# The In's and Out's of Breaking a Car Lease?



## med8or (Jan 18, 2002)

Hi:

Wanted to understand better the in's and out's of car leases. I have a GM lease that is approaching the 3rd year out of a 4 year lease. I'm growing tired of the car and also I know that I will be WAY over my KM's (20,000 p/y) by the time September 2007 rolls around.

I know that it is possible to get out of a lease but wanted to know what exactly happens? If I were to bring it to GM or another car company, what exactly would they do? Do I take a penalty for doing this?

Any experience, advise would be appreciated.

Jason


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## MLeh (Dec 23, 2005)

Read your lease. 

There is usually a penalty clause for over-kilometreage, a buyout cost, and an explanation of early termination and early purchase options, all detailed in that little fine print that you read before you signed the lease. (You did READ it before signing, right?)

Generally speaking - they'll want to make as much money off you as they possibly can. If you're over mileage already you might want to consider the early buyout option and just sell it privately. If you're not over 'yet' - read your lease and find out the ramifications of going over. A lot of times it's so userous that it's cheaper to turn it in early. At the very least they'll want the value of the depreciation and any interest they would have made.


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## JumboJones (Feb 21, 2001)

Try www.leasebusters.com

Talk to the dealership, they may have the best ideas for you.


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## MacAndy (May 17, 2004)

Try this... if your dealership won't take it back, find one that will. Dealerships are falling over each other to get used cars out of the hands of people who want nice new shiny ones.

Worked for me... had a 1996 Mustang GT brand new on a two-year lease, went back after two years with under 20K on it, loved it so much I told them I would be stupid to have them talk me into any other car, so I renewed my lease another two years.

Then, when that lease was over and the car was beginning to show signs of wear [a few things replaced, all under warranty] I dropped down to a Ford Contour. Puke. It was a necessity of having kids that I got a four-door and that was all they had. After barely six months I went back to the dealership and said, and I quote "You gotta get me out of this lease or I will drive it off a cliff."

I walked away with a brand new 2001 Ford Escape and have been a happy camper [seriously, I take it camping] since then with two newer Escapes since the first.

Some competing dealerships, I think a Chrysler one was doing it a month or so ago, will take ANY lease and buy it out for you.

If you go in and tell them you want to settle up and walk away, you're just wasting your money. If they're sensible, they'll try to talk you into a new lease.

Good luck!


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## stivewaug (Sep 30, 2008)

Here I like to suggest you a Lease Take Over Search Engine & Marketplace specializing in car lease transfer, lease assumption, and car lease takeover.

There you can actually type in your state or city into the search box(nobody else has this) and then see the results. 
Car Lease Depot is totally free of charge. Also right now you can post your ad for free.

For more information, feel free to brows the Swap a lease


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