richhoward

Hey guys,
I am trying to end my 350Z lease early on a 2004 Daytona Blue Enthusiast. I just wanted to see if you guys have ended one early. I bought the car January 23rd, but I didnt get my first payment due til May 1st. Have you guys ever done this and what can I expect? Is there just a basic fee to get out, can I do the swapalease program and how does it work.. will it go against my credit?

Also I am leased through NMAC and I did a 48 month lease and my monthly payments are $446.29.

If anyone is interested or has ideas please email me at rich.howard@hitcents.com

Thanks!

CaptinB

#1. Be sure to take off your Pop charger before returning it. They will hit you with a fee for that methinks.

#2. Ending a lease early is going to REALLY hurt. I just went and copy a copy of my NMAC lease and this is what it says:

You may terminate the lease if you are not in default (paid all your payments), you have paid at least 12 monthly payments (this is a problem for you), you give at least 30 days prior written notice, and you pay all the fees. You will pay for excessive wear and tear, any excess milage, and "An Early Termination Charge equal to the difference, if any, beetween the Adjusted Lease Balane and the Vehicles Fair Market Wholesale value..."

There's about 2-3 more paragraphs that describe how everything is calulated etc etc. Basically, you are going to get screwed BIGTIME if you terminate early, and I don't think you can terminate unless you make 12 payments.

I'm pretty sure if you lease something else right when you terminate, they are nicer to you, but I don't think you can terminate until May 2005.

Why are you ending early?

CaptinB

ragtopz

wow, so you only made 2 payments on it then?

i may be wrong, but i think another option would be to buy the car and sell it again. you will probably still take a pretty big loss though. people would generally want to buy a new 2004 car rather than a used 2004 unless you sell it at about $2500 to $3000 less.

oh, another option would be to have someone take over your lease.

i leased twice before but i cannot remember the details. if my info is wrong, sorry.

boldenmd

I can't imagine any scenario where this won't be costly, and that's assuming that NMAC will agree to let you out of the lease. You've had the car for five months or so and only had to make one or two payments: I can't imagine they'll be favorably inclined, plus there is that 12-month rule ragtopz mentioned. I had a 2001 Pathfinder leased through NMAC that I turned in early when I bought my 350z roadster. I still had to pay for a few of the remaining months on the lease (I was 42 months in on a 48-month lease), and I have a great relationship with them based on the last four cars I've purchased. They actually have a couple of different options for how they'd calculate what you owe. I forget the details, but the contract should spell them out. At any rate good luck.

krutoydude

I did it with my Maxima after 15 month of lease and they only charged me $700. Mileage plays big role in termination fee. I want to lease Vette C5 myself when I'll find a great deal on it.

richhoward

Do any of you'll know what the Swap-A-Lease program works at swapalease.com?

KManZ

iTrader: (8)

HELP!!!
I am in the same predicament here as well.... I have had the car for a year and two months, 48 month lease, base model, about 16,000 on the odo. I pay 500 a month, 15K a year for mileage... I NEED to get out of this lease because I am now a poor college student, not making the big bucks I was before. What could I realistically expect to do to gracefully end this lease? I love the car like an inlaw, but it is pulling me under.

Silver04Z

If you are getting out of lease before the lease ends may be a headache. I had 2 leases in the past 2 and a half years. There will be a penalty by ending the lease before the date agreed upon you an the dealer on the contract. If you are planning to lease or purchase anothe vehicle then the money you may be upside down will be added to the future vehicle you may lease or purchase. One good thing is the finance company will prorate you with the miles you havent used and also if you purchased extended warranty and gap insurance. You have to mention this to your finance company if not they wont tell you. All you need is proof by showing the pink slip showing that the car was bought out. As for the swap a lease, its free. You can post you car on the their web site for free. The car will stay on the web site until it sells. You can read more on their services by going to their web site www.swapalease.com. I hope this helps.

jeffie7

iTrader: (4)

I do not understand why people lease in the first place

KmanZ is paying out 24K over the time of his 28 month lease on top of what ever he put down in the first place maybe 5K?

so you end up paying 29K on a car you will either give back or have the option to buy when the lease is up

bah

why!


richhoward I would try to find someone whos willing to take over the lease Im sure they if their credit is good enough the people laseing the car to you wouldnt mind

Zcool

Lease is a bad way to go unless you are using the vehicle in a business and can write off the expenses. I leased once in my life, 1986 BMW 325 for 48 mos. and finally bought the car at the end but I should have just bought the car from the start. I would have saved lots of money. By the way I finally felt I got my money worths on the car because it ran flawless (with routine maintenance) for 16 yrs when in 2002 a DUI hit it when it was parked. I think I would still have that car if that hadn't happend.

richhoward

It is not free, it costs $49.95 to put on the website!

CaptinB

Zcool,
Leasing does make sense for some people.
In my eyes, the reasoning for leasing was simple:
1. I wanted to own a new car, and have it under warrenty the entire time (36,000 mile lease).

2. If I lease a sports car, I can drive it as hard as I want, and not have to think about making the car "last" 100,000+ miles.

3. Payments terms are shorter and less than purchasing. At the end of my three year lease I will have paid about $19,000 on a $29,000 car. At that point I can get something new and under warrenty in 2007, like say a Skyline

4. I didn't want to own a used sports car at the end of the three years. I wanted to be able to change to something else if my family situation changed (IE married, kids, etc).

