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Early Termination Lease Help

armstrobarmstrob North DakotaMember Posts: 1
edited February 2020 in Audi
Hey all,

I'm new to the forum, so I apologize if this isn't the right place for this post.

So, I have a lease on a 2017 Audi A4 that I am paying far too much for ($740 a month). I rolled negative equity into an already expensive lease (dumb, I know). I have about 9 months left on the lease, and honestly, I could probably just deal with it for that long and turn it in, but I have some credit card debt that I would really like to get paid off faster to avoid the interest.

My idea was to get a loan through my bank that would cover both the fee to terminate my lease early, which Audi said would be roughly $7k, give or take of course, as well as enough to buy a significantly cheaper used car so I can pay off some credit card debt I have.

Any thoughts or recommendations are highly appreciated.

Thank you.
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Comments

  • MichaellMichaell ColoradoModerator Posts: 182,839
    armstrob said:

    Hey all,

    I'm new to the forum, so I apologize if this isn't the right place for this post.

    So, I have a lease on a 2017 Audi A4 that I am paying far too much for ($740 a month). I rolled negative equity into an already expensive lease (dumb, I know). I have about 9 months left on the lease, and honestly, I could probably just deal with it for that long and turn it in, but I have some credit card debt that I would really like to get paid off faster to avoid the interest.

    My idea was to get a loan through my bank that would cover both the fee to terminate my lease early, which Audi said would be roughly $7k, give or take of course, as well as enough to buy a significantly cheaper used car so I can pay off some credit card debt I have.

    Any thoughts or recommendations are highly appreciated.

    Thank you.

    Why pay off the lease and owe money on a car you won't be driving?

    The best course of action is to ride the lease out, then start over with something less expensive.

    No advice on the CC debt.

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