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Not at easy as you'd think
Posted by Ryan in CT [Email] (more from Ryan in CT) on Mon, 15 Mar 2004 06:52:09
In Reply to: Turning in a lease early, Mike in RI, Mon, 15 Mar 2004 04:52:09
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Mike--
I attempted to terminate my lease on my 2002 9-3 SE Conv early and decided it was in my best interest to hang on to the car for now. Basically you have the following options:
1) Buy the car outright and attempt to resell it/trade it: You'd have to contact Saab Financial to get your buyout price to purchase the car outright. Unforutnaly unless you put down a lot up front with your lease, you're going to find you owe significantly more than what the car is presently worth. For example, my 02 CV buyout is about $28K. I was offered $20K for the car at a local Porsche/Saab Dealer on a trade-in - they claimed they couldn't certify it when they sold it used because of the high mileage (46K). I think thats bulls&%#, but that's a whole different post.
2) You can put the car up for sale on a lease-swapping site, like http://www.leasetrader.com or http://www.leaseswap.com. Do a search for lease swapping sites on google to compare the different ones out there. These sights give you the opportunity to transfer your lease to another person, provided they meet Saab Financial's credit requirements. To do this, they assume your payemnts and lease term. There is a $495 transfer fee. You can offer a cash incentive to make your car more appealing to buyers - especially if you don't have many miles left on your lease.
3) Or the final alternative...pay all the remaining payments on your lease and return the car to Saab. In my opinion, this is crazy, but if you're close to the end of the lease, it may be a viable option.
I don't know of any other alternatives...and if any one has anyother ideas, please post.
Good luck!
Ryan
posted by 12.148.9...
Posts in this Thread:
- Turning in a lease early, Mike in RI, Mon, 15 Mar 2004 04:52:09
- SWAPALEASE.COM, ckpaden, Tue, 16 Mar 2004 19:21:50
- Re: Turning in a lease early, Nick (in RI as well), Mon, 15 Mar 2004 18:54:40
- Re: Turning in a lease early, asdf, Mon, 15 Mar 2004 13:42:28
- all depends, nickR, Mon, 15 Mar 2004 08:43:21
- It's Going To Be Costly, Jetplate, Mon, 15 Mar 2004 07:45:07
- Not at easy as you'd think, Ryan in CT, Mon, 15 Mar 2004 06:52:09 <-- Viewing This Message
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