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Leaving lease early question

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thatdudedre

Passed Driver's Ed
Hey guys I'm currently 26 months in my 36 month lease. I was wondering if there was anyway that i could calculate how much i would owe vw if i were to leave my lease early. Im not looking to trade in my car just want to know how much i would owe if i were to just leave my lease.

Thanks in advance!
 
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TRUboost

Go Kart Champion
Look it up on the vw credit website. You can get a payoff quote.

You basically owe your residual + all unpaid payments.
 
2013R

2013R

Drag Race Newbie
you owe 10 months of payments to get out of the lease. doesnt matter what your residual is, that has nothing to do with leaving your lease. obviously, you are screwed, because you arent gonna hand them a check for 10 payments and give them the car back.
 
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tbombsgen6

Ready to race!
Only chance of getting out early and not paying all 10 months is iff VW is doing a pull ahead program for you to get into another lease.

I turned in Lexus early (in my younger/dumber days) and no one told me what would happen. They just said "OK!" and took the keys. # months later i got a letter saying they sold my car at auction an I owned them $9000 for the difference of payoff vs what they got!!! Oh, and it was on my credit report as a repo!

I always made my payments, just went in telling them I just couldnt afford it due to losing my job. No one gave me any advice or options. Looking back, I could have easily refinanced the payoff and had a lower payment. So.....before you do anything, make sure you are aware of everything involved.
 
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SWFan

Passed Driver's Ed
There are only four ways to end a lease early.

1. Buy the car. If you check with VW Credit they will give you the current buyout quote. You pay that and you're done. You now own the car.

2. Turn the car in early and pay all the remaining lease payments. This would be the stupidest thing a person could do. You'd be paying for the lease without having the benefit of driving the car.

3. Find someone to take over the lease. Lots of people use swapalease to find such people. The lease transfers to the new lessee and becomes their responsibility. I'm not familiar with VW leases, but I know BMW allows these lease transfers for a fee and the new lessee will have to pass a credit check.

4. If you're going to buy or lease a new VW as a replacement sometimes the dealer can work out a deal that gets you out of your existing lease. Though 10 months left is going to be tough. Usually they can work some magic when you're around four months or less left in your lease.
 
2013R

2013R

Drag Race Newbie
SWFan said:
3. Find someone to take over the lease. Lots of people use swapalease to find such people. The lease transfers to the new lessee and becomes their responsibility. I'm not familiar with VW leases, but I know BMW allows these lease transfers for a fee and the new lessee will have to pass a credit check.
Click to expand...

3 is off the table with VW. The car stays in your name even if you transfer the lease, and you are responsible. I took over a BMW lease once, that is a better setup, the original leasor was completely free.
 
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tbombsgen6

Ready to race!
I forgot one....in theory, you could sell the car and pay it off. On a 12 you could get within a couple grand I would think. But I imagine your remaining payments are around the same.
 
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thatdudedre

Passed Driver's Ed
I was hoping to do option 4 but here is the deal. The dealership is called stohlman automotive and vw and subaru are under the same roof. I was leasing a jetta before i got into my gti lease. I was able to leave my jetta lease with no penalties with 1.5 years remaining. But this time im looking to get into a subaru do you guys think that ill be able to get away with no penalties? Ill be going in to talk with sometime next week but i just wanted to get your opinions. Im not in a hurry to leave my gti lease at all just exploring my options and thanks for your responses guys!
 
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SWFan

Passed Driver's Ed
thatdudedre said:
I was hoping to do option 4 but here is the deal. The dealership is called stohlman automotive and vw and subaru are under the same roof. I was leasing a jetta before i got into my gti lease. I was able to leave my jetta lease with no penalties with 1.5 years remaining. But this time im looking to get into a subaru do you guys think that ill be able to get away with no penalties? Ill be going in to talk with sometime next week but i just wanted to get your opinions. Im not in a hurry to leave my gti lease at all just exploring my options and thanks for your responses guys!
Click to expand...

Any dealer will take a lease as a trade, but you will have to make up any difference between what they think the car is worth on trade-in and what the current lease buyout is. It doesn't have to be with a dealer that is a VW dealer or associated with one.

As an example, say the Subaru has an MSRP of $30,000 and you negotiate the price down to $27,000. Assume your VW lease buyout at this time is $20,000; you negotiate the VW trade-in and the best they will do is $18,000. Then the Subaru is going to be $27,000 + $2,000 (trade-in value vs buyout value) = $29,000 before taxes, tags, and title.

If you have a Carmax nearby, I would take your car there and have them shoot you a value. Likely the amount they come up with is going to be the best you can hope for on a trade-in anywhere else assuming you don't take it in the shorts on the Subaru price.
 
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SWFan

Passed Driver's Ed
Mattphi said:
I heard something about this. Not sure if it'll help you or not, though.

http://www.swapalease.com/
Click to expand...

As 2013R states above, VW doesn't allow a lease transfer. You would remain liable for the vehicle and lease payments even though someone else is driving the car. This would be in no way ever advisable. I wasn't familiar with VW leases, only BMW leases and BMW is very lease transfer friendly. Apparently VW is not. So I'd say a lease transfer should be off the table.
 
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thatdudedre

Passed Driver's Ed
Well when i spoke with the subaru sales rep, we used something called the autotrader trade-in marketplace, which gave me a trade-in value of 13,500 which imo is pretty low. Considering my payout is 19,100, i would be $5,600 in negative equity. :/. Im hoping when i go speak with the vw sales rep that sold me the car would work something out.
 
2013R

2013R

Drag Race Newbie
thatdudedre said:
Well when i spoke with the subaru sales rep, we used something called the autotrader trade-in marketplace, which gave me a trade-in value of 13,500 which imo is pretty low. Considering my payout is 19,100, i would be $5,600 in negative equity. :/.
Click to expand...

sound about right.. happens to all of us. try an autonation quote too just for fun. you can also do it online without speaking to anyone. just have to give your email address and they send it. then use a fake phone number or they'll call you to follow up.

http://western.guaranteedoffer.com/online-appraisal/default?execution=e1s2

I just did mine for fun. 2013 Driver Edition 4DR DSG. 10,000 miles. Payoff today is $24,600.

Offer: $21,000... wow thats a lot more than I thought. sweet.
 
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