Car lease early termination fee?

Kempa

What is the cost of a early turn in fee if you cant afford your lease through GMAC anymore? and what is the process for turning it in, do you just take it there and say "here it is i cant afford it anymore" and they send you a bill?

Answer
You are still liable for the rest of the payments owed on your lease. if you can't afford the car anymore, call GMAC and let them know. And tell them which dealership you're returning the car to so they can pick it up.

GMAC will first try to get the unpaid balance from you. if they're not successful, they'll send it to collections. If the collection company cannot get that from you, they'll either write it off as a bad debt, which will piggy-back on top of your repo, or if it's a significant amount, take legal action against you.

A bad debt and a repo will kill your credit history for 7 to 10 years. A lawsuit can last even longer. Before you give the car back, ask yourself if it's truly unaffordable. Or if you cut back on monthly expenses, could you still make those payments?

A voluntary or a forced repo has the same, long term damaging effect on your credit rating. Before either one happens, be sure you've exhausted every possibility to make your payments. If you decide to ride it out and if you're going to be late, call GMAC and let them know. They'll allow a one time late pay without reporting it. But don't make it a habit.

If there is no way out, call GMAC, let them know you'll drop it off at a certain dealer at a certain time. They can then notify the dealer to be watching for it. Drop off the keys to the sales manager, not a salesman. Be sure you have both sets of keys with remotes and all the books to turn back in.

Then prepare for the bad news in form of a letter from GMAC.

Can I change a car lease that is in my dads name to my name?

Q. Back in January, my parents leased me and car and it is currently in my dads name. I got in a huge fight with them and they are trying to take back my car before the lease is up. Is there anyway that I can get the lease in my name so this doesn't happen? I am 25 with decent credit

Answer
I hate to say this, but it is not your car. You have absolutely no legal rights to this vehicle. If they want it back, there is nothing you can do about it.

There is no way to transfer a loan (or a lease). Your parents would have to sell you the car (for the total of the remaining payments, plus the residual value of the vehicle). If you cannot pay cash, you would have to apply for a loan, and be approved.

Sorry I don't have better news.

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Do you know the best volkswagen lease deals in New York?

Naturalsli

Answer
Find the best new car lease deals at U.S. News. ... these car lease deals to find one that best fits your budget before you head to the dealership.

EV car news article boasting 112 MPG http://autos.yahoo.com/blogs/motoramic/69-month-lease-mitsubishi-miev-bec?

Jason

ok...maybe I'm an idiot, but is an EV car all electric meaning no gasoline of other fuel? so how do they get a figure of 112 Miles Per Gallon (MPG) in a news article i just read on yahoo? ?.

Answer
We're stuck with MPG for electric cars for the same reason we still use "horsepower" to measure engine power. Engines have little to do with horses, but early car buyers wanted to use a metric they understood - horses.
*
Electric cars don't burn gas, so there are a couple of different ways to compare electric power to gasoline. The first is called MPGe, and this measurement compares the efficiency of the electric car to the theoretical "kilowatt-hour" equivalent energy stored in a gallon of gas. This is the MPG number you usually see attached to an electric car, it is easy to calculate and use for comparison, but it has little to do with reality.
*
Much more useful is cost-equivalent MPG, in other words, how far can you travel in an electric car for what a gallon of gasoline costs? Unfortunately, this number varies from day to day and from place to place with the changing prices of gasoline and electricity, which is why you never see this number used.
*
Example: I drive a Chevy Volt. The official MPGe number is 93 MPG. But the cost equivalent MPG for me (using my local electricity and gas prices) is about 190 MPG. Big difference!

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Can I change a car lease that is in my dads name to my name?

Caty

Back in January, my parents leased me and car and it is currently in my dads name. I got in a huge fight with them and they are trying to take back my car before the lease is up. Is there anyway that I can get the lease in my name so this doesn't happen? I am 25 with decent credit

Answer
I hate to say this, but it is not your car. You have absolutely no legal rights to this vehicle. If they want it back, there is nothing you can do about it.

There is no way to transfer a loan (or a lease). Your parents would have to sell you the car (for the total of the remaining payments, plus the residual value of the vehicle). If you cannot pay cash, you would have to apply for a loan, and be approved.

Sorry I don't have better news.

How to minimize taxes with car lease trade/return to car purchase (FLA), how pay just the diff of the two ?

