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I've gotten myself into a pickle and I need to know how to get out. Somehow (temporary insanity, I suppose), I allowed my husband to convince me to sign a 5-yr. lease on a new 08 Toyota Tundra. The payments are killing us, especially since I have a new car (08 Hyundai Sonata) as well. He is in denial and thinks we can keep up both payments and make a living, but I know we can't keep this up. How can we fix this without me giving up the car that I planned to buy (which is financed as a straight buy) and getting stuck with this leased nightmare I refuse to drive?

Answers from the Automotive Experts

Shelly LoCascio, Dealer Principal  at Irwin Lincoln Mercury Mazda Wendy, There really isn't any good news in this situation. There are four possible ways to get out of a lease. 1- make all the payments(not usually possible), 2-voluntary repo (goes against your credit), 3- buy the lease outright and try to sell it to get your money back (risky) or 4- if you can get the dealer to pay it off and charge you the difference of the payoff and the actual value of the vehicle(this could cost thousands. #4 would also be the scenario if you trade this lease vehicle in on an purchased vehicle. Shelly

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) you are correct in that you are in a pickle. Your only recourse is to work with the bank that holds the lease to see if they would allow you to find someone to take over the lease. When you sign a lease you are in it for the long haul and it is not equitable to try to get out of it earlier. It would be more beneficial to try to sell the Hyundai and keep the leased vehicle until the lease is almost mature, then you could get another vehicle. You might want to find an older used vehicle that you could pay cash for until you get out of this two payment crunch. Leasing is not a bad thing, it is just a full commitment for the entire term. You would have been better off in a shorter term, but that won't help you now. Payment buying sounds good at the time but it puts many people in the same situation you find yourself in. I would like to repeat, work with your lending institution (not the dealer) to resolve this issue as equitably as you can.

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