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5th & 6th Generation (2002-2006 & 2007-2011) Toyota Camry Discussion for years: 2002-2006 & 2007-2011 Topics of discussion range from fuel economy, safety, modifications, performance all involving America's favorite family car, the Toyota Camry.

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Old 03-01-2009, 10:20 PM   #1 (permalink)
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Turning in lease early?

Hey does anybody know the penalty for turning in a lease early? My lease is thourgh toyota financial service. Thanks.
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Old 03-01-2009, 10:50 PM   #2 (permalink)
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Read your contract. I know this isn't a helpful answer, but it's the best way to find the answer to your question.
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Old 03-01-2009, 11:40 PM   #3 (permalink)
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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.
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Old 03-02-2009, 01:17 AM   #4 (permalink)
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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.
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Old 03-02-2009, 06:01 AM   #5 (permalink)
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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.
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Old 03-02-2009, 07:59 AM   #6 (permalink)
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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?
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Old 03-02-2009, 09:47 AM   #7 (permalink)
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I still got 2 more years on my last lease, just bring it back. Haha..
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Old 03-02-2009, 10:29 AM   #8 (permalink)
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16 year-olds sign leases?
My 5-yr old cousin can sign leases...
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Old 03-02-2009, 12:54 PM   #9 (permalink)
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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.
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Old 03-02-2009, 01:44 PM   #10 (permalink)
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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..
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Old 03-02-2009, 05:18 PM   #11 (permalink)
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16 year-olds sign leases?
whats why i said "we" as in me and my Grandpa
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Old 03-02-2009, 07:52 PM   #12 (permalink)
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Originally Posted by thrawnis View Post
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.
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Old 03-02-2009, 08:01 PM   #13 (permalink)
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That's why America is in a Depression.

Anyone who can scribble can get a loan.

Ain't that the truth.
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Old 03-02-2009, 08:12 PM   #14 (permalink)
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Originally Posted by TX WJ View Post
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.
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Old 03-02-2009, 10:33 PM   #15 (permalink)
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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..
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