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Terminating a car lease #5276507 11/24/19 06:26 PM
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AZjeff Offline OP
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In the near future we may have to terminate a lease for an older relative in poor/failing health. I've been researching the options but 1st hand experience doing it is always appreciated. Questioning leases generally and older people's decisions not needed, he was in great health until recently. Life changing illness can happen to anyone at any age. I suspect it would be through GMAC. TIA for sharing.


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The most important thing to do in your life is to not interfere with someone else's life. - Frank Zappa

Re: Terminating a car lease [Re: AZjeff] #5276509 11/24/19 06:30 PM
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fisher83 Offline
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I would find out the amount of the lease payoff and take it someplace like Carmax for an appraisal. If the appraisal is favorable and enough to take care of the balance he can sell it to them and be done with it. No worries about fees for condition or being over on miles, etc.


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Re: Terminating a car lease [Re: AZjeff] #5276510 11/24/19 06:32 PM
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JohnnyJohnson Online Content
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There could be penalties for termination of the lease and over mileage depending on how much it was driven. I would go directly to the dealer. You will likely be required to have some legal paper work to show you are authorized to do this.


Last edited by JohnnyJohnson; 11/24/19 06:34 PM.

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Re: Terminating a car lease [Re: AZjeff] #5276516 11/24/19 06:39 PM
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Mr Nice Offline
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I would call GMAC 1-800 number and ask for more info.

People have to terminate leases all the time for various reasons.

Re: Terminating a car lease [Re: AZjeff] #5276531 11/24/19 06:53 PM
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geeman789 Offline
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Terminating a lease usually requires that all payments owed, AND the residual amount be paid, plus any contractual termination fee or end of lease purchase fees. You will 99 % NEVER get enough on a trade in to cover all the charges, more so if you are early in the lease where depreciation is highest.

Few options ...

Call the leasing company, and TALK. See what they say. Given it is a health issue, there might be something they can do. Never hurts to ask.

Try and find someone to assume the lease. There are various sites online dedicated to breaking a lease. And, if there was a downpayment involved, the lease payments are often lower, and more attractive to somebody looking to assume the lease. The person looking to assume the lease would need to qualify with the leasing company, and there is usually a transfer fee involved as well.

Try and sell the car privately. You will get more for it, and MAYBE even get close to the lease payout amount, depending on brand, age, condition etc.

Or stop paying, let the car get re-possessed, and deal with any credit issues / recovery actions at a later date. That might take years ...


2011 SUBARU Impreza 5-door manual / 2016 HONDA Pilot / 2011 MAZDA 2 auto
Re: Terminating a car lease [Re: AZjeff] #5276561 11/24/19 07:28 PM
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sopususer Offline
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Originally Posted by AZjeff
In the near future we may have to terminate a lease for an older relative in poor/failing health. I've been researching the options but 1st hand experience doing it is always appreciated. Questioning leases generally and older people's decisions not needed, he was in great health until recently. Life changing illness can happen to anyone at any age. I suspect it would be through GMAC. TIA for sharing.


I assume it is a GM vehicle and if so that perhaps it is leased with GM Financial. GM also has leases with Ally. For your sake, I hope it is NOT with Ally. They are very difficult to work with. I had an Ally lease a few years back. They wouldn't even quote me a payoff over the phone. There should be a lease contract (maybe in the glovebox?) that will outline early termination fees, disposition fees, etc. Depending how many months he is into the lease may determine the best course of action.




Re: Terminating a car lease [Re: AZjeff] #5276570 11/24/19 07:38 PM
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AZjeff Offline OP
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We don't expect to get him out even, looking for the least hassle and of course least financial hit. We're in Az, the car is in Fla so no private sales or lease assumptions. It's likely low miles and he's fussy so it's in nice condition and I think he's 2 years into it. We'll have details when we go to help out in early December. Carmax is a good idea but there aren't any close. It's touchy because he's fine mentally and there's a line between helping and none of your business.


86 Samurai 1.3 leftovers
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The most important thing to do in your life is to not interfere with someone else's life. - Frank Zappa

Re: Terminating a car lease [Re: AZjeff] #5276620 11/24/19 08:35 PM
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hallstevenson Offline
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Call the lease company and discuss options. They may just play hard ball and you have to see their side of this as they probably get "stories" like this every day with most not being true, just someone wanting out of their lease. Sadly, they may not "care" as long as your relative is living.

Re: Terminating a car lease [Re: AZjeff] #5276654 11/24/19 09:20 PM
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Wolf359 Offline
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Those leases are pretty iron clad. Never really heard of anyone getting out of one which is why swap a lease is popular. Either try to transfer it or have some family member drive it until the lease is up, there's usually no easy out for it unless the lease owner is dead. Leasing is only good for a certain segment of the population. I don't think it's good for someone who's elderly and might not be able to use it for the full term of the lease.

Re: Terminating a car lease [Re: hallstevenson] #5276656 11/24/19 09:23 PM
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Jonny5alive Offline
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Once you know what the payoff is check out Carvana, Vroom, and KBB Cash Offer. There’s a thread on leasehackr with a ton of positive feedback for both Carvana and Vroom. They’ll usually come pick the car up from you.

Re: Terminating a car lease [Re: fisher83] #5276674 11/24/19 09:50 PM
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NormanBuntz Offline
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Originally Posted by fisher83
I would find out the amount of the lease payoff and take it someplace like Carmax for an appraisal. If the appraisal is favorable and enough to take care of the balance he can sell it to them and be done with it. No worries about fees for condition or being over on miles, etc.

+1 especially if the vehicle is in better than average condition with below average miles. Carmax gave me a very fair buyout when I was unloading my 2017 Odyssey, but another Honda dealer (not the one I leased from) gave me a slightly better deal.



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Re: Terminating a car lease [Re: AZjeff] #5276682 11/24/19 10:00 PM
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JeffKeryk Offline
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Hopefully you are at least 2 years into the lease. Otherwise ouch. Gonna hurt either way.
As others have said, call the dealer and discuss.
It will be easier if you buy another car...
Maybe one of those mid engine Corvettes....
Or another family member could take over the lease?

Good luck.

Last edited by JeffKeryk; 11/24/19 10:02 PM.

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Re: Terminating a car lease [Re: AZjeff] #5276699 11/24/19 10:33 PM
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JLTD Offline
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Contract contract contract. Find the lease contract, it will be in there. They may list extenuating circumstances as an out.


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Re: Terminating a car lease [Re: AZjeff] #5276726 11/25/19 12:58 AM
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GMBoy Offline
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I agree with the others - give the lease company a an honest call and discuss. If they won't help then just let them reposses it - I am sure being sick and old, he doesn't care about any negative credit hits.

Re: Terminating a car lease [Re: AZjeff] #5276804 11/25/19 06:24 AM
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madRiver Offline
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GMAC could care less about situation but still explain it. The reason why is average lease is akin to a 15% interest rate on a car loan and lucrative.

That being said call ask for early termination and how much due for early termination. Provide the mileage Go to dealer and turn in.

Good luck!

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