Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Did you get a great deal? Let us know in the Values & Prices Paid section!
Meet your fellow owners in our Owners Clubs

How to Get Out a Bad Car lease?

chrizocresenciachrizocresencia Boston MassachusettsPosts: 2
edited November 2019 in Toyota
My leased car is a 2018 Toyota Rav4 LE silver color from Toyota Financial Services. A brand new car since December of 2018. I have a three-year lease on it, with 12,000 miles limit annually. I am paying $453.17 monthly plus the State of Mass annual tax fees. I have until February or March 2022 till my lease agreement ends. My car is over 16,600 miles now. I want to get out this bad lease quickly. I cannot afford to pay $453 monthly. It's the worst financial decision I had made in my life. What is my best option? Please anyone help me please. Thank you.

Best Answer

Answers

  • chrizocresenciachrizocresencia Boston MassachusettsPosts: 2
    edited November 2019
    Hello Michaell thank you for the response, I want to understand the first and third options you provided. So can you please elaborate those two options. I tried the second option swapalease - no one seem to be interested. So it is best to write a check and buy the car lease from Toyota Financial based on the payoff value? I don't remember the payoff value on my contract. Assuming that I like this car. I want to avoid paying more than it is really worth in the market value at this point. Is this my best route to go? Or should I just keep paying monthly till I reach almost near the end of my lease term and then try buy the lease car at that point based on the payoff value at the point to avoid paying the over mileage, the depreciation, the wear and tear fees. That's is the way to go?
  • MichaellMichaell ColoradoPosts: 140,647

    Hello Michaell thank you for the response, I want to understand the first and third options you provided. So can you please elaborate those two options. I tried the second option swapalease - no one seem to be interested. So it is best to write a check and buy the car lease from Toyota Financial based on the payoff value? I don't remember the payoff value on my contract. Assuming that I like this car. I want to avoid paying more than it is really worth in the market value at this point. Is this my best route to go? Or should I just keep paying monthly till I reach almost near the end of my lease term and then try buy the lease car at that point based on the payoff value at the point to avoid paying the over mileage, the depreciation, the wear and tear fees. That's is the way to go?

    If you like the car, you can convert the lease to a conventional loan, though I don't know if that will ease the pain on the payment. If you have the cash to buy it out completely, that is an option.

    You can call TFS and talk to them about your options.

    Generally, the best bet is to ride the lease out to completion, then start over.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

Sign In or Register to comment.