Penalties on terminating a lease early ?

[polm]

What are the usual penalty charges for terminating a lease agreement early ?

for example, if I leased an Automobile and 2 months later decided I didn't want the vehicle.

 

[rudeguy]

you would have to pay off the lease

 

[theNEOone]

umm, it depends on the particular contract. but on leases you're pretty much obligated to pay the entire thing off. you're only recourse is to "sell" your car, i.e. find someone to take over your lease - no penalty here except for the drop in value that the 2 months brought. you might get stuck eating the down payment i imagine....it depends on the person that takes over your lease and the agreement you make.

 

[DevilsAdvocate]

Read your contract.

 

[polm]

Originally posted by: DevilsAdvocate
Read your contract.

I don't have one. I was just curious.

 

[ggavinmoss]

Mine is like $1000 I believe. Maybe $1500.

-geoff

 

[conjur]

Originally posted by: polm
What are the usual penalty charges for terminating a lease agreement early ?

for example, if I leased an Automobile and 2 months later decided I didn't want the vehicle.

In that case, you'd be screwed.

 

[ggavinmoss]

jeez, I can't read. NM.

-geoff

 

[kranky]

Check this.