Anybody good with Finance/Lease?

[d50tt]

I'm well aware this isn't completely gt-r related, but its definitely a big obstacle in my way and I can't seem to find the Off Topic forum for some reason. I must be blind.

I'm currently in a lease with my '05 sentra right now with nissan finance. Well, I've been tryin to get a gt-r for a while but there is no way I can afford one without getting rid of my lease with nissan.

Anyways, I've tried advertising in the papers for someone to take over my lease but with no luck. I've decided to just to bite the bullet and break the lease early with nissan, which means those dreaded termination fees. I'd like to know if there are any other options, because I've searched night and day and couldn't find any other alternatives.

I have NO experience with financing cars, leasing, or any of that financial junk that dealerships pull. I just want out, so I can use my money to buy a GT-R period.

Will breaking the lease early affect my credit in anyway? I plan on paying all the penalties and what not, but I won't break it if its going to put a bad credit score on my credit record.

I feel like I'm missing something here, it should be as simple as giving the car back to them, paying off all the negative equity, and be all done with still a perfect credit score right?

Anyways any help would be appreciated, I plan on doing this soon.

[LHD-GTR]

Hi.

I think the best solution is try to put some incentives for interested parties to take over your current lease. Like, for e.g. a $500 cashback or something along those lines.

I heard about this site:
http://www.leasebusters.com/

They seem to help out alot of people stuck in leases.

Hope it helps, sorry I cant help much on this issue.

[Magic Monkey]

Lease busters is good but tough competition if other people have lower monthly payments due to rates or time bought.

No effect to your credit at all. You can break a lease at anytime just you are responsible for the amount commited to.

In other words:
You lease was based on a "capitalized cost" which is the agreed selling price plus all charges. During the lease you are making interest and principal payments. At the time of termination, the get a payout for your car which is the buy back (option to purchase) plus any outstanding payments minus some interest. At that point, they compare the amount you owe to the value of the vehicle. You are responsible for the difference.

The dealer will buy the car from Nissan Canada Credit for a market value, but Nissan will want the full amount commited to. No penalties or sur charges are allowed by law. All charges must be fully disclosed.

This is a closed ended lease. This seems like a bad idea but is in actuality the best for the consumer as it ensures the Manufacturer is on the line for the buy back. Many Corporations lease open ended which means they can end whenever because they are always responsible for gauranteeing the end value. (same idea just even applies at end of lease)

The best bet is to contact Nissan Canada Credit and get your payout for your account. once you have it, check with mutiple dealers as to the value of the car if you sold it to them. You pay the difference. If the value is low enough, you might even be able to sell it yourself retail and pay off your lease completely.

Remember, Lease buyouts are usually plus taxes, so ensure to clarify whether or not the taxes are included in your buy out.

I have 6 years automotive experince, and am currently the business manager at Land Rover and Jaguar. This is the full truth to the scenario, good and bad.

[Walperstyle]

I work with debt consolidation. Technically a car lease is no different than credit cards.

You are paying some kind of an APR (anual percentage rate) on your lease.

So the thing to do is see if your bank, or any bank can get you a loan for a lower APR to pay it off. This will save you money right away.

Then all you have to worry about is selling the car. At least during that time of waiting to sell the car, you are not paying fists full of cash to some bank/dealership somewhere.

The process is called a balance transfer. Its where banks compete for lower APR because getting some money is better then no money at all. Usually works out better in the US though, because everything is Credit there.

[Alak]

I inquired about ending the lease on one of my cars. This is exactly what I was told.

Cancelling your lease is like a Repo. We take the car, Sell it on the auction block, then sue you for the difference.

I talked to my lawyer about it and he said thats exactly what they do. So, in other words, your screwed either way.