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How to End a Car Lease Early
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- Опубликовано: 15 авг 2024
- In this video, we discuss ending your vehicle lease early. What are the pros and cons to it. We also talk about the difference between a regular loan and a lease.
what’s your opinion on a 6500 mile car and the lease isn’t up till 2025. but a dealership wants it. because they said they are having a big used car sale on there lot and they want your car
My opinion is this: sell it if you like the offer they make. If not, keep it.
absolutely splendid video and explanation. Your video just answered every question that i had in my mind - thank you.
Great info! I've been leasing for about 20+ years now. First Subaru, now Hyundai. In 2024, I'm happy to wait it out and not end my lease early as I would rather go the full 35-36 months to ensure I get the actual trim, color, options that I want and no extra stuff like mud flaps or floor mats. My last leased Hyundai was during the pandemic (October 2021) and I had a choice of 1 vehicle or nothing. What a difference 3 years make. I know I'll get loyalty "discounts" for leasing Hyundai #5 and my only choice is ICE or EV version of the same crossover. Many people don't understand leasing, as it's like going to Hertz and renting a car for 3 years. No title/ownership, and you have to keep the car in pristine condition, but unlike a Hertz rental, you don't have unlimited mileage. But the best part is the lower payments, and you are under the full warranty (and sometimes, maintenance is covered 100% too).
It's a great option! Thanks for your input.
I pay cash for my car...I own a Lexus RX 350...
@@Joe-w9h 90% of car buys CANNOT do this. Good for you!
How's it going. I'm 2 yrs into a 3 yr lease for 12k miles a year. I'm currently only at 14k miles and definitely will be way under my miles during turn in time. Will that benefit me in anyway? Thanks
Yes. Your vehicle value should be higher than your residual. Depending on the vehicle.
Hey Sr what is the best advice you would give me , i got a lease from Honda , it’s a Honda CRV 2021, but I honestly didn’t know that much about leasing and stuffs even the seller agent didn’t tell me much , i simply thought it was the same as finance . But now I went over that 10,000 miles they gave me for a year and now the car got 30,600 miles on it because I’ve been doing Uber to survive . And I want to get rid of the car so bad because i think I’m really screwed and I don’t know what to do now because i want to finance another car so I can call it mine because i didn’t know nothing about finance like that . Please would tell me what to do ? Thank you so much !
Hi Ronnie, my situation is I’m currently on a 48 month lease plan. So far I’ve paid 14 months on the car. I’m looking to see if i could get out of my current lease and onto a new lease with a different car since I make a little more now. Maybe you could help me figure the math? Or give me some advice I could go with.
Yes I can help. Give me a call when you have time. 719-213-7150
Starts @4:13
I currently own a 2021 Hyundai Santa Fe Limited and leased it for 3 years and march 26 next year will be a year.I don’t really like this car that much anymore.What do I do.Do I call my bank and see what my payout is vs what the cars worth since the markets so good.I want to get back in a truck.Will I have to make payments from my Santa Fe’s lease because I don’t want to do that.Am I Stuck?
Yes, it's probably worth more than the payoff. Find out then make a decision. Trucks are super high priced right now. Good luck.
@@RonnieHaskins thank you
@@RonnieHaskins thanks for your help.I got rid of my Santa Fe and own a ram 1500 larimie.I like it much better
Awesome! I'm glad it worked out.
I need help and advice I have a leased vehicle I purchased through Honda last year.
Sure, what's your question?
What's the process like if someone else wants to take over the lease? Lease transfer to a friend or family member?
I have never experienced that. I am not sure.
Hi! I have 5 months left on my lease but I want to turn it in early coz I don't use it and I am experiencing financial difficulty right now resulting to have a bad credit. It only has 5k miles. I wanted to sell it to Carmax but Nissan doesn't allow that anymore. I wish I could buy it myself. Since the value of my car in current time is way higher than the residual value, do you think I still need to pay the remaining balance when I turn it early and any termination fee? Thank you!
If you're in Colorado I can help. If not, call the Nissan dealer and take it in to them. They should be able to buy it and get you out of it. Keep it short and sweet, they don't need to know about your difficulty. Just tell them you don't need the car anymore and want to see if they can end the lease now by buying your car and paying it off.