Heywood Ja

Example would be if I traded the lease car in, and treated the residual as a payoff, can I then be limited to taxes only on the difference or additional price of the two? I have a lease to rtrn, valued at 25K$, and a new purchase planned for 40K$, what am I taxed on?, the 15K$ difference if the lease rtrn is treated as a tradein?, or can I get out of the lease, by selling it or turning it in, and somehow still avoid the tax costs of the entire new vehicle, as in get to offset the taxes by the value of the 25K$car? Reside in FLA.
Also, is it true that no tax is assessed on such purchases in Arizona?, person to person I mean? If so, how can I buy there, take it home to FLA, register and drive it?, more to the point, what would the tax scenario be when registering it in FLA.?

Answer
You may not like the answer to this one. They just changed the laws in New York because of the problem you're having now, but as far as I am aware, FL has not changed their laws yet. (more tax revenue for them)

When you trade-in a vehicle you own, you only pay sales tax on the difference between the value of the car you're trading in and the car you're buying. The reasoning behind this is that you've already paid sales tax on the purchase of the vehicle you're trading in, so you should get credit for that sales tax paid. E.G. $20K new car - $8K trade = sales tax paid on new purchase on $12K.

When you lease a vehicle, however, you only pay sales tax on the use of the vehicle. Keep in mind that in the eyes of the tax people it's like you went to Her**z or whatnot and rented a car for 2-5 years. So you don't usually pay the amount of sales tax that you would have if you would have purchased the vehicle. That's why if you want to buy out your lease at the end you still have to pay sales tax on that amount when you buy it out.

So if you trade-in that vehicle you have not paid sales tax on the full vehicle price. Add that to the fact that you're not the titled owner of it(the lease company is the owner) so when you trade it in, if they were to give you sales tax credit, it would be illegal as you're "jumping title". The only way that you're going to be able to get sales tax credit on the trade-in will be to buy it out, pay the sales tax on that amount, then trade it in, which doesn't get you any further ahead.

Sorry to give you the bad news, but I hope this explains why you won't get the sales tax benefit. If you do buy-it out in another state, btw, you will still have issues when you trade it in in FL anyway because when the title goes to the FL DMV, they'll be asking when and where you paid your taxes on it.

Hope this helps.

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How do i transfer my lease over to a buyer?

car leasing news image

Ashley S

I'm selling my car due to our 3rd baby on the way and need to upgrade to vehicle with third row seating. I have a buyer interested in taking over my lease instead of purchasing my vehicle (its leased and lease isn't up until 2012) I discussed how to sell it with GM but never how to do a lease take over. Can someone please tell me so I don't have to bother my dealership just yet? What fees are there etc

Answer
Call GMAC (now known as ALLY) 1-888.925.2559 They will advise the details. there is a $250?? lease transfer fee and the will have to approve the transfer. The good news is that GMAC will formally transfer a lease and recognize the new lessee. Unless this has changed with their new owners ALLY? I did get GMAC to approve a lease transfer back in 2009.
good luck

What ever happened to drilling for oil and building nuke plants and refineries?

honeybeeji

Solar panels windmills and children battery cars are not the answer

Answer
The oil producers already have under lease 68 million acres where they have not begun to drill for oil. Demand is down and they have reduced production to raise the prices again.
Crude oil is getting cheaper â so why isn't gas? - Yahoo! News

http://news.yahoo.com/s/ap/20090215/ap_on_bi_ge/gas_prices_unhinged

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What do you think about the EV1 electric car?

car leasing news image

Q&A guru

It can help stop pollution and preserve our environment! Plus, you would save money by not paying for gas..So why did GM basically "cancel" this innovative car? Why did people not support it?

Answer
star

I Don't necessarily believe there's any global cover up, don't get me wrong Iâm one for conspiracy theories, in fact I live 100% off the grid away from society / gov to prove it. But the technology is out there and has been for a longtime. I just think society isn't ready for it yet, almost but not yet. I don't think the government killed the EV1 or the super carburetor , either (though Iâve been wrong before) I think consumers did. Consumer's want their v8's with 33inch tires and speeds of 110+ min, just can't get that with âfactoryâ evs right now.

I currently have an EV and 2 vehicles that run on hydrogen also all that I converted. As I live completely off the grid all my electricity comes from solar panels and 2 wind generators.

The gov and car companies ARE trying to do something about it though.

Biofuel is recognized by both the US Environmental Protection Agency and Department of Energy as an alternative fuel, and qualifies for mandated programs under the Clean Air Act Amendments and the Environmental Protection Act of 1992 (EPAct).

USDA Clears Air with Biofuel: Buses and other diesel-burning vehicles run cleaner if they mix biofuel with regular diesel fuel, said the US Department of Agriculture at a biofuel fuel seminar at a USDA research center.

Conversely most major automotive manufacturers (Chrysler, Ford, and General Motors, etc) recommend the use of bio fuels, and nearly every car manufacturer in the world approves ethanol blends in their warranty coverage.

