Getting out of a vehicle lease?

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Automatik's avatar

Automatik

Senior Member

14,632 posts
May 5, 2016 10:01 AM
Least expensive and painless method? Does this exist?


A close friend is locked in a 36 month lease. Her work moved her to NYC from Cleveland, she wasn't given much notice and career wise is wasn't something she could pass up. She's currently 8 months into the lease.


Having the car here is basically a pointless money suck. It just sits on street, while she taking care of the lease and insurance payments. I feel bad for her so I'm trying to help, it's a shitty situation.
May 5, 2016 10:01am
sleeper's avatar

sleeper

Legend

27,879 posts
May 5, 2016 10:32 AM
I believe you can transfer the lease to someone else and they take over the contract.
May 5, 2016 10:32am
bases_loaded's avatar

bases_loaded

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6,912 posts
May 5, 2016 11:47 AM
What kind of car?
May 5, 2016 11:47am
Automatik's avatar

Automatik

Senior Member

14,632 posts
May 5, 2016 11:57 AM
According to my brief research, it all depends on the contract.

She cold possibly walk away, but will have to pay a hefty penalty. A coworker walked away from the same term lease after 20 months and paid a fee of $3,500.
May 5, 2016 11:57am
Q

QuakerOats

Senior Member

8,740 posts
May 5, 2016 12:02 PM
Rule # 1 -- never lease a car (unless it is a company vehicle).
May 5, 2016 12:02pm
Automatik's avatar

Automatik

Senior Member

14,632 posts
May 5, 2016 12:11 PM
My #1 rule is to not even have a car.
May 5, 2016 12:11pm
wildcats20's avatar

wildcats20

In ROY I Trust!!

27,794 posts
May 5, 2016 12:14 PM
Just saw a commercial for swapalease.com.

Go for it.
May 5, 2016 12:14pm
sleeper's avatar

sleeper

Legend

27,879 posts
May 5, 2016 12:42 PM
Automatik;1794924 wrote:My #1 rule is to not even have a car.
Found the city dweller.

I honestly don't need my car but its convenient to have one. Mostly my car is there just to impress people that I don't really care about.
May 5, 2016 12:42pm
Mulva's avatar

Mulva

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13,650 posts
May 5, 2016 12:47 PM
This is probably a naive question, but why not bring the car?
May 5, 2016 12:47pm
sleeper's avatar

sleeper

Legend

27,879 posts
May 5, 2016 12:49 PM
Mulva;1794933 wrote:This is probably a naive question, but why not bring the car?
Nowhere to park it in NYC at a reasonable cost and the lack of a need for a car in a big city.
May 5, 2016 12:49pm
Mulva's avatar

Mulva

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13,650 posts
May 5, 2016 12:52 PM
Derp. I read it backward as NYC to Cleveland.
May 5, 2016 12:52pm
Automatik's avatar

Automatik

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14,632 posts
May 5, 2016 12:52 PM
I had one for a few months, just not worth it. Moving it for street sweeping was a major PITA. It all depends on your location.

Zipcar is perfect for my vehicle needs.

My friend is in a difficult situation though. She also has a medium-sized dog, one that you can't really take on the subway.
May 5, 2016 12:52pm
like_that's avatar

like_that

1st Team All-PWN

26,625 posts
May 5, 2016 12:59 PM
I have my car in DC. It's more of the conscience to have one (traveling out of town, faster commute to work, grabbing groceries, etc), but I could live without it if it came down to that. Moving the car for street sweeping is a pain in the ass though.

There really is not much use for a car if you live in NYC though.
May 5, 2016 12:59pm
R

raiderbuck

Senior Member

1,623 posts
May 5, 2016 1:38 PM
QuakerOats;1794923 wrote:Rule # 1 -- never lease a car (unless it is a company vehicle).
Subjective.
May 5, 2016 1:38pm
R

rocketalum

Senior Member

268 posts
May 5, 2016 1:50 PM
Particularly if you believe in the buy what appreciates, rent what depreciates philosophy.
May 5, 2016 1:50pm
rrfan's avatar

rrfan

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1,922 posts
May 6, 2016 8:57 AM
Automatik;1794937 wrote:I had one for a few months, just not worth it. Moving it for street sweeping was a major PITA. It all depends on your location.

Zipcar is perfect for my vehicle needs.

My friend is in a difficult situation though. She also has a medium-sized dog, one that you can't really take on the subway.
what kind of Dog?
May 6, 2016 8:57am
rrfan's avatar

rrfan

Senior Member

1,922 posts
May 6, 2016 8:59 AM
QuakerOats;1794923 wrote:Rule # 1 -- never lease a car (unless it is a company vehicle).
I agree with this. Buy a car and maintain it till it dies. You will save a fortune.
May 6, 2016 8:59am
Automatik's avatar

Automatik

Senior Member

14,632 posts
May 6, 2016 1:21 PM
Dog: Husky

Car: Chevy Cruze (lol)
wildcats20;1794925 wrote:Just saw a commercial for swapalease.com.

Go for it.
Looking into this.

Also possibly getting a buyout number then selling to Carmax.
May 6, 2016 1:21pm
wildcats20's avatar

wildcats20

In ROY I Trust!!

27,794 posts
May 6, 2016 1:30 PM
Automatik;1795056 wrote:Looking into this.

Also possibly getting a buyout number then selling to Carmax.
I'm sure it's some sort of a scam or something. Just thought it was funny I was reading this thread and it came on tv. It was super low budget looking.
May 6, 2016 1:30pm
Q

QuakerOats

Senior Member

8,740 posts
May 6, 2016 2:09 PM
Automatik;1795056 wrote:Dog: Husky

Car: Chevy Cruze (lol)



Looking into this.

Also possibly getting a buyout number then selling to Carmax.

Nice dog. Keep the car, since it looks like the subway into Manhattan from Brooklyn is going down for a long time.
May 6, 2016 2:09pm
Automatik's avatar

Automatik

Senior Member

14,632 posts
May 6, 2016 2:36 PM
That's not starting until 2019 and I highly doubt they will completely shut down the tunnel. There's also 2 other lines going into Manhattan.

She's gotta ditch the car or make more money. The latter isn't happening anytime soon.
May 6, 2016 2:36pm
ts1227's avatar

ts1227

Senior Member

12,319 posts
May 6, 2016 2:44 PM
wildcats20;1795057 wrote:I'm sure it's some sort of a scam or something. Just thought it was funny I was reading this thread and it came on tv. It was super low budget looking.
It looks legit, just seems like it hasn't taken off yet. She may have decent luck in a big city on something like that though.

I suppose she can try to throw it on Craigslist and get someone to take over the lease?
May 6, 2016 2:44pm
S

superman

Senior Member

3,582 posts
May 6, 2016 7:44 PM
Get an extra set of keys, "accidently" leave them on the seat. The problem will take care of itself.
May 6, 2016 7:44pm
R

rydawg5

Senior Member

2,639 posts
May 6, 2016 8:49 PM
superman;1795079 wrote:Get an extra set of keys, "accidently" leave them on the seat. The problem will take care of itself.
I leased a Honda CR-V a few years ago and turned it in to Carmax half way through and I was only $650 upside down with their really strong offer. They pay off the lease and it's done.
May 6, 2016 8:49pm
T

Tiernan

Senior Member

13,021 posts
May 7, 2016 3:03 PM
"A close friend...?" What happened 'Matik ya get a little overextended buying the 'Benz with gold spinners?
May 7, 2016 3:03pm