2004 Subaru Forester 2.5 XT - Montreal

[cardinal]

Asking for help here, I currently live in Montreal, and I am going abroard for a couple of years.

I have a silver Subaru Forester XT on a 4 year lease for $585 a month for 30,000 kms / year (Currently 11K on the clock) and have a $6000 security deposit down on it. There are 40 months to go on the lease.

Anyone know the best this to do with the car? I am unsure what one can do in Montreal.

Many Thanks

[woohoo!]

Huh? a $6,000 SECURITY DEPOSIT?

[The General]

Upon reflection, I think he means a down payment. 585$/month is not much for a Forester XT.

Find out what the buyback is at the moment (call leasing company) and try to sell it for that price plus tax or more. You could also find someone to take over your lease but you would remain responsible...


Good luck.

[chelios_24]

Hmmmm ...interesting..... :?

The Forrester is one of the view SUVs (sort of) that Edmonston`s SUV lemonaide guide actually recommends.

It`s a good vehicle!

[cardinal]

No - I meant a $6000 security deposit - I will get this back at the end of the lease (10 payments reduces the interst rate significantly, and any excess milage not used over 100K is given back also - is this normal?). Thanks for the advice though.

It's a damn fine car - I love it. Handles great and goes like a rocket. Just don't want to pay for a car that would otherwise be idle for a couple of years.

[The General]

Oh, multiple deposits. I see.

All I can say is try and sell it, cover as much of the "debt" as possible and recuperate your $6,000 afterwards.

Try advertising in the Journal de Montreal.

[cardinal]

Are those people on the net any good? Leasebusters / leaseboys etc? Anyone heard anything good or bad about them?

[woohoo!]

I just checked out Leasebusters.com, looks ok to me. I don't know if you have to pay the $295 even though nobody's interested, though...

[chelios_24]

Yeah. You have to pay like somewhere around $300 just to get started. It`s a database of cars from people who got bad deals. Personally, I would never take over any of those leases. Usually, you can get a newer car for less monthly payment.

[woohoo!]

Some people are interested in short-term leasing, so if someone has to get rid of a car with two years left on a lease, someone might find it a good idea instead of getting in to a 4 or 5 year lease.

[guy_geo]

Watch out with LeaseBuster. They advertise for only 100$or 295$ (whatever) for 6 months.

But you have to give 5% of the amount of your car if they sell it for you sometimes...

be careful, read the fine prints!!!

[woohoo!]

Thanks for the info Guy_Geo!

[gibsonguy]

Subaru has a financing deal for leasing customers on some of their vehicles where, the more you give them for a security deposit, the lower your financing rate is for the lease. It's interesting because if you have a chunk of change to lay down, it can really help your monthly payment. What you are in fact doing is lending Fuji Heavy Industries money for the term of your lease, and in return, they give you a better rate. The only question is... what happens to your security deposit when you bring the car back?

[woohoo!]

They are supposed to give it back to you at the end of the lease.

I think Volvo also offers that.