Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see May lease deals!
Options
Popular New Cars
Popular Used Sedans
Popular Used SUVs
Popular Used Pickup Trucks
Popular Used Hatchbacks
Popular Used Minivans
Popular Used Coupes
Popular Used Wagons
Comments
There is nothing you can do about it.. My guess is that they are standard on every Chrysler lease.
Live and learn.
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
If you don't pay the money, you will basically have a repossession on your record..
If that happens, your credit rating is headed south in a hurry.
Delaying tactics will just brand you as a deadbeat debtor..
The good news? If you can get out of this lease by only paying $2500, you are in better shape than most.. Maybe ask your mother for a loan?
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Aaah, nothing like a good friend telling you how it's done when his credit is not in danger ..
They "might" do it that way .. if so, it will show as a "charge-off" and repo .. and it will show it that way until it's paid off - and then it will show as: "charge-off paid", maybe .... I certainly understand the education thing, but you might have thought about that before the $379 car payment .... I know I know, the dealer held you down and pushed M&M's into your nose until you signed ...........
Sincerely, I hope things work out and good luck at school ..
Terry
A good trick to keep your miles low is to not drive too much. Get a $500 beater car and use it sometimes maybe.
It sounds like you would have to pay for the dent, but some small scratches normally won't hurt you too badly. Of course, what a lender will look at in three years is questionable so be careful.
As far as adding equipment, make sure you don't damage the vehicle doing it and when you turn it in put the factory stuff back in. I'd avoid the diamond plate, but the stereo is an easy swap.
I guess I just have to accustom myself to the concept of spending good money on a truck that I'm simultaneously trying NOT to drive.
The problem is trying to find a $500 beater that won't cost you $2,000 ............
Terry.
1. Pay the 2462.92.
2. Let it get repod and take a BIG hit on your credit.
3. If you delay you will need to hire an attorney (more money).
4. Borrow money from Mother.
5. Sell your bike and get a scooter!
6. I am glad I am not you!
Stealerships???
I'm afraid that none of this is the dealership's fault, and they haven't done anything to you. YOU signed a contract, and now you would like to breach that contract. Thus, you must pay the penalties associated with said breach, penalties to which you agreed when signing the contract.
Pointing fingers at others in this case won't help you. Some of our members who tried to help you by showing you all of the options are dealers and probably don't appreciate your negative comment.
MODERATOR /ADMINISTRATOR
Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.
Share your vehicle reviews
You could also try to put your car on swapalease.com
Regarding gettting out of your lease, I don't think swapalease programs will work to get you out of a bad lease - remember, there needs to be a consumer willing to take that lease over. If you got a bad deal, there'd need to be a reason for someone else to take it on (great features included, undermileage, ignorant participant...).
97% of the time, dealers will have the better deal .... leasing companies purchase their vehicles from dealers and/or the local auctions .. most of the lease companies can't offer the lease support like rate and residual -- they kinda end up being the middleman ......
Terry.
Now the yokohamas are still in good condition , they have at least another 20,000 miles on them and nowhere near worn out condition, do i still have to return the car w/ thebridgestone tires, same make/model/type ?if not how will i be charged,full retail price. etc? pls help. thank you advance
p.s. My allowed mileage is 60k, i am estimating by the time for return, my mileage will be somewhere around 57k or 58k, will I be compensated for miles under allowed amount? what if i am at near 60k somehow, or over 60k, i know 60k major service is due, is that something i need to do before i return it? if i dont, will be charged for that also?
"do i still have to return the car w/ the bridgestone tires, same make/model/type"
No, but your 4 tires must match and be the same type, size wise, that the car came with. I leased a car that came with all-seasons & after they wore out, I replaced them with tires specifically for rain (i.e. you could rotate front-to-back, but not side-to-side). There was no problem or penalty assessed.
"will I be compensated for miles under allowed amount?" No.
