Need big time help with leasing a car

[Iwillnevergiveup]

A dear friend got suckered into leasing a Honda van and really can't afford it. It's a 3-year deal (he's paid for 6 months) at $400 a month. How bad are the penalties for returning it to the car dealership? He's got over 800 on his FICO and doesn't want to mess that up.

[ksoze]

1. Huge penalties

Need to find someone to take over the lease - companies like swapalease can work find a candidate.

[onehandle]

2. ksoze is exactly right.

There's very little difference between leasing and buying. If your friend hands it back over, it will be considered abandoned and become a defaulted loan.

The difference between 'giving it back' and not paying/repo men showing up, is nil.

[Iwillnevergiveup]

3. WOW - that was quick

and thank you both so much. Will let him know about that swapalease website.

[HopeHoops]

4. Don't. Just don't.

[Iwillnevergiveup]

5. Don't use swapalease? n/t

[HopeHoops]

7. "Swapalease"? I was quoting Dr. Lazarus from "Galaxy Quest".

Does "swapalease" involve titties?

[elleng]

6. Depends on the contract. Read it.

and whatever the terms, they might renegotiate a lesser amount for a different vehicle.

[Iwillnevergiveup]

8. Hmmmm ... am now seeing

this particular service works better if you're LOOKING to lease. Thanks.

[ksoze]

9. ..and the leases for those LOOKING are from people like your friend

One way or another you will need to find someone to take over the lease and they will need to be qualified by Honda. You can run craigslist ads, etc., but sites like swapalease are where people got o find a lease like yours. If not swapalease there are others, but one way or another got to find someone who will take that lease or face serious credit issues.

[Iwillnevergiveup]

10. He tried Craig's List

and it got bumped off.