Hey guys...i need some serious help getting out of this lease that my now wife (who leased before i knew her) got into. once this car is gone, im going to give her my old g35 and upgrade to a new infiniti.

can anyone offer me some help via PM's or here?

2008 Dodge Avenger(haha yes i know)
she has till December 2010..yes 2010. and is about 1000 miles over her limit.
25cents a mile.
Monthly payments are about $400 then whatever full coverage insurance is. so figure 500-600 a month.

Ive been researching but i havent a clue what her best option is...ive tried to talk to the dealership but they keep using smoke and mirror tricks to confuse me.

I definitely dont want this car around..its a turd and i hate dodge.

help!

From what i understand i have the below options...

1.) Buy the car out right today..then try to sell it to either a carlot or off autotrader....but i really dont want to invest whatever the payoff is..probably $10K...but i wont get penalized for miles that she went over
2.) return the car today...let them tally up the penalties and whatever, and tell them to send me the bill...i think this is bad though...
3.) blow up the car..haha jk
4.) park the car and let her drive something else...but then ill have to keep paying the monthly lease and insurance right? or can i cancel the insurance?

 

3.) blow up the car..haha jk

 

The other option is lease assumption.
Get someone else to take it over.

In your case this is highly unlikely with upside down mileage.
Your best option is to buy it out and recover what you can.

You also need to calculate the total penalty if kept to maturity. (estimate miles)
Find out the true retail value of the car to buy it out & sell it. (usually much less than your early buyout)
That's the only way to figure the least costly way out.

 

i would go for option #1
check with carmax and see how much they will give you for the dodge.
if all fails option #3 lol jk

 

i know right? but seriously...

 

Sorry, I don't know what else to say.....
No matter how you look at it, it's not going to be cheap to get out of it.

 

ive seen them sell privately for $13,000 to $16,000

...also keep in mind the car has been hit twice but repaired by dealership.

car is 10/10, only has about 20K miles on it.


and i realize "we" are going to have to pay money to get out of it...but i dont know how to calculate the lowest cost option.

the dearlership guys are a$$es... and wont explain what she owes neatly laid out...i wrote down like 20 numbers and was like..what the F is all this...maybe someone could tell me the EXACT sentences to use so i can come back on here and give you what they said.

I basically said "so if i want to buy this car TODAY, how much is it"...and they said, "well this and that and it depends, and blah blah, just keep the car or trade for a used car on the lot...we have some nice hummers out there"

 

What's your buy out right now?

 

...also, you don't have to buy it out before you sell it.

Sell the car, then use the buyers payment top it up with the outstanding balance
and close the deal on the buyout.

I've done it many times.

 

Ah i see....So go ahead and list it in autotrader or go around to local lots and check how much they will give you, then when im doing the sale, I will head up to Dodge and buyout the car, then give them the title?

how does all that work? leasing here is thru Chrysler Financial...

and im at work right now...ill have to go get the paperwork at my house with the 20 numbers written down...keep in mind it has not reached its maturity date so basically i had a penalty for that as well...

 

Private sale works best.

I show them a copy of the lease so they know it's legit.
They can phone & check if they want to.

When they are ready to close you make an appointment either at the dealership or the finance company (it varies)
You both go to the appointment with the two certified checks, close the buyout & change the title.

 

just have your loan number with the Chrysler financial, and autotrader or carmax etc. will call them to find out what you owe on the car, and they will tell you if you are upside down or not, at this time mostly likely you will be upside down IMO, and you don't need to go back and forth to dodge dealer.

private sell is the best like InTgr8r has mentioned, if you are not in a hurry to get out of it.

 

ok sorry it took me soo long to find the paperwork...she just moved in with me and everything is in boxes....

So here is what the original contract says:
Sign on initial payment: $1558.39
Monthly Payment of $298.39 for 39month term
Total of Monthly Payment: $11,637.21
ENDING month December 20, 20010 (12 more months+ this month)
Vehicle Turn in fee if not purchased: $425.00

Total Amount Paided after 39months if no damage or no miles over: $13,322,21

Agreed upon Actual Vehicle Price: $18,068.00

Price to buyout car after 39months: $9,840.45
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OK...so this is what i dont get....did she get screwed on the monthly payments because the car is only worth 18,000 and she is paying practically 75% of the total price of the car to drive it for 39months??

So she is 2,000miles over soo far and 13 months to go.... car value in todays market is 13,000 to 16,000.


what do you think guys................................

 

you need to find out the pay off on that car. i could be completely wrong but my guess is that your pay off is in the high 13's, unless you sell to a private party i doubt any dealers will pay what the bluebook states.

 

my advice... find out the exact pay off and go get your car appraised at carmax or any other reputable car dealer