PDA

View Full Version : Question about Leasing

xWCDx
05-09-2006, 04:46 PM
Howdy everyone, as you know I am a proud owner of a Magnesium Magnum and have done a couple aftermarket things to it. I am only 19 years old and this kind of investment is huge. I am thinking about getting rid of it, but it is leased. I want to do whatever it takes to get rid of it, and get a GTO or something equivalent in power (I cannot stand not driving stick and it is killing me). What would I have to do to get rid of this, or is there a way for someone to take over my lease?
Thank you for any information you can give me
Matt
Magnum-RT-AWD
05-09-2006, 05:01 PM
how long was your lease? How long have you had it?
Either way If you are still in your lease----it would take an ass load of cash to get out from under the lease-----overall it is a bad idea to lease if you arn't ready for a 2-3 year contract-----I leased my Mag. (I can take everything out in a few hours and have it back to factory)-----you better stay where you are at!!
jy211
05-09-2006, 05:06 PM
you'll be upside down if you try and get out of it. Just deal with what you signed up for. You may be able to find someone to take over the lease, but your name MAY still be on the loan for the length of the lease.

Also don't do anything dumb like an IJ....makes my damn rates go up! And it's against the law....
Oldsfan
05-09-2006, 05:16 PM
The easiest thing to do is to trade it in. Take it to the dealer and get a trade value for it. Have them call the leasing company and get a buyout figure. If the trade value is equal to or more than the buyout, you're golden. If the buyout is less, then you're going to need some cash. Otherwise, you'll have to buy the lease out and then sell it privately. I think you'll have trouble finding someone to take over the lease and have the leasing company go along with it.
xWCDx
05-09-2006, 06:14 PM
you'll be upside down if you try and get out of it. Just deal with what you signed up for. You may be able to find someone to take over the lease, but your name MAY still be on the loan for the length of the lease.

Also don't do anything dumb like an IJ....makes my damn rates go up! And it's against the law....
What exactly is an IJ?

I am going to take a trip over to Pontiac tomorrow after work to see what they have to say about it, it will still probably be impossible. I cannot remember how long the lease is, but I have had it a little over a year. I will probably just suck it up and keep it, I love the car regardless, I just want to drive stick again. Maybe I will take a loan out and convert it :beerchug:
VanillaRT4me
05-09-2006, 06:26 PM
What exactly is an IJ?

I am going to take a trip over to Pontiac tomorrow after work to see what they have to say about it, it will still probably be impossible. I cannot remember how long the lease is, but I have had it a little over a year. I will probably just suck it up and keep it, I love the car regardless, I just want to drive stick again. Maybe I will take a loan out and convert it :beerchug:

Some leasing arrangements have a buyout figure predetermined at the midpoint of the lease program. Depending on the term length, you might be able to get out. Also, you might be able to "transfer" some or all of the lease on one car to another. Third-party leasing companies are sometimes willing to do this.

Remember, a lease agreement is nothing more than a rental agreement. You never build any equity in the asset and consequently you never have any leverage in the disposition of it. That's what makes it so difficult.
jy211
05-10-2006, 09:05 AM
Ij = Insurance Job