Well, here are the facts first: I leased a brand new 2006 Infiniti G35 coupe. I put $1,700.00 down, and the monthly payments we agreed to is $597.76 for 38 months. The total of my monthly payments = $23,312.64

Now, I must admit, I am guilty of rushing into leasing this car, which was not my original intention, it was to purchase to own.

This was back in August... and now I am contemplating if I made the right choice.

Couple of questions now:

1) under the excessive wear and use section it reads:
So, this means I can't go over 10k miles or I get charged 20 cents to the extra mile... correct?

2) under purchase option at end of lease term it reads:
In the end, if I wanted to fully "own" this car... like I wanted to before even signing anything, I would be paying a total of $45,933.24?! and not the $36,950 that seemed so great?

3) and finally, what about early lease termination? I know there's a fee, but realistically how much would it be? The car has ~8.5k miles currently and is in excellent condition both exterior and interior wise, and I know if you terminate earlier in the lease the fee is much higher, but I still want to look at all my options.

experienced help would be muuchh appreciated! thanks!

 

1. Yes.
2. No. You would actually pay $47,782 ($23,312+$22,620+$1,700 dp+$150 po). This is why buying a lease at the end of your term is almost always a stupid idea.
3. Terminating a lease will still obligate you to all payments due over the term of your lease, plus some bogus penalties. You best bet is to check out www.swapalease.com or www.leasetrader.com

 

http://www.carbuyingtips.com/lease5.htm

Scenario #5: You just signed a new lease, and a few days or months later you want out.

Oh, man are you in deep. There's not a thing I or anyone can do to help you. There are however, some tall buildings I could recommend to you to ensure that you don't survive the jump. People think that after a couple of months they can just get out of a lease. What you need to be aware of is that a lease is much worse than being married, it's a life sentence for the term of the lease. A LEASE IS A CONTRACT! The reason for this is the lease is a promise from you to the lessor that you will provide them with an agreed number of monthly lease payments, each containing profit for the lessor. If you try to get out of the lease, you are failing to honor your end of the contract and robbing them of their profit. It's like someone offering to buy your house, then taking the deposit check back because they realized they can't afford it. It will cost you big time if you want out unless the dealer wants to show you mercy (yeah, right). Maybe they'll take back the vehicle if you lease a more expensive one. Your payoff penalty could be in the thousands, and many times the dealers lie to you, saying early termination penalty is only $300. News flash: That $300 is just the Early Termination Payoff administration fee, not the penalty fee. Review the leasing glossary. They are just trying to prevent you from knowing what the real cost is, to prevent any second thoughts about signing the lease. Also, remember I mentioned earlier that they can pad your early payoff penalty because we don't know how it is calculated.

Moral Of The Story: If you are about to lease a car, make absolutely certain you are prepared to do so. Analyze the down payment and monthly payments and determine if you can afford them. You should have done it way before car shopping so that you already know how much you can afford. Don't sign a lease thinking you can fall back on the 3 day buyer's remorse right to cancel trick. Most states do not have laws that allow it, although many people think they do. As I stated before, folks, I don't answer emails with this question: I just signed a lease yesterday, why won't they let me out? Why did you sign it?

 

I think GumboChief pretty much summed up everything for you. His answers are spot on. I would tell you the same thing.

All I can say right now is that look at the bright side... you have a great car ... and enjoy it to the fullest. Whatever is done is done... dont repent on it now.

 

you got into a lease that only allows 10k miles/year?? wow, i have a friend with a G who got a lease

2004 loaded minus navi (5AT). I think he got a 39 month (3 years??) and is paying about $480 a month. He gets to put 15kmiles/year on it and I think he pays $.15 for mileage over the 15k/miles. He also has the option to buy w/ 57% residiual and his price is 20-21k at that time. Seems like a good deal to me, since if you were buying a used G35 w/ his options it would prob. cost you 24-25k. I think he could possibly buy out the lease and turn around and sell it for a profit privately.

One question I always had was how they determine how much you put yearly?? Do they simply average the total by the # of years?? Or do they actually take the # from your service record?? I was thinking of leasing my next car (07 Sedan) and wanted to know more about leasing. I want to lease b/c I grow tired of cars after like 2-3 years. I also heard another thing you can do is near the end of your lease, if you lease another car, they will take off some of the excess wear fee's??

If your unhappy with your lease, just stick it out, then if you decide to stick with infiniti, lease another one w/ better #'s than what you now have and they will hook you up w/ some of the excess fee's

 

^^
They do not look at service records. All they care about is mileage on the day you turn it in.

For an odd month lease, they prorate the amounts.

 

Thanks for all the info, really appreciate it.

So my best bet will be to ride out my lease, to get the "best" deal?

Also, in just terms of leases, did I get a good contract?

Lastly, do a mileage check every year or once you turn it in? And in my case, 38 months = ~3 yrs. so they want to see 30k miles?

THANX AGAIN

 

They only check the mileage when you turn it in. You should have no more than 32,500 miles

 

^ Hey, thanx for all the help man, really enlightened me on my situation.

In your opinion though, was the lease a fair one?

 

What was the MSRP?
What was the purchase price?

 

I just cant see how you can sell this lease to anyone. but i would definitely trying selling it as hard as i can.
the lease was certainly not fair man, paying 47k for a G?!!

 

I don't have my forms with me, but from what I can remember...

MSRP = $39,000

Purchase Price = $36,950

btw, how would I go about "selling my lease"?

 

Let me say something to make you feel better...

Purchase price is $36,950 is probably without tax? so you talking $39,000 after tax.

If you have the cash of $39,000 and you put it in the bank for 38 months earning 5% interest, it should end up with $45,000.

So paying $48k at the end of the lease wouldn't be much worse consider that you can drop the car and not worry about payments anymore.

 

As of right now, I have no intention of purchasing the car after the lease term.

I'm visiting those sites listed earlier (leasetrader and swapalease), and seeing if I could possibly sell off this lease. So I am wondering if someone would be willing to take this lease off my hands, but if it was not a fair lease, who would take it?

Also, leasetrader notified me that 'Infiniti Financial Services' does not allow selling leases, but there is a "program" to get past it, is this legit?

Once again, thanx to all those who gave input.

 

Common misconception about over mileage on any lease car is that you have to be within the agreed terms at the end of the lease. This is True and False.

True - if you plan on surrendering the car to the bank at the end of the lease. Meaning you don't plan on getting another car just straight out here is the car take it from me. Then any mileage over the agreed limit on the contract you have to pay.

False - if you plan on trading the car in before the lease is up then you don't have to worry about over mileage. If a dealer tries to screw you over by saying we have to charge you for over mileage then go to another dealer. This is common practice that dealers put on unsuspecting lease buyers. I have leased all my cars since 1996 and I have never payed over mileage on any on my previous leases. And trust me I always go over my mileage regardless of what car I lease except maybe my G. I leased a Civic with 12k miles/year limit on a 4 yr lease and ended up having more than 120k miles on it after 3 years. I traded the car in 6 months before the lease was up and got an Accord. Needless to say I didn't pay one dime on Mileage which would have been a lot since I more than doubled the limit. Of course with exessive mileage comes less value at trade in. In my case I didn't care because it was still better than surrending the car at the end of the lease term. People will always argue that leasing is a bad idea I for one disagree.

If you plan to get out of your lease at such an early stage then yes you are screwed. In this case it wont matter if you lease or finance the car. Was Swaplease.com ever mentioned I didn't read the whoel thread.

Goodluck with whatever plans you have on the car hope you get what you want in the end without taking to much of a hit.