Car Lease Penalties

2007 BMW 750 Li Sedan Exterior Color: Gray Interior Color: Black Lease Months Remaining: 14 $1398.00 per month Location: West Bloomfield, MI 2007 Mazda MX-5 Miata Grand Touring Exterior Color: Pewter Interior Color: Sand Lease Months Remaining: 18 $296.00 per month Location: New York, NY

2008 Lexus ES 350 Sedan Exterior Color: Red Interior Color: Beige Lease Months Remaining: 25 $445.00 per month Location: Monmouth Junction, NJ 2007 Chevrolet Suburban LTZ 1500 Exterior Color: Silver Interior Color: Gray Lease Months Remaining: 16 $731.20 per month Location: Simpsonville, SC

If you have really high mileage fees, consider selling the car yourself rather than paying the penalty. Any dents should be removed by a local body shop rather than turning it in with the damage. Customers get upset about having to pay mileage penalties. When you decided to lease the car, you said you would drive only 12K miles a year. If you drive more, you have to pay for the value of the car you have used.

Many problems with leasing can be avoided by negotiating a good lease in the first place. Do your homework even before stepping into the dealership. Make sure you read all of the contract twice so that you can find any hidden costs and fees. Preferably, sleep on it but take a written offfer with you so that conditions cannot be changed when you go back the next day.

Try not to put money down. This is very important. We recommend an alternative. If you have to put that two thousand down to get the payment where you want, take the two thousand dollars and put it in a separate account and use a portion of that each month to help make the payment. Since gap insurance will not cover any down payments in the event that the car is totaled. Gap insurance will only pay for the current buyout price.

Avoid subsidized leases with inflated residuals. You won't be able to afford the car at the end of the lease because it won't be worth what the contract states. You will be stuck and will have to turn it in. A lower payment isn't always a better deal.

Lease the car for a term not longer than you would normally keep a car. If you keep a car about three years, do a three-year lease. A four- or five-year lease will be harder to get out of and more difficult to turn in without extra fees. Make sure that the warranty covers you for the term of the lease.

Choose a car with a naturally higher residual. If the vehicle holds its value - or surpasses its expected value there may be an option to buy it and make money at the end of the lease.

If you have now a car lease that you want to terminate early Click Here for the cheapest solution to avoid all those end of lease penalties and fees.

Get more help about your car lease ? - Click here to get more information in our car lease guide