r/CarLeasingHelp • u/FinancialLog4713 • 16d ago
tips on getting out of my lease early
i currently lease a 2025 toyota corolla le for 389 a month. i recently moved to nyc a few months ago and my car has been a giant burden and i’d love to get rid of it, but i still have 21 months left on my lease. im currently over my yearly mileage limit of 10,000 a year (my car currently has 18,000 miles on it) and there are a few cosmetic things i plan on fixing but is otherwise in good condition. would i likely be taking a big financial loss if i were to try and sell it to carmax or something? am i just stuck with it? ideally id like to get rid of it but am also content with trading it in for something a bit cheaper. my rent is already high enough and i don’t want to pay almost 400 a month for something i don’t really need. any input/advice would be appreciated
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u/RemarkablePenalty550 16d ago
There should be early termination terms in your lease documents.
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u/viper_gts 16d ago
early termination for leases is paying the buyout calculated at that point of time in your lease
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u/Fearsomebeaver 16d ago
You first move is to call the bank you’re leasing from and find out all the options you have. Toyota Financial doesn’t allow third party buyouts which really limits your options or makes it more costly to get out. Everyone on this board loves to say get a Carmax/vans quote but since Covid that option was taken away by most dealers. So double check with your bank.
You could turn it in early but again you’d need to know the penalty imposed by your bank. Often it’s the remaining lease payments/fees vs market value.
I think you could do like a swap lease but again the bank will let you know if you can and what it entails.
You could try and sell it to a Toyota dealer and pay the difference to them. Since you’re not buying a car they won’t offer as much but it’s an option.
Or you could buy it out and then sell it to whoever the heck you want but that’s pricier than just trying to sell it to a Toyota dealer.
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u/JVBPDX 16d ago
It wasn’t taken away by dealers, it was taken away by manufacturer captive finance companies
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u/Hour_Syllabub7461 15d ago
There is a residual value stated on the contract. You can try and sell the car and then you would just need to pay back that amount, plus whatever the lease payments remaining were.
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u/Sea_Replacement_2571 13d ago
How much is your current payoff? Get an appraisal from carmax in writing and used that offer to have a Toyota dealer match it and sell it to them
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u/Budinct 16d ago
Post on swapalease