theCATALYST

Hello everyone. I hope this isnt too lame a question, but I couldnt find any info posted on the subject. I bought my 8 January 1st of 2004. I got it on a Mazda Lease for 4 years. That was a LONG time ago, as far as the Offshore Industry is concerned, which is where I work as an ROV pilot. My company I work for got sold recently to a competitor, and now I am making a LOT less then I was. Due to this unforseen change, money is short. My other vehicle is a 03 Explorer, and with three kids, it wouldnt make sense to lose it. BUT, is there a painless way to get out of this lease, or is it going to hurt no matter what I do? Any suggestions or helpful advise? Anything is appreciated.

Mazdax605

you could do a search on the net for any number of lease swaping sites.I think one is called leaseswap.com.I would go to edmunds,and ask the leasing guru(Car_Man on the lease forum),and use their vast knowledge of all things automotive.I think the way lease sawping works is you are still listed on the lease liability wise but the other party is the one paying the note,and driving the car.The only other way is to turn it in,but most lease companies will require the remainder of the payments be made if you do that,and maybe the difference in what the residual is and what they can get for the car.That route seems like a bad way to go about it,but then again it may be your only way to be free and clear with no worries about liability issues.Good luck.Lets us know how you make out.I leased my RX-8 as well but for only 2 years.I think most auto experts say a 2-3 year lease is best,but mostly because that is how long a warranty will last on most cars.My $.02

phee

I work for a financial institution, and I can ask our lease guys, if you like.

theCATALYST

That would be great if you could do that. Thanks to all of you for your replies. It hasnt come down to a sure thing that I will get rid of my 8, lord knows I love it, but its still a possibility, and I need to know what my options are. Thanks again.

phee

I sent off your post to the Operations Manager, and I'll let you know as soon as I hear anything.

Tony Orlando

Look at your lease contract. Find the lease-end purchase price, then add your remaining payments. (Or call the leasing company and request an early buyout price).

If the total is the same as, or less than the actual cash value (wholesale) of the car, then you can take it to a Mazda dealer and have them buy out your lease for you, ridding you of the payment and getting them a nice used RX-8 for their lot.

This will ONLY work if the early buyout price is less than the value of the car. If it will cost 28K to buy out the lease, and the car is valued at 23K, you'd need to come up with 5K cash to cover the difference.

Hopefully I worded this in a clear manner. (I explain it to customers all day, but seem to confuse some of them.) I'll be happy to answer any other questions you might have. It's what I do for a living. (Selling cars, not answering questions. )

jtimbck2

I was in a similar situation a few years ago with a lease on an Audi A4. I explored the lease swap option, but my lease company (Audi) would not allow such a transaction. It really depends on your lease contract as to whether you can do such a thing.

I ended up buying out the lease and selling the car to a private buyer, but I was $1800 upside-down on it (I had to eat that). The transaction was really complicated too since I didn't have the cash to buy out the lease before I sold the car -- I lucked out and found a buyer who worked at a credit union so he got "special treatment".

I don't mean to be discouraging, just make sure you do your research. Good luck!

theCATALYST

Actually, this made a WHOLE lot of sense. Thank you. I will be checking into it with my dealer. Thanks for your time.

theCATALYST

Youre not too discouragin, what is discouraging is how high these gas prices are going up, and yet, still the buyouts and layoffs out here offshore. What gives? Anyhow, thanks for everyones comments and advise.

phee

This is exactly what my source said to do. He said our lease dept. just got a check for $12,000 from BMW for a lease buyout and financed the car for the guy at 0% interest. Not saying Mazda will do the 0%, but at least you can get out of your lease and keep the 8. Good luck!