I'm looking into leasing my RX-8. I've always financed in the past, but times are tough and I want to keep the cash from the sale of my Miata as a safety buffer.

However, all my research has failed to answer one particular question: what happens if I want / need to get out before the lease has run full term? With financing, I would simply sell the car and pay out the loan, pocketing any profit or making up any shortfall out of my own pocket.

But what happens with a lease? Would I be required to pay out the entire amount that would have been payable had it run full term, unless I could find someone to take over the payments, or what?

It depends on the small print in your lease. It will definitely include a penalty for breaking the lease and in some cases it can be a whopper. In some cases you won't be able to transfer the lease, they also get to decide who is allowed to take over the lease. Some leases won't allow you to move out of certain regions (neighbouring states). There are starting to be lease buy out specialist out there like www.leasebusters.com.

So bottom line is, READ THE FINE PRINT BEFORE SIGNING, and don't take the dealer's word that "it's ok I'll write a note here". The leasing is usually done by another company (Mazda Finance is not Mazda XYZ) so any changes they make may have no legal weight. Get the changes authorized by them, not the dealership. Keep in mind I'm not a lawyer, and laws vary state to state, country to country).

I don't know what the lease rates are in the US but here in Canada Mazda is charging 9.1%!!!!!! That is highway robbery. I will be financing this time around.

Hope this helps, good luck.

Originally posted by eccles
But what happens with a lease? Would I be required to pay out the entire amount that would have been payable had it run full term, unless I could find someone to take over the payments, or what?

The way most leases are structured these days, your *only* option is to buy out the lease (you call and get the payoff amount from the leasing company). In the few cases where the lease company will let someone else take over the lease, they will still hold you responsible (as a "cosigner") for the entire term of the lease.

Exactly as jtimbck2 said. Every month you are in a lease you can check your buyout amount with your dealer. Just pay this money and the car is yours to then resell (arrange the sale beforehand). Some dealsers will let you sell the car through their pre-owned department if you wish. In some very rare cases the buyout amount might be less than the price you can sell the car for in which case you can even make a profit.

The way most leases are structured these days, your *only* option is to buy out the lease (you call and get the payoff amount from the leasing company). In the few cases where the lease company will let someone else take over the lease, they will still hold you responsible (as a "cosigner") for the entire term of the lease.


Acutally, most companies allow you to transfer your lease. And very few actually hold you responsible.

But the answer to the original question is...do a lease transfer, buy it out, sell it or trade it in.

Acutally, most companies allow you to transfer your lease. And very few actually hold you responsible.

But the answer to the original question is...do a lease transfer, buy it out, sell it or trade it in.

good answer, but its like 18months later i think he got the car and returned it already during the mazda buyback.

mazdaamerica allows you to transfer your lease.

But what happens with a lease? Would I be required to pay out the entire amount that would have been payable had it run full term, unless I
could find someone to take over the payments, or what?

You'll be upside down on a lease until the very end, sometimes if you buy another car through the same dealer they will help to work you out of it.

a, is this a lounge question
b, is this even relevant anymore, im pretty sure he doesnt have the car anymore.

Wow!!! Don't I feel like an idiot!!! I was just looking at lease info and didn't even pay attention...I won't do that again.

a, is this a lounge question
b, is this even relevant anymore, im pretty sure he doesnt have the car anymore.

Yeah that's true but with all the valuable info added now, one of the more knowledgeable and friendly club members can simply point that inquisitive new member searching for lease information, in a very polite and friendly manner, to make use of the search capability this forum offers. :p

Wow!!! Don't I feel like an idiot!!! I was just looking at lease info and didn't even pay attention...I won't do that again.

nah, its prolly helpful for others lol :)

Wow!!! Don't I feel like an idiot!!! I was just looking at lease info and didn't even pay attention...I won't do that again.

:D I thought for a second he was thinking about getting another 8 and rejoining the gang... and then I saw the date