more people can share their experiences with dealing with this type of situation. I know that buying a car almost always beats this situation, because of the high mileage.

Thanks Again,
Groz

[jr476]

I used to deal alot w/leased vehicles, on the bank end of things, working collections, and this question comes up frequently. Chase is similar to the bank I currently work for, in regards to early termination. With so many months left, you are really kind of stuck w/the vehicle. DotMix is right, those options he listed are really your only options. Leasing has its pros and cons, and this is a big con w/leasing, is early termination. They get you bigtime if you try to terminate w/more than a few months to go.

[Groz]

Thanks again for your replies.