| Author |
Message |
    
bisquit100
Citizen
Username: Bisquit100
Post Number: 54
Registered: 10-2001
| | Posted on Tuesday, September 2, 2003 - 8:45 am: | 
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Hello. I leased the wrong car. Not a bad car, but not at all what I expected. What can I do to get rid of it? Can I sell it? Somebody please tell me that I'm not stuck with it for the full term. Please? |
Brett
Citizen
Username: Bmalibashksa
Post Number: 92
Registered: 7-2003
| | Posted on Tuesday, September 2, 2003 - 9:17 am: |
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Try this or other sites like it
www.leasetrader.com |
sportsnut
Citizen
Username: Sportsnut
Post Number: 497
Registered: 10-2001
| | Posted on Tuesday, September 2, 2003 - 5:43 pm: |
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I had a 2000 Volvo S-80 T-6. The day I brought it home it gave me problems. One week later I brought it back to them to have the transmission replaced. Long story short - I hated the car and tried to get out of the lease, even threatened to sue, all to no avail. They insisted that was what warranties were for. You can try to use the website above but any way you look at it you'll lose $$$. I wound up keeping mine for the full term, although for the last three months it sat in my driveway undriven.
Bottom line is that a lease is a contract and if you want out the leasing company will let you out for the total of the remaining payments. There is no early termination provision that I am aware of. You can try to get someone to assume your lease but generally that is not a good idea from the potential buyer's perspective.
Best of luck. |
bisquit100
Citizen
Username: Bisquit100
Post Number: 55
Registered: 10-2001
| | Posted on Wednesday, September 3, 2003 - 1:29 pm: |
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Can I sell it for the payoff amount? Also, why isn't having someone assume the lease a good idea? Is it bad for my credit? Do tell. |
Brett
Citizen
Username: Bmalibashksa
Post Number: 94
Registered: 7-2003
| | Posted on Wednesday, September 3, 2003 - 1:52 pm: |
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Did you try talking to the dealer? Most people figure them as crooks but I have known them to be really helpful. Tell them you hate the car what can you do? They may try to get you into a better car so that you stay with the same dealer or Brand. |
steel
Citizen
Username: Steel
Post Number: 342
Registered: 2-2002
| | Posted on Wednesday, September 3, 2003 - 4:12 pm: |
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You can't sell what you don't own. |
sportsnut
Citizen
Username: Sportsnut
Post Number: 498
Registered: 10-2001
| | Posted on Wednesday, September 3, 2003 - 6:17 pm: |
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Bisquit100 - its a bad idea if you are the person assuming the lease because the depreciation on the lease is determined pro-rata i.e. each payment made assumes the same amount of depreciation. The reality is that the bulk of the depreciation occurs in the first year. Therefore if you are assuming a lease you wind up paying for depreciation currently that has already occured. Compare that with purchasing a one year old car. In that case the original purchaser gets stuck with the bulk of the depreciation not the subsequent purchaser.
It would be great for you if you could find someone to assume the lease but if you check out the site mentioned above I think you'll find that you need to offer some sort of financial incentive to induce someone to take over the lease. |
Brett
Citizen
Username: Bmalibashksa
Post Number: 96
Registered: 7-2003
| | Posted on Wednesday, September 3, 2003 - 9:10 pm: |
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if you have the right insurance, a stolen car is as good as sold. check out the "Garage door" thread |
bisquit100
Citizen
Username: Bisquit100
Post Number: 56
Registered: 10-2001
| | Posted on Wednesday, September 3, 2003 - 10:12 pm: |
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I understand that I don't own the car, but couldn't someone pay me the money needed to pay off the balance and the residual value in order to own the car, then I give them the keys? I did talk to the dealer and they said tough luck, cookie. Thanks to everyone for their help! |
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