My car is worth way less then the used leasing price. How do i get out of my lease?

Question

June 2nd 2008, i was in desperate need for a car. So i did the unthinkable i leased my first car by myself. July ? 2008, it stopped working. My boyfriend bought 4 batteries that each lasted a week. It wouldn't keep a charge for nothing. I just googled the average used car price for my 2001 glx v6 volkswagen jetta, that by the way had 96 thousand miles on it and an "As Is Warranty" the average leasing price wasnt even listed because it had so many miles on it. I'm leasing it for 36 months. I put $6,000 down cause the car price was $12,753. I finally came to my senses and the leasing price was $18,609 and my monthly payments are $300.I have $11,000 and some odd dollars to go. Is there anyway to get out of the lease? WITHOUT paying out the whooha...

Answer 1

I'm confused by the fact that you leased a 7 yr old car. Did you finance it maybe. And if you have a legal binding contract, then you have to honor it,or it will go on your credit. You can sell or trade the car and payoff the balance.

Answer 2

Are you sure you have a lease? Nobody will write a lease on a 8 year old car. 3 years is tops.

I think you have a loan and you are are upside down. It also sounds like you bought from a "buy-here-pay-here" dealer, which means you overpaid for the car and are paying a super-high interest rate.

You could simply return the car to the dealer, but you would lose your $6000. Since the car was probably only worth $6000 to start with, the BHPH dealer will simply put the car back on his lot for the next sucker.

Or you could try putting a new alternator on the car. It seems the batteries that you keep putting on the car not bad, the alternator is simply not charging them.