Turning in lease early? - Toyota Nation Forum : Toyota Car and Truck Forums

El Loco VG · 03-01-2009, 10:20 PM

Hey does anybody know the penalty for turning in a lease early? My lease is thourgh toyota financial service. Thanks.

98CamryLE · 03-01-2009, 10:50 PM

Read your contract. I know this isn't a helpful answer, but it's the best way to find the answer to your question.

thrawnis · 03-01-2009, 11:40 PM

Like 98CamryLE said, your contract will have the info. Alternatively, you can call the finance/lease company and talk to someone there and see what they say.

If you end up having to return your lease car early but you are not in an rush (i.e. you can wait 1-2 months), there are services similar to Craigslist.com where you can post the info and pics of your car online and can allow another person to take over your lease. That way you can mostly avoid any penalties.

GT-R · 03-02-2009, 01:17 AM

I terminated my 3-yr lease term after 1 yr. But I actually traded it in for a new car.

Go call your dealer or Toyota directly, but I'd call the dealer first.

BlackCamSe · 03-02-2009, 06:01 AM

We terminated my last lease on a 05 LE almost 6 month's early but we traded in for another leased Camry so they didn't charge us anything.

SimplyACruiser · 03-02-2009, 07:59 AM

Quote:

Originally Posted by XxTrD_ToYoTaxX

We terminated my last lease on a 05 LE almost 6 month's early but we traded in for another leased Camry so they didn't charge us anything.

16 year-olds sign leases?

GT-R · 03-02-2009, 09:47 AM

I still got 2 more years on my last lease, just bring it back. Haha..

GT-R · 03-02-2009, 10:29 AM

Quote:

Originally Posted by SimplyACruiser

16 year-olds sign leases?

My 5-yr old cousin can sign leases...

SimplyACruiser · 03-02-2009, 12:54 PM

Quote:

Originally Posted by GT-R SE

My 5-yr old cousin can sign leases...

Was under the impression that one is required to be at least 18 to sign a contract, have some credit history, income, etc.

GT-R · 03-02-2009, 01:44 PM

Quote:

Originally Posted by SimplyACruiser

Was under the impression that one is required to be at least 18 to sign a contract, have some credit history, income, etc.

... for his toy trucks. ehehe..

BlackCamSe · 03-02-2009, 05:18 PM

Quote:

Originally Posted by SimplyACruiser

16 year-olds sign leases?

whats why i said "we" as in me and my Grandpa

TX WJ · 03-02-2009, 07:52 PM

Quote:

Originally Posted by thrawnis

Like 98CamryLE said, your contract will have the info. Alternatively, you can call the finance/lease company and talk to someone there and see what they say.

If you end up having to return your lease car early but you are not in an rush (i.e. you can wait 1-2 months), there are services similar to Craigslist.com where you can post the info and pics of your car online and can allow another person to take over your lease. That way you can mostly avoid any penalties.

Not a good idea and it may not be legal to let someone assume your lease without the lenders approval, plus they could trash your car and you are responsible for it.

A lease is like a purchase, if you want to trade it / sell it before its paid for there is a payoff.

CJCride · 03-02-2009, 08:01 PM

Quote:

Originally Posted by JJJJJJ

That's why America is in a Depression.

Anyone who can scribble can get a loan.

Ain't that the truth.

CamrySExxx · 03-02-2009, 08:12 PM

Quote:

Originally Posted by TX WJ

Not a good idea and it may not be legal to let someone assume your lease without the lenders approval, plus they could trash your car and you are responsible for it.

A lease is like a purchase, if you want to trade it / sell it before its paid for there is a payoff.

You sure? Im pretty sure you can get them to just take over it. Just make sure to change all the info to their name etc.

benca1 · 03-02-2009, 10:33 PM

figure i would step in and help you since work for toyota .. you have several options....

1. you can trade it in and let the dealer absorb the price with incentives on a new vehicle just meaning you can talk the dealer down as much as possible then factor in the po of your remaining payments and trade yours in ..

2. you can find somone to take over your lease called an AOL.. assumption of lease this is where somone can take over your terms of your lease

3. you can go from a lease to a purchase and try and to sell the vehicle outright or find a buyer and customer can buy the vehicle from toyota financial and its a third party purchase.

This is the most important info if you just turn in your lease and walk away without paying,you will owe your remaining payments and if dont pay them, then will go to collections and if not paid will go to a charge off.. I9 on your credit will really hurt.

Just a FYI hope this helps..