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I am in a 5 year lease on an Acura MDX, paying $610/mo. I need a lower monthly payment. What r some options?

I am 1 yr 10 months into the lease and have exceeded the mileage on it. I have decided I don't want to finish out the lease because I know the penalties will be high. I am ok with a domestic SUV. Is there such a thing as trading down on a lease? I am not inclined to the swapalease option, is there something else I could do?

Public Comments

1. A five year lease?!?!?!?!? Yikes!!! GET OUT OF IT. Sell it. You will owe more than the payoff and will have to finance the deficit. Leases are almost always a horrible idea. You are paying for the most expensive portion of a vehicle's depreciation. Yes, you can trade down and roll the negative equity into a new loan, but you would be digging a VERY deep hole. STOP BUYING NEW CARS! Pay CASH for a GOOD used car!!!!!! You planned to drive a five year old acura and pay $610 a month for the priveledge. Why not find a good three or four year old used car for a few grand? www.daveramsey.com
2. get rid of it what a rip off
3. You could investigate next time before you make such a foolish deal. You could have nearly BOUGHT the car outright for the deal you got. Dealer invoice on such vehicles is anywhere from $36,000 to $42,000. The total of your lease payments is $36,600 over the five year span of the lease. Since you are in the very early part of the lease, the chances of you getting out of this decently are close to zero. The wholesale price of the vehicle is already less than what you have to pay off on the lease yet. All you can do is inquire at the dealership to find out just how badly you will get screwed over on the way out of this one. Good luck.
4. Just contact www.applyautoloan.com or you can send your question to customerservice@dealerprospects.com