Tips on Buying Cars: balloon lease, honda pilot, finance contract

Question
im currently on my 20th month of my 4 year balloon lease...im paying $669 for my 2008 honda pilot w/ navi.....base on current financial situation thats going on right now....i cant afford the monthly payment now...how can i get out of my balloon lease or is there any option?...thanks in advance more power

Answer
Hi Mark,
Unfortunetly, there is no option for you right now. You are responsible for the remaining lease pymts. You could try swapalease.com, and try to find someone willing to assume your lease. You could possibly trade it in on something else, but are probably upside down and wouldn't be able to lower your payments. Maybe check with the lender and see if they could redo the lease and stretch the term for you. Maybe turn it into a long term finance contract.

You had to of had good credit when you leased this vehicle, I hope you can hang with this economy for a bit and maintain that payment to keep your credit clean.

Good luck, wish I could help. I'm seeing a lot of this.