QuestionQUESTION: I just brought a brand new 08 Nissan Altima, at this time I am feeling that I dont want a new car and wanted to know what I can do to get out the lease...I want to keep in for the full year but I will have two more years left. Any suggestions?
ANSWER: Keep in mind that every lease company has a different policy when it comes to early termination, and that I don't have a copy of your lease in front of me. But from my experience, it's extremely difficult (and expensive) to get out of a lease early. The key is what the lease company says the current balance is, vs. what the car is worth. You're going to find that the car is worth less than the payoff, which most likely will result in a higher monthly payment on almost any other new vehicle, as that negative balance is going to get transferred in to the next car. Nissan is always advertising a pretty low monthly payment on Altimas- are you sure you won't be going from the fire pan into the fire by trying to get out early?
---------- FOLLOW-UP ----------
QUESTION: My payments is $400 a month, I have had the car since Feb 1st. after reading
my lease I will ole around 16500 for the car. if you do 400 X 36 months, thats
actually less than what the car is worth or what I will ole on it if I make all the
payments. Are you saying I should just keep it...I was under the impression
that if I turn it in I would just have to pay some early penalties or
something...but I guess this is not the case....so do you suggest that I call
and get a payoff amount for the vehicle and than go from there or ask them
what will it cost me to turn the car in early?
AnswerExactly. Until you talk with the dealer, or Nissan Credit, or whoever the lease is with, you won't know just what it will cost to get out early. But again, it's been my experience that leases are designed and written for the term of the lease- when you want to get out early, it creates problems such as severe tax penalties for the lease company, which is why it's so expensive to terminate them prematurely.
