I'm moving to New York City but I have a year left on my car lease. Is there any way out?
I have a Honda Civic leased through Honda Financial Services and there are 11 months left on my lease. HFS apparently does not allow Lease Swapping (a common solution for this type of problem). It looks like I will have to pay the remaining monthly payments I owe to Honda one way or another… Is there any alternative to this? I have no need for a car in NYC and I'm in California now. The car is in pristine condition and pacing about 6 or 7k under mileage. Anyone know of a way out?
Sure, the early termination clause in the lease will provide all the information you need.
This web site has an Early Termination Guide. Don't know if it'll help or not.
http://www.leaseguide.com/leasekit_aff.cfm
If you need the lease of the car or answer for questions related to the lease can look here http://www.carrentalsmarket.com/
Call & get a payoff. (Its going to approximate probably 10 months of payments so you might save one month)
Add the payoff to your predetermined buy price for a current "buy out".
Armed with that, take it to CarMax & several dealers that sell that kind of car and get offers.
You might get out for a net of only 5-6 payments if you are lucky.
And your car is in great shape.
Check the lease carefully for early termination.
Check the lease for the buy price at the end of the contract. If you have the funds, or a way to take a loan, pre-pay the lease out to the end and buy the car. Check Edmunds.com for the private party selling value of the car. The condition and age of the car may allow you to sell the car privately recovering all the money. You only do it if the numbers look good.
http://www.edmunds.com/appraisal/
I do see that if the car got totaled or stolen, the lease may include a gap insurance that covers all the remaining payments and the difference between the insurance and value.
Look for all holes and options in the contract.
Pay the early termination fee.
Nope, you signed a legal contract which you should not have signed if your thought you might move in a year.
Don't lease a car
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