Ways out of a lease

Toggle sidebar Toggle sidebar
D

dmw16

Diamond Member
Nov 12, 2000
7,608
0
0
I have a lease that I really need to get out of. I started the lease when I had my previous job, now my current job has me driving 600+ miles a week. On top of that, I'd like to eliminate as many of my month over month payments as possible (for a host of personal, but that would be another post).

So here's the story.

Lease is with VW Credit

I have 21 months left on my $389/month lease. So I owe $8169 on the balance of my lease.

My buyout would be about $21k and the car is worth about $18k.

I was thinking of trying to selling the car at CarMax (or similar) and giving them cash to make up the $3000 difference between trade value and owed balance. So essentially they'd pay back the lease holder same as if I were to buy the car directly.

Is this possible? Has anyone done anything like this?

I can't trade away the lease because I am already over my allowed mileage and my monthly payment sucks because I rolled negative equity from a previous car (lesson learned).

Just need to figure out how to get this monkey off my back...
 
S

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
You could do what you propose - sell the car and pay the remainder/buyout (you can negotiate this with the lease company) and cover the difference. Also look into deducting your mileage/lease expenses if you're driving that much and it's not your primary work address.
 
Proprioceptive

Proprioceptive

Golden Member
Feb 27, 2006
1,630
10
81
If the payoff amount on the car is satisfied, there will be no penalties. It is just like buying the vehicle. This is what we did with our leased Corolla. We actually made money on our transaction because the car was worth more than the payoff. Unless there is something specific in the contract that says otherwise, this is how it goes. Call the lien holder. They can explain better than any of us can without seeing the contract.
 
T

TheKub

Golden Member
Oct 2, 2001
1,756
1
0
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
 
D

dmw16

Diamond Member
Nov 12, 2000
7,608
0
0
Originally posted by: TheKub
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
Click to expand...

Well part of this is quitting the 600+ mile job because it's taking a MAJOR toll on my marriage. Downside is, I may have to work at a starbucks or some shit while I look for a job near home. Need to lower my expenses if I am going to take a HUGE paycut.
 
waggy

waggy

No Lifer
Dec 14, 2000
68,143
10
81
Originally posted by: dmw16
Originally posted by: TheKub
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
Click to expand...

Well part of this is quitting the 600+ mile job because it's taking a MAJOR toll on my marriage. Downside is, I may have to work at a starbucks or some shit while I look for a job near home. Need to lower my expenses if I am going to take a HUGE paycut.
Click to expand...

yeah? takeing a huge paycut is also going to take a huge toll on your marriage! :laugh:


but wow that situation sucks. this is why i laugh when most people want to lease a car.
 
D

dmw16

Diamond Member
Nov 12, 2000
7,608
0
0
Originally posted by: waggy
Originally posted by: dmw16
Originally posted by: TheKub
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
Click to expand...

Well part of this is quitting the 600+ mile job because it's taking a MAJOR toll on my marriage. Downside is, I may have to work at a starbucks or some shit while I look for a job near home. Need to lower my expenses if I am going to take a HUGE paycut.
Click to expand...

yeah? takeing a huge paycut is also going to take a huge toll on your marriage! :laugh:


but wow that situation sucks. this is why i laugh when most people want to lease a car.
Click to expand...

I know, but right now I live away from my wife all week and I am home just for the weekends. The situation is not good and I could see it leading to divorce if it goes on too much longer.

My marriage comes before all else.
 
S

spidey07

No Lifer
Aug 4, 2000
65,469
5
76
Why not just make the drive everyday and run the car into the ground? That's what I'm doing with my lease. I just bought it out at the end because I was 70K miles over. Even with the mileage it was still worth like 3500 more than the buyout price.
 
S

SuperSix

Elite Member
Oct 9, 1999
9,872
2
0
Originally posted by: dmw16
Originally posted by: waggy
Originally posted by: dmw16
Originally posted by: TheKub
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
Click to expand...

Well part of this is quitting the 600+ mile job because it's taking a MAJOR toll on my marriage. Downside is, I may have to work at a starbucks or some shit while I look for a job near home. Need to lower my expenses if I am going to take a HUGE paycut.
Click to expand...

yeah? takeing a huge paycut is also going to take a huge toll on your marriage! :laugh:


but wow that situation sucks. this is why i laugh when most people want to lease a car.
Click to expand...

I know, but right now I live away from my wife all week and I am home just for the weekends. The situation is not good and I could see it leading to divorce if it goes on too much longer.

My marriage comes before all else.
Click to expand...

Honestly - if your marraige is on the rocks because of this - you have other issues to deal with as well.

 
D

dmw16

Diamond Member
Nov 12, 2000
7,608
0
0
Originally posted by: SuperSix
Originally posted by: dmw16
Originally posted by: waggy
Originally posted by: dmw16
Originally posted by: TheKub
So? If you sell the car how are you going to drive 600+ miles a week? Buy another car?
Click to expand...

Well part of this is quitting the 600+ mile job because it's taking a MAJOR toll on my marriage. Downside is, I may have to work at a starbucks or some shit while I look for a job near home. Need to lower my expenses if I am going to take a HUGE paycut.
Click to expand...

yeah? takeing a huge paycut is also going to take a huge toll on your marriage! :laugh:


but wow that situation sucks. this is why i laugh when most people want to lease a car.
Click to expand...

I know, but right now I live away from my wife all week and I am home just for the weekends. The situation is not good and I could see it leading to divorce if it goes on too much longer.

My marriage comes before all else.
Click to expand...

Honestly - if your marraige is on the rocks because of this - you have other issues to deal with as well.
Click to expand...

Marriage is on the rocks on account of me being away 5 days a week. If I go home with no new job lined up I'd like to lower my monthly expenses as much as possible.
 
O

OCGuy

Lifer
Jul 12, 2000
27,224
37
91
Standard answer:


TJ + running car + long stop at La Pharmacia for all your "medical" needs + cab fare home.*







*Insurance fraud is highly illegal and carries stiff penalties.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom