wknopf

My employer has annoounced that it is ceasing auto allowances for '05, and I have a personally leased C32 that I am using as a company car. I am about halfway through a 39 month lease through Chase Financial. I want to drive the 911 in the summer and the R32 in the winter, and turn in the C32, saving the $750/month since I am losing the allowance. I'm new at leasing, in the past I just wrote checks for personal cars. I've heard that early terminations are very costly; any advice on handling this? Do I take the car back to the original Mercedes selling dealer to terminate the lease, or do I have other options? TIA!

RJMDAD996

Chase will not take back the car - I have been through this once before, I had to finally use Lease Trader to unload my old CL55 AMG - Good luck, I really didin't like dealing with Chase Bank, Not Flexible at all.

Fast40th

You may want to check the "Swapalease.com" site. I haven't used it myself, but for the price it may be worth the try: http://www.swapalease.com/

Do check with your leasing co and your leasing agreement regarding transfers. Here's some info on Chase from the site: http://www.swapalease.com/help_files...eco.asp?coid=5

You probably will not take the car back to the dealership, you will have to deal with the leasing co directly.

Best of Luck!

djantlive

doesn't your lease agreement mention early termination cost? you can try getting someone to take over your lease or buy it out from the bank

CLL ACAB

You need to call Chase and get the current payoff on the lease. This is what they want to get out of the lease. You can then try to sell it privately and pay them off. Or you can ask them if they will allow someone to take over the lease. I think Chase does, but I also seem to remember that someone else was in this position with them and they are a real PIA to deal with. It took them months to finish the paperwork.

wknopf

Called Chase, and payoff is $43,xxx. Wholesale trade value, according to NADA and Edmunds, is $35k-39k. The salesman I bought the car from 2/03 is now working for the local Jag/Lexux dealer, and he said he would make some calls for me. The swapalease and leasetrader options don't appeal to me as I understand that I am then responsible for the assumer making the payments, i.e., co-signing for a loan for a car that is now out of state. If I can get out of the deal losing $4-5k, "payback" is six payments ($750 a month). I think saving 18 payments is worth "investing" six of them; I come out $9k ahead, plus insurance/tax savings. Anybody want to buy a really cool black AMG with 27,500 miles? (Only half joking...)

jcnesq

Chase does let you off the hook if you find someone to assume the lease. I did this earlier this year with my Boxster S. Chase is a ROYAL PIA to deal with and they take FOREVER to get through the process - they are totally inept. But they do let you off the hook.

I found an assumer through swapalease, fairly quickly, but I offered a $3,000 cash incentive, which made my deal very attractive. But I think I got lucky too, as I didn't get many inquiries.

Given your numbers, I would suggest not wasting a whole bunch of time trying to get someone to assume your lease. It's not going to cost you that much to sell the car and payoff Chase; if you sell it yourself, you might almost come out close to whole.

Be careful with sales taxes if you buy the car from Chase and resell it; don't know what state you are in and what your local laws are, but make sure you don't get tagged for sales taxes, as can happen in California.

carbon_00

A guy in Manitoba lit his car on fire to get out of a lease he couldn't afford....damn security cameras caught the whole thing....hahaha...Doh!

David in LA

In this case the leasing co would prob chase him for the $4-8K unless he has gap insurance.

jcnesq

If he set the fire, he ain't got no insurance!

wknopf

Great ideas...but how does one best ignite a car? Does the old gasoline soaked rag stuffed in the gas cap still work well with the new fuel tank design? For assistance in planning my exit strategy, how long does it generally take a lit fuse to explode into flames?

Jesus, people!