Leasing Question

[comcast476]

Hi all, I have a leasing question that I was hoping someone might be able to help me with.

I currently am leasing a Nissan Maxima for $325 a month - ending Dec 2012. Due to an increasing family I am looking to get into something bigger. My wife and I both particularly like the Cherokees.

If I went to my local Jeep dealer here saying I wanted to lease a 2011 Cherokee, would they work with me at all? Would they take my Maxima? How would that all work?

Or.. do I need to sort it out with Nissan directly?

 

[Jester32]

The Chrysler dealer may buy it out directly but you would be at a loss. The negative equity would get added to your lease term. Nissan would more than likely try to keep you in there own product. I would almost try to get someone to take over the Lease or stick it out. I always get two year leases as I get sick of the same veh for more than 2 years. If I like it I would buy it out.

 

[comcast476]

The Chrysler dealer may buy it out directly but you would be at a loss. The negative equity would get added to your lease term. Nissan would more than likely try to keep you in there own product. I would almost try to get someone to take over the Lease or stick it out. I always get two year leases as I get sick of the same veh for more than 2 years. If I like it I would buy it out.

Just curious but I have no idea... how do you know it would be at a loss

 

[LilRedYJ]

Best bet is to review the terms of your lease...In the fine print of the lease agreement will be able to find all the info you need... Specifically the "early termination" clauses... This will identify the penalties /fees associated with early termination and may outline any options available to "rollover" into a new lease prior to dec2012.....

 

[LGR]

We had a subaru outback that I leased. Wife wanted a new Liberty. The Jeep dealer pretty much just bought the leased car from the bank that Subaru leases from out right to get me out of the lease without any fees. Then picked up a lease from the Jeep place. Should have no problems so long as they are willing to buy the remainder of the lease. Jeep buying your leased car doesn't count as early termination because the lease is now over. There is another way they like to do it is by just adding the rest of the lease onto your new car bill that is no fun and cost too much. Call up your leasing company and ask what the total would be if you were to buy the car from them without tax, Whatever that number is ask Jeep to buy it for. As long as they can make a few bucks on it, they'll do it.

 

[Jester32]

The lease payments are usually a lot smaller then purchase payments over the same term. The total amount owing will be greater than what most people will pay for a veh therefore creating a negative equity. Dealers usually won't pay more than wholesale for a veh so they don't loose anything. But they can butter up any number to make it look good. I work at a dealer and very seldom do they take a trade on where someone doesn't pay unless the veh is paid off.

 

[Jester32]

I'm not saying it would be at a loss just never seen lease work out in anyone's but a company favor.

 

[comcast476]

Thanks everyone!

 

[Jeepergeo]

The Jeep dealer is going to love you as much as the Nissan dealer that sold you the car.:shock:

Leases give dealers the ability to manipulate the terms of the deal so much that most folks can't figure out exactly what the deal will ultimately cost them, and that is what dealers love.:evil:

Terminating a lease early will cost you dearly, no matter how you do it. If the Jeep dealer "buys out" your lease, they will simply add it to your new lease or to the purchase price.

Best, keep the car until the lease expires, and then buy a Jeep. It would be better to buy a few year old Jeep than to lease a new one if cash flow is an issue.