Need Help With car leasing----VANITY

10/18/05 | gOOsefmalOOsef

[gOOsefmalOOsef]

Any FReepers out there who can give me advice? I leased a truck in '04 for 5 years and am getting to the point where i can barely afford it. what is the likliehood I can "trade-in" the lease for a cheaper car/payment? Any advice on this subject would be appreciated.

Thanks in advance....GM

[gOOsefmalOOsef]

Any FReepers out there who can give me advice? I leased a truck in '04 for 5 years and am getting to the point where i can barely afford it. what is the likliehood I can "trade-in" the lease for a cheaper car/payment? Any advice on this subject would be appreciated.

Thanks in advance....GM

[ElkGroveDan]

There are dealers and finance companies that will "buy you out" of any deal by rolling it all in to a deal on new or used car. You'll probably be paying for quite some time, but at least it will get you out of the existing burden.

Check with some of your local new and used car dealers. Here's hoping you have a good credit score.

[Hildy]

It's very difficult to get out of a lease...good luck.

[GeorgiaDawg32]

In my experience getting out of a lease is akin to trying to get a Dem to understand facts and logic..in other words, dang near impossible, but, get on the horn and start calling dealers etc. and maybe you'll find someone that can help you out..there gotta be somebody..

[July 4th]

Sell your lease to someone else.

www.swapalease.com

[BienHoa69-70 RVN]

There are sites such as http://www.leasetrader.com/default.aspx where you can advertise for someone to take over your lease. Do a google search to find others.

[arichtaxpayer]

My son is a finance manager at a car dealership, and we asked him the same question a few weeks ago. He said you can't, unless you do a voluntary repossession.

[July 4th]

I should clarify - it's not selling a lease, it's getting someone to take the remainder of the payments off of your hands.

[Vermonter]

Unless you put a heck of a lot down at the beginning of the lease, you're likely 'upside down' in the transaction. Meaning, you owe more than the vehicle is worth. So, getting into another car via a dealer would mean you'd end up paying more than you do now, per month.

[jw777]

Tough situation. Not a lot of options unless you have a friend or family member that will take over payments (and the vehicle) and help you get into something cheaper and more fuel efficient.

[carlr]

Somewhat off topic but would never lease a vehicle on the principle of sales tax.
Here in NY you have to pay the tax at registration for a vehicle that in all probability you will never own.