Hello everyone. I'm looking for advice and opinions concerning my vehicle lease. My 5 year lease is up this March on a 98 Plymouth Grand Voyager. It is approximately 16000 over in miles. What are my options when I turn this thing in? I'm sure I'll get dinged for other things as well as the bank is National City and I heard they are hard on returned leases. I know I can just pay the bill and walk away but I may not have the cash to do that. Will dealers roll that money you owe into a new vehicle price or can I get any consideration from National City if I use them again??? Any thoughts would be greatly appreciated. I plan on buying the next vehicle. With my circumstances, I will NEVER lease again. If I can't afford the payment to own the car, I don't want a payment to rent the car.
Car Leases I leased a car., and the dealer told me that I will never be upside down. He told me that I can keep the car for three years, turn the car in, and or walk away. I chose to get another car. They took the balance of my old vehicle, and attached it to my new one. I am done with CARS.....I am going to keep the one I have NOW. I think everyone will always be upside down in a vehicle, if you lease or buy. I am living proof
Car Leases Glad you learned your lesson with leases....now learn another important lesson....NEVER NEVER NEVER roll over what you owe into a new purchase or lease...you will be upside down for as long as you own that vehicle and your monthly payments will be stupid. Typically the 3 options available on a lease at the end of the term are....turn in the keys and walk away (after you pay the overage on mileage and dings on the vehicle), lease another vehicle, or purchase the vehicle at the residual value. (On a 98 Plymouth Grand Voyager I wouldnt do this as you are entering the period of time where you will no doubt run into air conditioning/transmission problems). As for what you owe...who knows? You say the lease is up in March...that's 9 months from now and if you are already over by 16,000 miles...it could be ugly. Dealers will roll the negative balance into a new deal but I have already told you the problems associated with that move. Doubt that you will get any consideration from the existing bank...but you can certainly try....you might want to let the next dealer find a better lending source.
