Anyone done a lease termination?
Thread Starter
Track Day
Joined: Sep 2016
Posts: 15
Likes: 0
Anyone done a lease termination?
Without going into too much detail, I was diagnosed with a fairly significant illness about 4 months after acquiring my first 911.
I will be starting treatments soon and would prefer to pull back on work a bit for the next 6-12 months. This would be a super easy decision pre-911, but it's a bit more complicated now having an expensive lease parked in the garage.
I should still be able to drive throughout the treatments and can afford the payments w/o working at all. It's really just about minimizing stress, and ensuring I have as much financial flexibility as possible for as long as possible.
I'm going to speak with the dealer directly, and Porsche Financial as well, but figured I'd start here to kickstart ideas and collect info.
Questions:
Thanks all!
I will be starting treatments soon and would prefer to pull back on work a bit for the next 6-12 months. This would be a super easy decision pre-911, but it's a bit more complicated now having an expensive lease parked in the garage.
I should still be able to drive throughout the treatments and can afford the payments w/o working at all. It's really just about minimizing stress, and ensuring I have as much financial flexibility as possible for as long as possible.
I'm going to speak with the dealer directly, and Porsche Financial as well, but figured I'd start here to kickstart ideas and collect info.
Questions:
- Has anyone terminated a lease through Porsche before?
- Any insights into the process and associated costs?
Thanks all!
Rennlist Member
Joined: Aug 2013
Posts: 217
Likes: 2
Sorry to hear. Hope you have a speedy recovery.
Lease take over may be an option. Finding someone and paying an incentive. We have a couple of companies here in canada that offer be service but depends on terms from Porsche finance in USA. They may not let you off the hook that easily.
Termination of lease is most expensive option. If you can sell the car privately and pay the lease payout amount you will be less up side down.
If you have a high demand low mileage vehicle your dealer may be able to help you with more creative Soloutions.
Good luck!
Lease take over may be an option. Finding someone and paying an incentive. We have a couple of companies here in canada that offer be service but depends on terms from Porsche finance in USA. They may not let you off the hook that easily.
Termination of lease is most expensive option. If you can sell the car privately and pay the lease payout amount you will be less up side down.
If you have a high demand low mileage vehicle your dealer may be able to help you with more creative Soloutions.
Good luck!
Banned
Joined: Oct 2015
Posts: 1,566
Likes: 187
From: Bay Area, CA
Sorry to hear and good luck with your treatment.
If the KBB private sale value is more than the payoff amount on your lease statement you can buy your car out w cash - get the title and then sell. You can also do a used car loan to purchase out the lease.
If the KBB private value is lower than what you owe I would go the lease swap route. You may even be able to get any down payment back. Clear with Porsche Financial.
Good luck.
If the KBB private sale value is more than the payoff amount on your lease statement you can buy your car out w cash - get the title and then sell. You can also do a used car loan to purchase out the lease.
If the KBB private value is lower than what you owe I would go the lease swap route. You may even be able to get any down payment back. Clear with Porsche Financial.
Good luck.
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Instructor
Joined: Mar 2017
Posts: 138
Likes: 2
This is absolutely true, so I would never recommend swap a lease for a Porsche. Best option is to sell and buyout the lease
Rennlist Member
Joined: May 2013
Posts: 805
Likes: 108
From: Los Gatos, CA
I ended a lease by disposing of the car at Carmax. They made me a better deal than I would have gotten from ending it with Porsche.
It only takes 30 minutes and their quote is good for a week. It's worth a try.
Best wishes on your health issue.
It only takes 30 minutes and their quote is good for a week. It's worth a try.
Best wishes on your health issue.
