Automotive

Lease (giving up) Question

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  • Jul 8th, 2018 1:18 pm
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[OP]
Jr. Member
Dec 1, 2014
116 posts
31 upvotes
Toronto, ON

Lease (giving up) Question

May be a stupid question but is there such a thing as "a good time to give up your lease".. using a 36 or 48 months lease as an example. Instead of finishing the full contractual period of your lease, is there a good time frame such as in the last 12 months of the lease to look for someone to take over the lease so that one can shop for another car. I have heard stories of dealers buying out leases so that they can put it on their lot to sell it as a certified pre owned, especially for cars that have low mileage and in demand.

Thoughts..?
9 replies
Deal Guru
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Mar 9, 2007
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Think of the Childre…
leasebuster

WOULD SOMEBODY THINK OF THE CHILDREN!!!
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Mar 21, 2002
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I had a friend who leased cars all his life. He was telling me how in the last year of his lease the dealership would contact him and make arrangements to get him out of his lease and roll him over into a new car and new lease. It's pretty obvious why they would do this.
Deal Guru
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Jul 12, 2003
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Toronto
woof wrote: I had a friend who leased cars all his life. He was telling me how in the last year of his lease the dealership would contact him and make arrangements to get him out of his lease and roll him over into a new car and new lease. It's pretty obvious why they would do this.
I m not surprised. I hear story about that too. The salesperson will contact the client when they see a great deal and have client to sign a new lease and they take back the old leasing car.

Obviously, the client must see it as a great deal before jumping into it and the salesguy can make another sale, sound like a win win situation if you know what you are doing.
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Jan 15, 2017
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A good time to get out of a lease is when you no longer want the vehicle. The ease of getting out of the lease depends upon the demand for the particular vehicle and the attractiveness of the lease deal that you negotiated.

Vehicles in high demand are relatively easy to get out of. You can list them on lease busters or kijiji quite easily. Dealers may also want them as good used vehicles and may be interested in helping you out of the lease. Be careful though because it can also be a case of the residual value on the lease is actually substantially higher than your buyout value and you can make money with the lease. When this happens, you are actually over paying on the lease and you can try and recoup some of that over payment.

Yes, dealers will often make offers to take you out of a lease early and into another new vehicle. A sale is a sale, after all. But not all dealers do this and again, this depends on the vehicle, the original lease deal, and of course, the condition of the vehicle.
Deal Addict
Jan 15, 2017
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MP3_SKY wrote: I m not surprised. I hear story about that too. The salesperson will contact the client when they see a great deal and have client to sign a new lease and they take back the old leasing car.

Obviously, the client must see it as a great deal before jumping into it and the salesguy can make another sale, sound like a win win situation if you know what you are doing.
We had a dealer take out us of a 36 month lease in month 17 for a new lease. It was a great deal for us. We had lots of mechanical issues with the vehicle and were glad to get rid of it. Plus, the new lease was an upgraded model for the exact same amount of money, and it hasn't given us any issues whatsoever.
Deal Fanatic
Jun 11, 2005
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Mississauga
skeet50 wrote: We had a dealer take out us of a 36 month lease in month 17 for a new lease. It was a great deal for us. We had lots of mechanical issues with the vehicle and were glad to get rid of it. Plus, the new lease was an upgraded model for the exact same amount of money, and it hasn't given us any issues whatsoever.
Nice to hear a good news story about a dealership. Most threads on here about dealerships is how bad they are.
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Jul 12, 2003
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antigua1999 wrote: Nice to hear a good news story about a dealership. Most threads on here about dealerships is how bad they are.
At the end of the day, dealership and the salesman still make a profit for selling out another car.
Now it's is a win win situation because the customer are also getting benefit of the deal and not only on dealer/salesman's interest.
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Jan 17, 2017
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cars with high residuals are easy to break out of early.

my buddy returned a 2015 WRX STI 10 months early with no penalty because it has so much resale value.
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Jun 11, 2005
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MP3_SKY wrote: At the end of the day, dealership and the salesman still make a profit for selling out another car.
Now it's is a win win situation because the customer are also getting benefit of the deal and not only on dealer/salesman's interest.
Very true. Just have to make sure you don't get out too early and they have to bury some money on the new lease.

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