Leasing isn't for everyone. You can get really burned if you don't know EVERYTHING involed in a lease. I acn't see spending $500/month on a lease. That's INSANE! I'm only paying $322/month for my Z for three years.

CaptinB

obsidian02

CaptinB, that's great. In the future I should just do the same thing like you do. But one question, with $322/month did you put any dollar down? and which model do you get? (Z price is between 26k and 38k). I guess your lease contract only write for 12,000 miles/year.

CaptinB

obsidian02,
First hello fellow MD'er. I'm originally from Carroll County MD.

I got an Enthusiast with a good many options for $29,500 OTD. That's not a great price, but it wasn't too bad. I should have gone for $28, 500. I put $7000 down ($4k cash, $3K trade in for my 99 Ford Taurus). I've got a three year 36,000 mile lease. I got the car with 10 miles on it, so I should be covered under warrenty the entire length of my lease. Please keep in mind I know exactly how far I drive each day, and I know how many mile I put on my Ford in the three years I had it. Leasing is almost always not the best way to go. If you are not sure if leasing is for you, then you probably want to buy the car.

Hope this helps!
CaptinB

bodayguy

Putting $7G down on a lease is wild. The whole point (to me) is the cost of entry. Sure, your payments are only $322 a month - you paid the rest up front.
I got out of my last lease about 10 months early when I traded for the Z. There was no cost at that point, because the car was worth more than the payoff and the dealer gladly took it for an even trade.
I feel a lease is not necessarily a bad idea.
I have loaned and leased cars. When you loan (assuming you're not making a huge down payment), you won't have equity for probably four years.
If you are the type, like me, that wants a newer and warranteed car, the lease leaves you in the same boat after three or four years.
I'm probably naive, but that's my thinking.

Zcool

Lease or buy? The questioner's initial question of how to get out of a lease early shows one of ther serious pit falls of leasing. The old saying of "Pay me now, or pay me later," should be changed to "Pay me now (buy) or pay me more later (lease)." We all want our pleasure now and not have to sacrifice and wait. Leasing or borrowing to get our dreaam car are two ways to have your pleasure immediately but they both will cost you.

SQUILL

OK i think i can help here. I am a finance manager at a franchised new car dealership.

You may get out of your lease at any point in time provided you have fulfilled your monthly obligations in full.

If you voulentaraly surrender your car back to NMAC this is the same thing as a repossesion and it will destroy your credit rating and make aquiring future credit extremely difficult and costly.

The problem with ending a lease really early is unlike normal financing you cant escape the rent charges (same as interest)

To fulfill your contract add all your remaining payments together + your turn if fee and this is the total amount. because you cant escape your rent charges on a lease contract you would be paying 4 yrs worth of interest charges up front

the other way is to sell it which works the same way whether you give it back to nemac or sell it yourself.

in this case you add up all your remaining lease payments + your guaranteed future value (what you can buy the car for when the lease is up) and this is the total amount of money you must sell your car for to break out even.


Most people end their leases early either by trading in or re leasing another car by the same brand as there are always factory lease incentives and rebates that make it easier to do this.

Do not look to NMAC to be helpful or sympathetic towords you whatsoever. The only thing they want is their contract paid in full.

You are in a pretty tough situation on a lease where you havent made any payments yet or very few payments (all leases start payments the day you sign the lease contract ...unless nmac had a no payments for x months incentive going on) you more than likely owe way more than its worth probably a minimum of 10,000 more .

Well good luck man if you need another car a dealer may beable to trade you out of your lease into a cheaper car but you will probably need some big money down to do it.

richhoward

We'll you said it starts from the day i signed it. We'll see if you can help me with this. I bought this car Jan 23rd of this year. I called the dealer back in march and april and asked why i hadnt got my first bill, well they said nmac was very picky and kept sending it back to fix stuff exactly how they wanted it. So then May 1st i get my first bill.... i technically have had my car for 5 months, but when i got my first bill, it looks like less then a month . What is going on here?

SQUILL

WTF!! there is some shady buisness going on there. whenever a bank kicks the contract back to the dealership it is because there is an error on one of the forms and the bank requires the error to be fixed and FOR THE CUSTOMER TO RESIGN THE CORRECTED PAPERWORK. let me make this crystal clear.....THE CUSTOMER MUST RESIGN THE CORRECTED PAPERWORK!!!!!!

if what you are saying is true there could be a huge HUGE case of fraud going on here.

Let me clarify with you ....when you signed your lease contract were you told or did you request deferred payments. for example no payments for 3 months or something like that.

The bill you just recieved does it show you owe 3 or 4 months worth of payments or does it just show you owe the normal payment .

on the top of your lease contract what does it say in the top middle box?

the box im after should read something like this: customer agrees to pay $446.29 per month beginning on jan 23 2004 and 47 additional payments on the 23rd of each month thereafter untill the contract is paid in full.

Did the dealership ever contact you to resign any documents? (it is a normal occurance for this to happen as mistakes can easily be made and banks do not accept any mistakes the important thing is that new doccuments must be signed by you)

did you put any money down?

Let me know the answers to these questions i have an idea in mind based on your answer.

Supernatural

I know a guy who is trying to get out of the lease early by either flooding or totalling the car.