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Get out of Lease EARLY?

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9.1K views 4 replies 5 participants last post by  Rand  
#1 ·
I have a little less than 2 years left on my 39 month lease. I have been diagnosed with Non-Hodgkins Lymphoma and my treatments and Dr visits are killing us. My wife us on disability due to her MS. I really need to get out from under this lease. Anyone know of someone that has? I talked to the local dealer but said I would have to buy my lease out. Not an option. Thoughts?? Thanks!
 
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#3 ·
Sorry to hear about your health issues. Maybe you can find someone to take over your lease. I see lease buy-outs advertised on Craigslist all the time. Here's an example of a random CL leased car ad I found that might help with the kind of info you would want to provide to a potential buyer:

LEASE TAKE OVER IS POSSIBLE:

Lease ends September 2018. 15 months left.
residual: $18,730
monthly pmt: $374 (includes tax)

There is a $200 fee to take over the lease.

I am over the mileage on the lease. Each additional mile $.15. I am willing to pay you $2250 to buy the extra miles that you will need. You get 1000 miles per month * 15 (months LEFT) = 15000 miles.

I will give you $2250.

Basically this allows you to be able to still turn in the car if you decide to at the end of the lease without having a mileage penalty. You can buy the car out or just return it.
 
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#5 · (Edited)
Sorry to hear about your issues:

Reasons for Early Termination

The reasons for ending or changing a lease agreement are usually dictated by either a change in lifestyle or financial status.

Reasons can include:

Vehicle needs have changed: Maybe your family is growing and you need a bigger car, or maybe you need a smaller, more fuel-efficient vehicle.
Annual mileage has changed: Your new commute might force you to exceed the annual mileage restriction for your lease.
Change in location: You're moving to a new city where you won't need a car.
Improved financial situation: Thanks to a raise at work or an improved credit score, you can now afford a larger monthly payment.
You changed your mind: It's human nature—you thought you really wanted one vehicle, but after driving it for a while, you decided it's not right for you.

Whatever your reasoning behind early lease termination is, you'll need to know what you're up against.
Lease Termination Penalties

Penalties for early termination of a car lease can vary from one dealership to the next.
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Early lease termination penalties can include:

Remaining payments on your lease.
An early termination fee.
Costs related to preparing the vehicle for sale.
Storage and/or transportation of the vehicle.
Taxes associated with leasing, if any.
Negative equity between your lease amount and the current value of your car.
Short answer: You need to read your lease agreement to see what your options are.
besides defaulting and getting it repo'ed or turning it in.. your options are limited and possibly subject to your location(springfield,MO)

if you leased through subaru this might be similar to your lease agreement
https://www.chase.com/content/dam/chasecom/en/business-banking/documents/Subaru_Lease_Guide.pdf

but the actual numbers come from the papers you signed.
 
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