Early lease termination?

Question

i currently lease a 07 mazda rx-8 for $400 a month with about 9 months remaining on the lease. I want to end this lease mainly because i am moving out of state and i will be way over my mileage if i take the car with me and i don't think the car is worth the 400 a month anymore. I know if i end the lease early i will have to pay the rest of the payments i owe plus an early termination fee, but if i were to get another mazda do you think they would waive some of the fees? i've never done this before so if anyone can help me out i would really appreciate it!

Answer 1

Read your lease.

You are responsible for all remaining payments, less interest, plus an early termination fee plus any deficiency balance remaining when the car is sold at auction.

If you talk to a dealer make sure you trade the car and he buys out your lease.  The deficiency is than added into your new loan

Answer 2

Terminating a lease early can be expensive because in most leases, you are upside down for most of the lease term. The lease company will look at your current lease balance and decide how much the car is worth at a wholesale auction. You pay the difference. Since the auction price could be very low, you could end up owing thousands of dollars.

You could look at transfering your lease to someone else who might be interested in a short-term lease. But some lease companies don't allow it, and some who do will keep you responsible after the transfer. Here's an article with more details:

http://www.leaseguide.com/Articles/termi...

Good luck.