getting out of a lease

97greensnake

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mIaMI, fL!!!
so i thought i was ready for a new car (payments). but im really not. id rather put that money towards school looans. i pay 470 a month for my GT. honestly i wish i still had the cobra.
i was wondering if there is any way out of a lease ? at least to where my payment will go down by half at least . a friend of mine told me to go to carmax and trade in the car for something that is like 12-14k (older GT maybe or a sn-95 cobra) and whatever the diffrence of what i owe on the car will be added to the amount financed for the new one. so if i finance lets say 12k (new car) + 3k left over from this car thats only 15k and my payments will prob. be like half.


what you guys think ? :read:
 

Sapperstang

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Carmax won't give you shit for your car. I took my old 04 mach by there when it had 2K miles just to see what they said. They offered me 17K. Car was less than six months old.
 

Top_Fuel

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Your best financial move is to purchase and sell the car... or transfer the lease to someone else. You'll be digging yourself into a huge financial hole by trying to trade your way out of your current situation. You'll get screwed on your trade value, and you'll probably over-pay for whatever you end up buying.

Have you actually read your lease contract? It probably spells out how you can get out of the lease early. If it's a Ford lease, look for the "Voluntary Early Termination" section of your lease agreement.

Here are a few links you may want to check out...

http://www.bankrate.com/brm/news/DrDon/20060622a1.asp
http://www.thefrugallife.com/auto_lease.html
http://www.leasetrader.com/car/lease/info/help/default.aspx
 

SVT F15O

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$470 a month on a LEASE>?!?!? DAMN! For a couple dollars more a month you could have BOUGHT the car! I don't get it.......
Getting out of a lease is not easy, especially at the start. -Mat-
 

BLOWN PONY

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I don't get why anyone would want to lease a car.
For $450 a month, why not just buy the thing?
 

qwikhuh

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Do not trade it in......You do not want to be upside down on a used car......If you have only owned the car a few months you are going to lose a tonw to get rid of it. Your buyout is probably very close to the new purchase price.....a dealer trading it in is going to give you thousands less and the last thing you want to do is transfer the debt into a used car...
 

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