" what if i am ... over 60k, i know 60k major service is due, is that something i need to do before i return it?" That's a great question, and I'm not positive of the answer, but I suspect you don't need to perform the service. The reason to perform the regular services (aside from keeping the car running) is to not void any warranties. If I were you, I probably wouldn't perform the service. Just thinking it through, I think you'd be OK if you never performed any service (even oil changes) on the car as long as it was returned in good condition. I've leased several times, and they never requested proof of services performed.
When you lease a vehicle, you lease the whole deal - meaning: your pay-off is going to be any remaining payments, minus any future interest **Plus"** the residual ...... it doesn't work much different than any other vehicle you might finance through your local lender .. depending on the lease co. you probably won't be getting any break, it's a contract and they would rather see you drive the remaining months ..............
Terry.
Appreciate your feedback. I will also explore buying the car and selling it outright besides trying to get more miles for the car at a cheaper rate. Hopefully it will work out better for me in that way.
Is this how it would work?
And
What would be a fair offer for something of this nature, is there a formula for this sort of thing?
Thanks for all of your input!
1. Find out what lease deal you can get on a new version of the car (preferably a 30 month lease so you can compare apples to apples - you'll probably have to base it on a 24 or 36 mo lease);
2. Go to lease exchange sites like leasetrader.com to see what used leases are being offered;
3. Find out how much it would cost to buy the car you want to lease from a used car dealer and lease it through a private lease company.
After doing these things, I think you'll know what the "market value" is. Keep in mind that some car leases charge a transfer fee. You'd pay that unless you negotiate otherwise with the seller. Lastly, keep in mind that if the lease you take over is over-mileage or there's car damage, you'll be responsible at lease-end.
Thanks Again
If this is not a normal charge do we have any recoarse?
Thanks for your help.
1) Depreciation
2) Finance Charge aka interest aka rent charge
3) Tax
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
The formula for total rent charge is:
(Cap cost + residual) X money factor = monthly rent charge
Monthly rent charge X term of lease = total rent charge
Your rent charge doesn't seem too far off of a normal lease... What kind of car was it, and what was the MSRP?
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
As part of my lease deal, I got the dealer to throw in the wear & tear protection agreement at no additional charge. It covers up to $2500 for excessive wear and tear after a $100 deductible. I am hoping that the $2500 will cover the two dings I have on the car. Also, the windshield was chipped, and although it was "repaired", the chip can still be seen, so I assume that would be a ding as well.
Has anyone had experience with returning a lease to VW? If so, can you comment on the process?
I might consider buying the car at the end of the lease, but we might go the minivan route instead. And regarding buying at the end of the lease (ends next year), does VW offer buyouts below the residual value? My feeling is that the actual value of the car will likely be less than the residual value. The residual value is $12K. My feeling is that with the new 2006 Passat coming out this year, the "old style" ones will probably be worth less than the stated residual value. Just curious if VW might make me a deal to avoid taking the car back.
Thanks for whatever help you can provide.
We ended up buying ours (as you are considering) --- VW Credit shaved just a bit off the residual value and threw in an extended warranty to sweeten the deal, plus got us a pretty decent finance rate to buy it.
1. What constitutes regularly scheduled maintainance - the guide book or the dealer's recommendation? I'm at 63K but I haven't done the 60K service as of yet and would love to avoid it. My maintainence schedule got screwed up because I had to replace a oil seal at 58K which meant they changed the oil. Can I turn it in with all the receipts for previous service and say the service light hasn't come on yet for the 60K?
2. Anyone have any experience with Volvo's inspection company or ending a lease with them? I have a couple of paint chips and dings - Should I try touching them up on my own and hopefully they (independent reviewers) miss them or just wait and see what they say and deal with fixing it after inspection and prior to dealer dropoff?
Thanks for the help and sorry for the multiple questions.
I couldn't get any deal for my Passat. Nothing below residual, and not even a good finance rate! Your experience might be different with the new cars coming out...