Terminating a Lease Early? HELP

that's gotta add up quick

 

I thought I was good with my XD9 and AR (which I sold to him actually). He's got a full armory it seems now. Spends his time reloading ammo and going to the range nowadays.

 

i started learning how to shoot because i don't have any winter hobbies, so it's given me something new to learn about in this hell hole part of the country

 

Maybe they can get a room?

 

First time I've seen someone refer to Boston as a hell hole lol

 

Yeah that was a pretty bad thread jack, sorry. Carry on

 

i feel like the initial issue was resolved haha

yeah i hate boston. HATE it

 

You're going to lose your shirt on any deal. I leased once and it was the worst financial decision I've every made. The $10K you put down is prepaid rent.

 

Yea Putting money down on a lease is on the list of "TOP 3 THINGS YOU DO NOT DO WHEN LEASING"

 

1. you should put as little as possible down any time you lease
2. it depends on the car. wrx, tacoma, t4r, sti, wranglers, these are all cars you can lease and probably have equity in them after a year and trade out

leasing is a very smart financial decision if you are the type of person to get a car every couple of years. it keeps you payment low, you only pay the depreciation, you have options after 3 years and can keep liquid money liquid, and the money factor VERY small compared to interest rates on traditional finance

 

Money Factor is *typically* high with Toyota but can be bought down with MSDs. However since OP dropped 10 G's on signing, I'm guessing MSD is not in his vocab. Live and learn!

 

well and i didn't see that he rolled negative into it too. leasing is also a good way of clearing out negative equity and starting fresh. but in that case he might not have positive equity to trade out. still he might not be in bad shape and might have to roll a little negative into the next one.

the tacoma they usually don't put a subvented rate on the leases because the residual is so high, but the money factor should still have been way less than if he had been financing it. especially with rates going up

i leased my taco knowing that i'll never give it back when the lease is up. it's worth more htan the buy out right now, and i'm paying much less in interest. i plan on keeping it so i'll just buy it out at the end. but if i didn't want to, i know that i could sell it or trade it with some equity

 

$10k down on a lease...

It's going to hurt to get rid of it.

To get a rough idea to get out of it and keep math simple...
Take the trade in value or if you sell private party value and subtract the combined buyout value plus add up all the remaining lease payments. Pray that you aren't in the negative after that...Otherwise that'll be what you owe the leasing company.

 

Your truck does look good, I agree. Maybe try to sell. Be sure to use terms like bullet-proof, Toyota reliability, etc. You'll find a buyer.

 

If the buyer has never been on TW...

 

But you have to turn around and purchase it. If you have a 3 year lease and a 5 year loan it's like buying it on an 8 year loan. Maybe it's for others, but my calculator doesn't show how it's a sound financial decision. I do get a lease if you want a new vehicle every 3 years and you don't drive it much although I still contend you are better making payments and trading it in for a new vehicle. If I can't afford a loan on a vehicle then I'm in a vehicle over my budget.

 

who said i'm going to finance the balance of it for 5 years? i financed the z4m for about 7 months

 

another good piece of financial advice for those of you who are disciplined. if the rate is the same for 5 years as it is for 2, get the longer of the terms to keep you payment and net to debt low, but pay it off early