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Early return costs?

5143 Views 10 Replies 10 Participants Last post by  GM Points
I currently have a 36k mile/3 year lease that is fully paid for upfront. At the rate I'm going, I'm going to hit my 36k mile limit in 2 years. A quick Google search seems to indicate that there will be early termination fees/costs if I return my car early.

Question is - does this only apply to monthly payment type of leases? I'm not sure if early return fees would apply to my situation; surely dealers would make more money selling a 2 year old car with 36k miles on it as opposed to a 3 year old car with 36k miles a year in the future? Anyone has any knowledge on this? I don't expect to get any of my prepaid amounts back of course, just wondering if I have to hand over extra fees in addition to what I've already paid (plus the regular disposition fee).

Reason for wanting to turn the car in upon reaching mileage cap: ongoing insurance costs even if I don't drive it.

And before anyone starts on the upfront payment being a bad idea... that's a discussion for another time.
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Usually the early termination costs are if you were to pay month to month and try to get out of the remainder of the lease and not pay the 12 months owed. I don't think there is any penalty for turning the car in early if you already paid for the 36 months and don't expect a refund of the extra 12 months. of course when you talk to the dealer and talk to the idiot kid at the finance company who doesn't have a half a brain cell, they're not going to know how to handle this. You might need to call the finance company kid's manager 2 or 3 levels up to find someone who knows how to deal with this.

So have you learned our lesson about the perils of leasing (especially if your commute exceeds the allotted miles), or are you going to jump back in and lease again?

My recommendation, look at how much cash you have on hand, buy a car (used or new) for less than that cash.
Before the anti-leasing crowd comments, always remember it takes a very special person who buys a new primary car and drives it into the ground...Most people who drive cars into the ground buy used...You can pick up older used Gen1s for under $10K currently...
Are you calling me special? As they say in the south, bless your heart.
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