Getting out of a lease?

Hey guys,

  Last summer when my Suburban was being possessed with the HVAC system, we decided it was time for a new car. I felt it was a good idea to get a new/newer car for my wife as she had been driving the same 06 Sienna since Jan of 2007. We also needed said vehicle to be capable of towing our 3500lb camper, so I narrowed our choices down to a few vehicles. We were looking at used 4Runners, and went to the dealer that my sister bought her Tacoma from instead of the trusted Toyota dealer I had been doing business with for many years. Well one long hot day later we drove away from teh dealer in a brand spanking new 17 4Runner that we leased. I feel like we were somewhat taken advantage of at the dealer, but that is as much our fault as anyones.

It is a fabulous car, and my wife likes it, but man it is a hefty bill every month, and probably not something we should have done. It was a moment of weakness for us I know in hindsight. It is also a lot of vehicle, and probably not what we should have bought but it sure is nice. I think we could do just fine with a smaller crossover SUV, or cute-ute for her, and a dedicated tow machine for me like the ole Suburban. However I don't know if this is even feasible with the lease and all. I worry that the value of the car compared to the buyout of the lease may be too much of that is even something that can be done. We have excellent credit, and I would sure hate to ruin it, so I want to do this the right way.

Many years ago I had a lease on an RX-8 that I had assumed, and it was pretty straight forward, but I don't know if that is something that can still be done.

Any help on this is greatly appreciated.

Chris

Don't 4Runners hold their value ridiculously well?  Maybe explore just turning it in, you might come out ahead.

Grab your lease agreement, read the terms. Once you've done that, go speak with the dealer and see what, if anything can be done.

I've never leased so I don't know if their are penalties for turning it in early or what.

It's really that simple. 

Lease takeovers still exist and may be your best option, depending on circumstances.

There may be an early buyout option on the lease, that is also something to look into. Returning the car early may carry hefty financial penalties. Either way, your lease contract should tell you.

z31maniac said:

I've never leased so I don't know...

It's really that simple. 

I don't disagree with you (having never leased a car either). This is funny to me however.

When you lease, you're paying a monthly premium on what is essentially estimated depreciation, as I understand it. When I bought my 2007 ms3, I actually leased it for a year. I turned aroundand bought it out from under the lease because the estimated value to buyout at the time of contract signingwas significantly lower than what the car was worth (I bought it jan 2007, cars had only been stateside for 3 months. No way to know what the market would do, and all they had was 5sp mz3s to compare to, which generally ate E36 M3 in the market because no one wants a manual) . My estimation of it would be this. If the erv at buyout (adjusted for coming in a year early)is LOWER than what they could sell the vehicle for, you might get lucky. You do have winter and tax season working in your favor right now, as well. Dealers are going to want used stock,  because they can generally make more money sticking it in someone at an obnoxious rate. And nothing says bad life decision waiting to happen like a wad cash and snow on the ground. 

Now, if for some reason they tanked, or you bashed the E36 M3 out of it or whatever, you've got yourself a pickle. Really the only way to know for sure is to a-read that mound of paperwork when you signed your life away, and b- talk tothe dealer. 

As others have said, check your paperwork. If you are thinking of another Toyota product I'd bet they will work something out. Once you confirm there is no major penalty for getting out early go back to your old favorite Toyota place knowing what you need numbers wise and see what they can do. Worst is that you have to sit on it for a while longer. How long is the lease, 24 or 36 months?

36 months. We have taken very good care of the car, and it only has 6700 miles on it. 

In reply to Mazdax605 :

Might be worth it. A creampuff year old loaded up 4runner is awesome lot fodder. 

 I don't know anyone who has actually used it, but I've seen a website called swap a lease (or something similar to that). It looks like it's for folks in your situation. 

In reply to drainoil :

IIRC there are two, swapalease and leasetrader. No idea how good or legit they are, but might be worth a look.