MarthaStewart

I have a question and would truly appreciate some help.

I am leasing my rx8 and unfortunately I'm having some financial problems and I'm going to have to end my lease early.

The lease start date was September 22 2003 and the lease ends on September 22 2007.

Can anyone tell me what is the best way to end a lease early. And what would be the best thing for me to do.

Outlaws eXtreme

Just pay the penalty for ending the lease early.

Frostee

leasebusters.com

i think thats it....

maybe an option as well

sorry to hear you gotta get rid of the car

Bonton

ghost ride.

ironmedic

i ended my lease early because it sucked bad. here are your options

1. "trade out" your lease towards another car--you can get screwed with negative equity depending on the true value of the trade in so this could help you or hurt you in your quest to get out of the lease. i took a very serious hit on my negative equity and i paid half of it off and rolled the other half into my 05 WRX.

2. call up the lease agency (like mazda credit) and tell them you want to get out early and explain why. you will pay the early termination payment, wear and tear charges, and the difference between the true market value of the vehicle and how much your balance is. in simple terms, if your car's balance is $10.00 and its value is only worth $7.00, you must pay $3.00 plus all other charges to end it early. i used simple cash values to make it look simple and understandable. you will need to get the vehicle appraised and have it faxed to your lease company. it is also important to talk to them first before all this goes down too.

3. MILITARY ONLY: give back the car for free with no penalties (if in a deployment). if i was given my deployment orders early enough, i would have just paid the wear/tear charges and nothing else due to my deployment being so long. this is covered under the military servicemembers civil relief act created by congress.

4. give your car to charity! not the way most people go so dont consider it! it is considered like a tax cut or something but i wouldnt exactly give an RX8 up for charity!

5. stop paying the bill and let them repo it! definitely not the way to go, your credit will go down the toilet quickly.

i hope some of this information will help you.

241Commuter

I don't know if your lease will allow it, but you might try moving the car on a "take over the payments" basis. Also, you might be upside down the way the lease company values your car, but if you sell it yourself you might be closer to even then you think. When a lease company takes back a car they will move it at public auction which means they expect to get below the wholesale Kelly value for it, so if you just give it back you'll be even more upside down.