@@RonnieHaskinsThank you so much for your response and for this video! I ended up selling my car to AutoNation which I was so surprised that they could buy it as a third party. Nissan was surprised too once I told them. Thanks again. I appreciate all your videos!
You're welcome! I'm glad it worked out.
Thank you sir. Very informative and honest.
Thank you!
@RonnieHaskins Yes sir. I have a situation that is interesting. 23.8k residual value but edumnds (I switched vehicles with wife for a year to lower wear and tear/mileage as I knew they calculated that into their algorithm.
The same vehicle i am leasing with less upgrades and double the mileage is selling for $39,998. Same year but not as nice and double the miles I currently have.
I do not like never wanted to lease. During the chip crisis Ford did a poor job and i kept getting stuck with rental cars etc. I immediately left and traded to Honda like an idiot.
My goal is to get out of my lease and get into a buy.
Have you seen this position before?
@RonnieHaskins if honda writes me a check for the difference I can pay off the lease portion fyi.
Yes, I have seen this. This is common as of the last few years, but it's correcting now. This is very difficult to discuss typing back and forth. Give me a call, we can discuss it. 719-213-7150
I’m in 36 month lease and I only have 3 weeks with the vehicle and I want to return the vehicle is there a way I can do that ?
It is no different than a regular loan. The only way you can do that is to pay it off, trade it if there is equity or default on the lease.
Lose your job and need to get out of a lease?! Just make all the remaining payments and pay the fees lol great video and help 🤣🤦
There is no easy way out of a loan or a lease.
@@RonnieHaskinswhat about if the person does not have money to make the remaining payments? Return it to the dealership and ruin the credit score?
You explained it to the T great video
Thank you!
Is the dealer buyout the same as leasee buyout? I'm wanting to use my us bank lease for a trade in at carmax. Any info would be amazing thank you!
It depends on the manufacturer. You will have to call your lender to find out.
Ronnie, I leased an Audi SQ8 for 3 years and have made 8 payments on it. I need to get out of the lease early because of some family situations that have came up and need to heavily cut costs and liabilities. My payoff amount is $105,000. Residual is $51,000. Monthly payments are $2,000. How screwed am I? What's the best situation for me? Thanks in advance
Give me a call, and we can take a look. I'll need the VIN and mileage. You can reach me at 7195288700. The market is so good right now you may be okay.
@@RonnieHaskins ill call you tomorrow! Thank you sir. Happy New Year
I’m in the same boat now :( what did you end up doing ?
@@bryanbarker7319I’m in the same situation. How did you end up?
I’m thinking of return the vehicle to the dealership and ruin my credit score. I don’t have money to make the remaining payments
Can i turn my lease in 6 months early and buy a car instead? I owe $4000 in payments and the car is worth 20k right now.
If you'd like me to look at it, book a call with me using this link. meetings.hubspot.com/rhaskins/information-call-with-ronnie-haskins
Hello sir. So if I took my leased vehicle to a Carmax and they basically give me the buyout amount for my lease, I wouldn’t be responsible for paying any sales Tax correct? If I bought out my lease personally then that’s when I’ll be responsible for sales tax? Thank you in advance
Correct. I also buy out leases every week. Since we are a licensed dealer, we don't pay the taxes that the consumer would be responsible for. It's another great way to break your lease early. Even if you are over on miles, this is possible at this time. It can help you avoid a mileage penalty by selling the car.
@@RonnieHaskins what about the early termination fee if I go the Carmax route with them basically purchasing the car? Would I be responsible for paying early termination fee and if so around how much is an early termination fee? I’m leaning towards selling the vehicle to Carmax .Thank you.
I have not seen an "early termination" fee on a lease contract. Maybe you mean the turn in fee or purchase fee? When you call in for the payoff, they include all fees in the total number. Just ask the bank when you call in to itemize it for you.
Hey so I have had my lease for 2 years and I want to trade it in early for something else can I do that
Yes, you can.
@@RonnieHaskins will it mess up my lease plan
It will end your current lease and start a new one.
Hey boss man, I’m currently in a situation where I took out a truck on lease 2 months ago for 4 years and the company I worked for went out of business. I’m stuck with this vehicle, and absolutely can’t afford it anymore since I have no job. Im really stuck in a bubble here. I have no choice to break my new lease since I have no work. I absolutely have no money to give the dealership. I know obviously my precious credit score will dramatically decrease but have nothing in my control. Any advice you can possibly give ?
