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Two or three ways to end lease early....
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Posted by Mike Lynch [Email] (#81) [Profile/Gallery] (more from Mike Lynch) on Sat, 1 Sep 2007 13:29:47 Share Post by Email
In Reply to: SFSC Lease Catch-22, rico567, Wed, 29 Aug 2007 10:13:32
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I understand your frustration, which is one of the reasons I always recommended the standard mileage allowance even if you were intending to drive more. 15 cents now vs 20 cents later and avoiding the complications you've encountered always seemed like a better idea to me because things change so fast in this modern world. It wasn't so long ago that excess mileage wasn't refunded under any circumstances through SFSC, but now that's SOP with GMAC.

Rather than just pay the stated charges for early termination from the lease company there's a second way to end a lease early. Call the lease company and get a payoff, which incidentally will reflect the lowered residual of the excess mileage payments. Then compare that to the value of the car. Sometimes that difference can be less than what the lease company wants. For one thing you avoid the disposition fee and any potential excess wear and tear charges too by paying the lease off and wholesaling (selling to a dealer) the car or for that matter you could sell it yourself and accomplish the same thing with even better results.

A third way to end a lease early is to advertise on the lease swapping sites. Many folks I know have had wonderful success getting their leases taken over because apparantly there's a big demand for shorter term leases than even the 24 or 27 month leases. Lotsa' folks only need a car for a year or so and taking over someones lease works out ideally.

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