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How to Get Out of a Lease
With all the changes families are going through many people have been put in the wrong kind of leases. Many consumers have been convinced by some people in the auto industry to make choices without knowing the consequences. Long term, low mileage leases are not usually the right thing to do. A lease can be tailor made to fit your life style. And whoever made up the term smart buy for GM or red carpet lease for Ford should both be shot, because a smart buy is not very smart and Ford does not roll out the red carpet for anyone. Most domestic dealers push customers toward balloon leases or balloon purchases because it’s hard to fit a payment.
If you are one of the unfortunate ones this has happened to, it is time to listen up. There are two ways to get out. One way is when manufactures are trying to move certain vehicles off of dealers lots. When a manufacturer is about to make a change in a car line they have been known to put large rebates on them. The other way is a short term lease, that’s right, I said lease. I know you’re saying he used a bad word. But believe it or not, some manufactures are starting to see the trend and are gearing incentives toward short term leasing. Negative equity is never fun but it is becoming a way of life. As vehicles get more expensive, terms on car loans are increasing. People aren’t driving less so they get stuck in a vehicle with a lot of miles and need a new one. More and more people find themselves looking for a way out. So here is how we can help.
Our Dodge product line has several vehicles that have large rebates. Rebates help eliminate all or part of your negative equity. You might have to still extend the term to fit a budget. But you will still be in better shape than if you added all your negative equity to the new loan. And why not let the manufacturer pay for part of it. On the other hand the way that Toyota has decided to combat this same problem is with short term leasing. Most of their incentives are geared to that area. It has to be looked at like pay now or pay later. The way Toyota looks at it is if you bite the bullet on a short term lease and pay for miles up front in three years and you are scott free. The problem with getting in a low mile lease and just paying the penalty for miles later is no one seems to have the money at the end. It is a lot different to pay for miles $25.00 a month than all at once at the end. It sounds like a lot but it is about 80 cents a day. Anyone can find 80 cents a day. So you see no one likes to be in a bad situation but there is hope. And you can get help without doing another 60 month lease.
Larry Terry - Lterry@mcnattcars.com
Sales Manager
Jim Mcnatt Dodge/Toyota
Serving Denton, Lewisville, and Sanger since 1961