Let me analyze your situation before you make a move. Give me a call, and we can look at your options. 7195288700
@@RonnieHaskins perfect I’ll give you a call in a few mins boss. Thanks in advance
So how did it work out?
I don't even remember if we talked. It's been too long....
@@justinhernandez218how did you end up?
I’m in the same situation
Wow I needed to see this video ! I have a 2020 Gmc sierra slt crew with 12 payments left. Don't know if I can make some positive equity if I can sell it to a dealer ?
Maybe. Some leasing companies allow it, some don't. The real issue is getting a new truck. If you have 12 months left, you should order now. It's taking up to a year to get a truck in some situations.
I want to keep my lease I owe 38,000 in my truck with only 17,000 miles can my local bank pay them off and refinance with my bank.
Yes that's exactly right.
Hi there, so last month I leased a Mercedes way over the recommended 36 months (got it for 60 months, yes I know, not a good move) but let’s say I want to get into another lease (same company&dealer) within the next year. What would you recommend I do without having to pay so much out of pocket? Reason being is because I love my car but it has the suede interior seats and want kids next year and would rather get the car I want with a little extra perks & getting leather instead. Lol
I meant getting the same car model*
You can trade up now, just go to the dealer and tell them you want to trade up. If the numbers work, go ahead and trade. Keep it to 36 months on the new lease.
@@RonnieHaskins oh ok! Dumb question but by trading up, would I still have to pay all termination fees and pay off the lease balance?
If you buy the car there are no fees. Just one payoff. So, the dealer can get that payoff and compare it to the market value. If the car is worth more than the payoff you're in good shape. If not, you can still trade if you want and roll in the negative. I don't advise it but it's possible.
I have 19 payments left on my lease . I want to add more money to my monthly payments and be done with the payments in 8 to 12 months . Do you think this is a good idea , if I want to get out the lease into a better car ? And if by the 8 or 12 month can I bring the vehicle back since I paid it off ?
You can probably trade up now. The values are so high on used cars right now that you may be able to get out now. Have your car appraised and compare that appraisal to the payoff amount. You get the payoff amount by calling the leasing company and asking for it.
@@RonnieHaskins oh ok. Does it make a difference if I want to go to a different car company, when I give this lease back ?
It shouldn't. Find out the specifics first. How much value you have or if you're upside down. Then, step 2, figure out who will work with you to trade out.
Lease payments are fixed.
Any extra money you send will just go to future payments.
Correct, but you can still pay the car off now in total and get out. In this market I'm finding a lot of clients still have an equity position. It won't last but it's there now.
Hello Ronnie, I have a leased a brand new Hyundai 2023 Kona, and I want to get out of it, as I have an emergency in my family, I would really appreciate if you could hep. I am in Ontario.
Hi, sure we can talk. I have a broker friend in Canada that may be able to help you.
@@RonnieHaskins oh that is great, thank you so much Ronnie, How can I contact you ? Please let me know
@@mathewsgeorge1407 email me at rhaskins@myautosearchusa.com
So wait , if I owe $9000 on remaining payments on a lease , and the dealer or someone wants to buy my car for its price at the lease end , which is 40k . The problem is out of my hands?
Yes, that is correct. A dealer can buy it now or at lease end. It just has to make sense to the buying dealer. If the value is there it's not a problem.
@@RonnieHaskins so what happens to the $9000 ?
@@RonnieHaskins i thought they would only do that if I lease or finance a new car , but I can walk away with out paying the remaining $9000 if they buy it for 40k?
The car has a "payoff" amount including remaining payments today. If it's worth that X amount t, then a dealer will buy it and you're done.
Hey Ronnie I leased a car a yr a go. What would be my best option to get out my lease and it's a 36 month lease cars value as of today is 30k and I owe about 10k on the lease
You owe $10k in payments or the total payoff to own the car is $10k?
Hi. How about if my car lease payments are too high, what options do I have to lower my payments?
You can trade out now if the numbers work. If not you'll have to finish the lease.
@@RonnieHaskins ty for your reply. The problem is, I want to keep this car that I am currently leasing
Can you show me steps to take in becoming an auto broker with no experience in sales
Absolutely! Leave your email, I'll reach out directly.
Title says lease so stick with that topic.
Lol