Hi all.
We have a car leased from Toyota lease.
5 years lease with option to buy or resell back to Toyota after 5 years.
Anyway, due to reasons I’m looking at possible cancelling 2.5 years in.
Contract is in Japanese but it looks like we would have to pay the full amount of the lease in one go if we cancel. Which is fair enough.
Anyone have any experience with this?
If so, are there expected penalties as well?
3 comments
Get your contract translated. Nobody knows better than what’s on paper. Google translate will accept images.
I leased a 2008 Lexus IS350 and went underwater when I handed that car back in. I couldn’t even sell it at break even in the private market and ended up owing a few 100,000 yen’s to get out of the lease. Unless you are leasing through a business to capture the cost through expense reduction, leases are financial mistakes.
You best bet is to get out of that (with a small loss or try to sell by yourself to try and break even) and only buy a car here used with low km’s.
In talking with other people who have leased before, it is possible to get out of the lease but at a pretty steep expense because you are breaking the contract.
Get it looked at thoroughly by someone who can translate. Google Translate works for everyday life, but for contracts, get someone who you trust to look at it.