lease question

[supratter]

what's the easiest way to maybe change my lease ( 63 months ) down to maybe 24 months? ... I already have about 10 or 11 months paid

should I just contact my original bank ( Credit union of texas ) ?

what are my options?

thanks in advance

Erik

[JMatt]

Originally Posted by supratter

what's the easiest way to maybe change my lease ( 63 months ) down to maybe 24 months? ... I already have about 10 or 11 months paid

should I just contact my original bank ( Credit union of texas ) ?

what are my options?

thanks in advance

Erik

Just call your lending institution. There is always a "payoff" amount - even if it's a lease. You could refinance now. You could make your payments for the next 14 months, then payoff the balance. YOu could get rid of the car now and pay off your negative balance......

Lot's of options. Call the lender.

[supratter]

thanks ... I want to get out of the car I just don't want to keep the payments on it for that long and I wasn't thinking when I got it, it was my first brand new car so I was excited .. but will need about a year for me to have enough money to get me a nice replacement car that's why I was thinking on shorting the lease but I don't know if that's possible

[goherd90]

Originally Posted by supratter

what's the easiest way to maybe change my lease ( 63 months ) down to maybe 24 months? ... I already have about 10 or 11 months paid

should I just contact my original bank ( Credit union of texas ) ?

what are my options?

thanks in advance

Erik

You have a 63 month lease????????? I've never heard of that? I hope your payment is under $250?????

All lease companied are different? Some will only allow you out of lease after you've made ALL payments.

Who is your lease company?

[supratter]

yeah, like I said I was excited when I got the car and was thinking this was gonna be it and I was gonna keep it, it's a nice car and all but I wanted to free up the cash is taking from me every month ( 520 ) but I had a upside down of 5000 on my old car ... after I'm done with the 63 I got a payoff of 5,000 to keep the car

Credit Union of Texas is my lender

[CJ7VFR]

If you shorten the term of the lease down to 24 months, won't your payments
will go thru the roof since you are already paying over $500.00 a month
for a 5 year lease?

Also, does your lender charge a fee for getting out of the lease early? Some
credit unions do. Check to make sure.

You are paying $520.00 for 63 months, then you have to pay an additional
$5000.00 to buy the car, thats over $37,000 for a Touring model!

Man, you must have been in love with that car...

Jim

[supratter]

yeah like I said I wasn't thinking right since it was my furst car .. but I will check with them and see what I can do about it

[Rikkitikkitavi]

Unfortunately, I believe the only way out of this lease is to get a payoff and pay it off.

Another thought would be to put it in the paper and see if someone would be willing to "Take over Payments". I wouldn't hold my breath though.

Theyv'e got you over a barrel and hid the vasiline!!! You are going to BLEED to say the least before this is over...


Sorry man... Your @#$%^@!

[The Gunslinger]

Hmmm, I'm going to be in a similar boat. I'm looking at a five-year loan on $45,000, with weekly repayments just under $250. The simple fact of the matter is, I want my C ASAP, and my current car only has about a year's life left in it (we've gotten to the point where the junkyards just don't have any cars as old as ours to scavenge parts from!). It'd take me about 5-6 years to save enough to buy the C outright, and in the meantime I'd have to buy another car. Whatever loss I get on the resale is less money towards the C, which puts back the buy date. So why buy a boring middle car that I don't really like when I can have the C sooner?

So... I'm saving up about $25k over the next year, and loaning the remaining $45k, so that I can buy the C before the Mazda competely carks it. I will be paying an extra $12k in interest, but my logic there is I'll lose that much on the resale if I buy a median car.

As Supratter is just finding out, you have to be completely dedicated to plans like these. Shortening the lease will put your repayments through the roof. One option is to sell the car for a good price, and see if you can pay off the loan outright. This will usually attract a fee (the banks want your sweet, sweet interest money, and cutting the loan short denies them that), and more than likely you won't get enough to pay off the loan outright anyway.

Financially your best plan is to bite the bullet and stick with your 300. Sell it when the loan's paid off, which is a PITA to wait out, but pulling out and complicating your plan will cost you a lot more in the long run.