The problem is we have a 2006 Toureg that we have outgrown. We had another baby and now have 4 children and simply do not fit in the car. We need to trade it in but our car is currently a lease that does not end until July 2009. In addition, we are currently about 2,500 miles over on where we should be and we do not know what to do. We really need to buy a new car, but we ca not afford to pay $10,000 or to return the car. Do you have any suggestions on how we can resolve this situation?
You have one year left on your lease so your payoff should be your payments X the number of months left, hopefully that will not be $10000. You should contact the financial institution that holds your lease and see if there are any early termination opportunities and what they would charge you to trade your current vehicle on a new lease or purchase. If you lease again be sure to write in the higher mileage, if you opted for a 12,000 lease this time go for a 15,000 option on your next lease.
This should be easier if you financed your lease through VW Credit, if not you may have penalties to pay in addition to the remaining payments. Remember you should not be liable for the residual value of the vehicle as you will not be keeping it once the lease is terminated.
〉 Answered on Apr 29th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)