In fact your probably even driving an ethanol car and didn't even know it.

The trick is finding fuel.

I've been producing biofuel for about 3 years now, it's not extremely difficult. Basically you need general household ingredients, a processor (or still for ethanol) and some used oil. Blend it, let separate, screen and use. I complied a guide a while back to help walk you threw the process step by step, just email me or check out..

http://www.agua-luna.com/guides.html

also Honda has just released their first Hydrogen car (FCX Clarity).

http://automobiles.honda.com/fcx-clarity...

"The FCX Clarity is a next-generation, zero-emissions, hydrogen-powered fuel cell vehicle based on the entirely-new Honda V Flow fuel cell platform, and powered by the highly compact, efficient and powerful Honda V Flow fuel cell stack."

http://world.honda.com/news/2007/4071114...

It definitely has potential for "future car technology". In fact Honda just gave the first Individual Customer from Las Angeles a 2 year lease on the FCX.

http://world.honda.com/news/2005/4050629...

and of course you can stop waiting for them to anything and just do it yourself. I built my first hydrogen cell about 5 years ago, the ev about 3 years ago and now currently run the 2 trucks, my home hot water heater, home stove and home generator on hydrogen and offer a step by step DIY guide to walk anyone interested threw the process. You can find it at http://www.agua-luna.com/hydrogen.html or you can email me.

Hope this helped, feel free to contact me personally if you have any questions if youâd like assistance in making your first self sufficient steps, Iâm willing to walk you step by step threw the process. Iâve written several how-to DIY guides available at http://www.agua-luna.com on the subject. I also offer online and on-site workshops, seminars and internships to help others help the environment.

Hope this helped, feel free to contact me personally if you have any questions if youâd like assistance in making your first self sufficient steps, Iâm willing to walk you step by step threw the process. Iâve written several how-to DIY guides available at http://www.agua-luna.com on the subject. I also offer online and on-site workshops, seminars and internships to help others help the environment.


Dan Martin
Retired Boeing Engineer now living 100% Off-the-Grid with my family, using Alternative Energy & loving every minute.
for more info visit agua-luna com or email me at agua-luna@lycos.com

http://www.agua-luna.com
Stop Global Warming, Receive a FREE Solar Panels Now!!!

What are some down sides to the India's Tata Nano Car?

kayla

I think it is interesting, but I want to understand what benefits are received by Canada to help produce this car to distribute to India, if so than how? I think it is great, but I would just like to know some negatives.

Answer
When a caravan starts with a mission of "new and innovation", each and every body wants to get a seat there.

Perhaps there might be so many reasons behind. May not say at the moment.
...................................
Additioinl and related news from Project site :-
Kolkata High Court, INDIA in its judgement dt. 18-01-08 up-helds the land acquisition by the WBengal I.D.C in Singur, WB, India. The acquired land has been 'leased' to Tata Group for their "Nano" small car project and also for another complex for manufacture of Auto Parts.From the very begining this small car projectin the state of West Bengal, India is facing 'resisitance' from the vested interests( big Car makers behind ..?). The launch of this car might have to lead the Engineers to redraw their car design and start a global "Price-war"

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What is the cheapest car per-mile to operate in the long run?

car leasing news image

joedeshon

I have a 100-mile per day commute. Car-pooling and public transportation are not an option. If my primary concern is cost-savings in the long run (over style, comfort, etc.), what is the most economical car to own for such a purpose?
The drive is almost completely interstate highway driving. 70 mph all the way.

Answer
OK, well the good news is that the drive is mainly highway miles, which is better for you car, but your still going to get a lot of miles on the odometer, which rapidly decreases your value when you sell the car. You will also have to keep it more maintained, which can be a pain.

My recommendation, get a car, about 10 years or older, that isn't worth much, but is dependable, like a Nissan. Then you'll still have some good style and luxury, but you wont have to keep it as maintained, and you'll still save on gas and definitely on problems.

I drove 400 miles each way to Reading, Pennsylvania each week for a long time, because was self employed and had a lot of work out that way. Well, I ignored the services, but it soon caught up to me as my odometer went over 100,000 miles, in about two years, from about 40,000.The car just lost all its value. I had a lease on it, and when I gave it back it was only worth 5,000, but I owed 20,000. Now keep in mind, I drove an 05 Envoy. Well, I learned not to drive a new car like that again.

How do i get rid of a leased car?

Navid G

So my gf got hosed on a lease and has been making payments on it for the past year and half, she wants to get another car. anyone know the best way on trading a leased car that has accumulated a lot of debt?

Answer
one can terminate a lease at any time.. if it is worth what she owes against it.. then she should be able to just step out of it and walk away.. depending on what type of lease it is of course.. unfortunately if she bought it on a baloon note she may have a problem.. hopefully it is a chrysler red carpet lease.. if it is a gm lease.. you had better read the small print... also if she has more miles on it than the lease allows, she is in a mess with that too.. now can she get out of the lease? yes.. can she get another car? provided she is credit worthy yes.. the best bet? go to a ford dealer.. they have some huge incentives to use that can help her get right side up.. example.. if she is 5,000 up side down.. (thats owing more than it is worth) she can buy a ford fusion.. get a two thousand dollar discount from the dealer and 1500 from the factory.. thats 35 hundred to help her cover the 5 grand.. there are lots of ford incentives and chrysler incentives.. look in the news paper for the dealer ads.. they will reveal the incentives and discounts.. look for the cars and suvs with the biggest percent off the msrp.. then see what you can use to help over come the shortage.. if she is not upside down.. then thats even better because she can really and truely take advantage of the incentives and discounts.. good luck

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How do i transfer my lease over to a buyer?

car leasing news image

Ashley S

I'm selling my car due to our 3rd baby on the way and need to upgrade to vehicle with third row seating. I have a buyer interested in taking over my lease instead of purchasing my vehicle (its leased and lease isn't up until 2012) I discussed how to sell it with GM but never how to do a lease take over. Can someone please tell me so I don't have to bother my dealership just yet? What fees are there etc

Answer
Call GMAC (now known as ALLY) 1-888.925.2559 They will advise the details. there is a $250?? lease transfer fee and the will have to approve the transfer. The good news is that GMAC will formally transfer a lease and recognize the new lessee. Unless this has changed with their new owners ALLY? I did get GMAC to approve a lease transfer back in 2009.
good luck

What ever happened to drilling for oil and building nuke plants and refineries?

honeybeeji

Solar panels windmills and children battery cars are not the answer

Answer
The oil producers already have under lease 68 million acres where they have not begun to drill for oil. Demand is down and they have reduced production to raise the prices again.
Crude oil is getting cheaper â so why isn't gas? - Yahoo! News

http://news.yahoo.com/s/ap/20090215/ap_on_bi_ge/gas_prices_unhinged

Powered by Yahoo! Answers

What is the cheapest car per-mile to operate in the long run?

car leasing news image

joedeshon

I have a 100-mile per day commute. Car-pooling and public transportation are not an option. If my primary concern is cost-savings in the long run (over style, comfort, etc.), what is the most economical car to own for such a purpose?
The drive is almost completely interstate highway driving. 70 mph all the way.

Answer
OK, well the good news is that the drive is mainly highway miles, which is better for you car, but your still going to get a lot of miles on the odometer, which rapidly decreases your value when you sell the car. You will also have to keep it more maintained, which can be a pain.

My recommendation, get a car, about 10 years or older, that isn't worth much, but is dependable, like a Nissan. Then you'll still have some good style and luxury, but you wont have to keep it as maintained, and you'll still save on gas and definitely on problems.

I drove 400 miles each way to Reading, Pennsylvania each week for a long time, because was self employed and had a lot of work out that way. Well, I ignored the services, but it soon caught up to me as my odometer went over 100,000 miles, in about two years, from about 40,000.The car just lost all its value. I had a lease on it, and when I gave it back it was only worth 5,000, but I owed 20,000. Now keep in mind, I drove an 05 Envoy. Well, I learned not to drive a new car like that again.

How do i get rid of a leased car?

Navid G

So my gf got hosed on a lease and has been making payments on it for the past year and half, she wants to get another car. anyone know the best way on trading a leased car that has accumulated a lot of debt?

Answer
one can terminate a lease at any time.. if it is worth what she owes against it.. then she should be able to just step out of it and walk away.. depending on what type of lease it is of course.. unfortunately if she bought it on a baloon note she may have a problem.. hopefully it is a chrysler red carpet lease.. if it is a gm lease.. you had better read the small print... also if she has more miles on it than the lease allows, she is in a mess with that too.. now can she get out of the lease? yes.. can she get another car? provided she is credit worthy yes.. the best bet? go to a ford dealer.. they have some huge incentives to use that can help her get right side up.. example.. if she is 5,000 up side down.. (thats owing more than it is worth) she can buy a ford fusion.. get a two thousand dollar discount from the dealer and 1500 from the factory.. thats 35 hundred to help her cover the 5 grand.. there are lots of ford incentives and chrysler incentives.. look in the news paper for the dealer ads.. they will reveal the incentives and discounts.. look for the cars and suvs with the biggest percent off the msrp.. then see what you can use to help over come the shortage.. if she is not upside down.. then thats even better because she can really and truely take advantage of the incentives and discounts.. good luck

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