Thoughts on leasing??

synolimit · 12-09-2014, 03:09 PM

Quote:

Originally Posted by czirrfb

With leasing is it an option to "give up" on a car? Say you cant afford the lease payments anymore, your sick of the car etc. can you simply return it and stop payments and not have to own any money to anyone without messing up your credit? I know you will have basically "wasted" the money you spent up until this point, but its better than getting a repo on a loan.

Yes, you can lease turn in or go to any dealer in the world and trade it in at any time you'd like. Hell the dealer you're trading in to doesn't even have to know its leased, they just need the payoff companies info to see your equity or negative equity for the value of the car based on year and miles.

You can't however just turn in a lease and walk. The cars value dropped and you'll still owe something unless the car all of a sudden became a collectors item and the value skyrocketed which would never happen. Whether a lease or a buy it will still be hard to sell as soon as you bought it cause the value just plummeted.

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