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Car lease question
Posted on 9/29/20 at 9:48 pm
Posted on 9/29/20 at 9:48 pm
My father in law is on hospice and is no longer able to handle his affairs. He has a lease on a 2019 Audi A6 that terminates in two years. What can we do to get out of it early? Will the dealership buy it out?
4
Posted on 9/29/20 at 9:49 pm to notslim99
You can get out but you are probably gonna owe $$$
Posted on 9/29/20 at 9:52 pm to notslim99
Good question. My brother passed away with 3 active BMW lease. BMW was kind wrote off the lease balances off with no recourse against estate.
My suggestion is to speak with Audi Financial directly & explain the situation. You might be surprised with a resolution assisted by Audi Financial. GL
My suggestion is to speak with Audi Financial directly & explain the situation. You might be surprised with a resolution assisted by Audi Financial. GL
Posted on 9/30/20 at 12:20 am to notslim99
If the car is worth more than the lease buy out sell it, and pay off the lease. I would take it to Carmax, they buy a lot leased vehicles by offering more than the dealers residual value, and will handle the pay off, and paperwork.
Posted on 9/30/20 at 7:22 am to notslim99
It’s generally no different than a loan. It has a payoff balance, and it’s worth a certain value. You can sell it, trade it, or buy it out.
In general, the lease terms are designed to ride the line of equity, with it being a net zero at the end of the term. So earlier in the term, you’re likely to have a higher payoff than the value of the car.
As mentioned, the financial institution may have some leniency in certain situations since technically they own the car under a contract. I’d talk to them, then visit CarMax and/or a dealership to get some numbers on a sale/trade.
In general, the lease terms are designed to ride the line of equity, with it being a net zero at the end of the term. So earlier in the term, you’re likely to have a higher payoff than the value of the car.
As mentioned, the financial institution may have some leniency in certain situations since technically they own the car under a contract. I’d talk to them, then visit CarMax and/or a dealership to get some numbers on a sale/trade.
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