Lease car causing problems - Seeking some Fanatic Wisdom

[cdekovic]

Something that our family has discovered recently is that when a person has a leased vehicle and dies during that lease, their estate is still responsible for the lease. This has caused a lot of angst in our family as no one wants a car that was leased by an 87 year old. Don't get me wrong this is a very nice car. It just isn't a fit for our families at this time in our lives.

We could turn the car in, but the estate would still have to pay for the balance of the lease. From my perspective, if you are going to pay for it, you might as well drive it. The car only has 1500 miles on it and there are eleven months left on the lease. If we could find someone else to lease the car, that is one option. Whoever has the car for the balance of the lease would have over 13000 miles. For us to keep it would mean getting rid of another, more functional, vehicle as we don't have enough garage for another car. Any advise out there in Fanaticland?

 

[ISU22CY]

I'd go to a lawyer quick, ways to get out of these things...Trust me if lawyers can get land leases overturned when someone dies they can do it with a car.

 

[ThatllDoCy]

I would agree, lawyer up to get your options.

 

[cdekovic]

But is it worth paying a lawyer at $250 an hour versus the price of the lease? Based on the lease balance I would have up to 17 hours of attorney time.

 

[oldwiseman]

I'm not sure it's worth hiring an attorney unless that lease is pretty expensive. Lawyers are often morons and will just do the same thing you could do yourself. I would say go to the dealership and talk to them about your options first. A car with 1500 miles on it is something they should work with you on. If they say they can't do anything you should call the leasing company directly and talk to them about your options. I know at least some leasing companies allow you to re-assign the lease to a new owner. Again, a car with 1500 miles should be attractive to someone looking for a lease since they should have plenty of miles remaining on the contract.

Good Luck!

 

[RedlineSi]

What is the payoff amount on the car?

 

[jdoggivjc]

It probably depends on what you're paying monthly for the lease. I mean, it's quite simple - if $X (price of lease) x 11 months left < $250 x 17 + $X (price of lease) x Y (number of months you have to continue to pay the lease while the lawyer tries to get you out of the lease), then seeing out the lease is probably the best option.

 

[TXCyclones]

Go to Carmax, sell it. With that low of miles you'll get more than the balance on the lease (equity). Or, sell it to me. I'll pay you the lease-balance.

 

[NWICY]

Get the estate settled quickly. Drive the car till the wheels fall off. Park it at the dealers lot the day before the lease expires and forget about it. Can't get blood out of a turnip. :smile: