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Getting out of a lease (again)

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Old Dec 15, 2007 | 07:21 PM
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Getting out of a lease (again)

Although I am aware there are many different alternatives, if I WERE to simply want to pay the penalties to get out of my current lease (7 months and 1500 miles left on it), what kind of fees should I expect to incur?

Thanks.
 
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Old Dec 15, 2007 | 07:25 PM
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Originally Posted by nyclio
Although I am aware there are many different alternatives, if I WERE to simply want to pay the penalties to get out of my current lease (7 months and 1500 miles left on it), what kind of fees should I expect to incur?

Thanks.
Your payoff is your residual value + 7 payments.

So, you could just ground the car for 7 months, and make 7 payments without driving it.

You could also sell it private party, and you would owe infiniti the payoff amount or, you could trade it into a dealership, and they would give you wholesale value for your car, and you would be negative the difference between your payoff and the amount they gave you.

If you just wanted to give it back to Infiniti, you would owe the 7 payments + abnormal wear and tear.
 
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Old Dec 16, 2007 | 12:29 AM
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so really i could see how long i can stretch these 2000 miles out, then just return it to infiniti early instead of having it waste space (and insurance money) in my driveway and just pay out how many ever months are left at that time?

there are no additional penalties incurred for turning it in earlier than the maturity date of the lease?
 
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Old Dec 16, 2007 | 01:21 PM
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there is no 'additional' penalty.

You are only liable for the remaining payments, the inspection, and any charges you may have incurred due to additional wear and tear.

Keep in mind, that Infiniti might not necessarily want to take your lease early, depending on who you speak with. Make sure Infiniti has agreed to take your car early, before you go to a dealership, as the dealership will not be willing to hold on to your car until the lease matures.
 
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