Terminating Lease Early

[gergg]

What would happen if a person were to lose all means of income and wanted to terminate their vehicle lease early, how would that work?

 

[HXGuy]

I believe it would work like any other debt, the unpaid balance would go to collections and you would be responsible for paying that. Keep in mind that the reaming debt is not as simple as your remaining payments x remaining months, it will be much higher than that. There are many fees associated with ending a lease early.

 

[surfingslovak]

http://www.leasetrader.com/" onclick="window.open(this.href);return false;

 

[cwerdna]

^^^
Big problem is with NMAC's crappy lease transfer terms. See http://www.mynissanleaf.com/viewtopic.php?p=161834#p161834" onclick="window.open(this.href);return false;.

 

[DaveinOlyWA]

your best bet is to try to sell vehicle. you can get a decent price. you will probably still owe a bit, but your buyout is what?? $15,000-16,000 plus another X with X being probably $13,000 or less depending on how long you have been paying on it.

you will probably lose a bit, but better than the alternatives.

 

[cwerdna]

If the price is low enough and assuming the OP's not in TX or AZ, I might be interested...

 

[Volusiano]

If the price is low enough and assuming the OP's not in TX or AZ, I might be interested...

Don't know if you heard, TomT (west San Fernando Valley, CA) and another person (forgot his forum name, from San Diego, CA) recently indicated that their CA Leafs are showing sign of losing 1 capacity bar soon, by observing that their 80% charge now only shows 9 bars instead of 10, an early warning indicator.

 

[gergg]

If the price is low enough and assuming the OP's not in TX or AZ, I might be interested...

Strictly a hypothetical situation, I don't have a leased Leaf(no Leaf at all), just curious.

 

[evnow]

If the price is low enough and assuming the OP's not in TX or AZ, I might be interested...

I think your best bet is to look for a used Leaf in Seattle/Oregan and buy it - if you want cold weather batteries.

 

[smkettner]

What provisions does the lease have for termination?

 

[cwerdna]

What provisions does the lease have for termination?

Are you asking about what I'm not happy about? If so, see the link I posted earlier.

 

[smkettner]

I understand your points. Mine was directed at the OP as he asked about termination.... not transfer.

 

[N1ghtrider]

The formula for early termination requires you to subtract the wholesale value from the total of the "residual value" (in my case that is $16,222.50) plus the present value of the unpaid payments. A friend of mine is thinking about leasing but wants a ballpark figure if she terminates early. I tried to find a Bluebook online that lists the LEAF so I could get a round number to assume for the wholesale value of a LEAF that is 1 to 2 years old. Does anyone know where to find such a wholesale value?

 

[xtremeflyer]

If you look at your lease online, you can see the "payoff amount". If you pay it off/sell it private party, you would have to pay sales tax on that payoff amount because you haven't paid the sales tax yet, BUT if you trade it in/sell it to a dealer (not terminate) you wouldn't have to pay the sales tax. So if you can get a trade in higher or close to the payoff amount, then you can walk away (I did this with an Infiniti about 8 years ago, If I terminated, it was going to cost me about $5k, but I was able to find a dealer that was in within $500 of the payoff and it worked out quite well.

 

[N1ghtrider]

That payoff amount must the the amount less the wholesale value of the LEAF at the time of termination.