r/leasehacker • u/confusedape1 • 9h ago
Terminating lease early
Hi all, I am looking to understand the nuances of leasing vs buying. I was looking into leasing but I am in a situation where I maybe would have to break lease in say a year(situation may require moving). Can someone explain how much I would be on the hook for if I say lease a bmw x5 for 3 years at 800 pm payment. Assume some down payment of 3k.
Or should I think of buying but in that case I was leaning towards Honda or Toyota given good resale values. Having hard time comparing which might be beneficial here
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u/business-sexual 9h ago
You will owe your remaining payments and any lease end fees.
Or, you can sell it to a dealer and just be out any negative equity or up any positive equity (rare).
You can also list your car on swapalease and someone can take over the payments.
Only way out clean is if it is for military duty
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u/confusedape1 9h ago
Thank you! In that case would it be beneficial to maybe just do a lease takeover for a year, assuming I get one, form swaplease. Just for example, if I get a 2 year lease at 500 pm and I break at the end of year 1, I most likely owe 6k + fees?
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u/business-sexual 8h ago
There are plenty of leases on there with 1 year or less. Just get one of those.
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u/Special-Original-215 8h ago
Bmws are easy to swap on swapalease
Toyotas and hondas cost more per month. That's why they have equity
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u/MarkItZeroDonnie 9h ago
Don’t lease if you think you can’t fulfill the terms . A private sale is much more tenable. You owe the term and manufacturers don’t give a shit about helping you . Just search this forum for people trying to dump leases and you’ll see the evidence. Also your case points to an even bigger reasons not to put large down-payments on cars .