hemanth195

Hello everyone,

First time posting here. I signed a 3 year lease for a NX 200T in July,2016. I am moving to Canada next month for work and it will probably be a permanent one. I still have 12 months left on my lease. I need your advice on what to do now.
My lease details- 12k miles per year. 465$ per month. 18k miles done so far
1. Try swapalease
2. Move the car to Canada now and return it next year at the end of lease
3. Will I get any discount if I turn in the car at US dealership and enter a new lease with Canada dealer?

Thanks in advance.

mmarshall

Welcome to CL.

I'm not really an expert on the differences between U.S. and Canadian leases (some others here in Car Chat probably know more than I do about that), so I don't want to give you any questionable or doubtful information on that note. But, based on what I DO know, the first thing I'd recommend is that you look over your lease-contract carefully and see if it actually allows you to do what you want to......move the car out of the country and change to an address in Canada. Remember, on a lease, despite the fact that you are paying for it, it still legally belongs to the bank, dealership, auto manufacturer, or leasing company....whoever officially backed the lease. You have to abide by their terms (and by Federal/State leasing-laws) until the contract is up....or you terminate it early, which can often mean taking a bath.

Once you are in Canada (if you are allowed to take the U.S.-built vehicle with you), until you get a new vehicle to Canadian specs, remember that the odometer will read in miles, not km....that will be important for any warranty issues that come up and for the lease-contract mileage limit. The speedometers on most modern vehicles read in both MPH and KM, so, on that note, it's just a question of shifting your eyes from one ring to another.

Good luck.

Hoovey689

iTrader: (16)

Ask the dealership where you leased what happens when moving out of the country.

corradoMR2

In addition to the legalities MM points out above, I would avoid option 2 since you would have to go through a registration and certification process to "import" and drive the US-spec NX in Canada.

hemanth195

Thanks a lot for your replies ppl.
The best option for me right now seems like turning in the car to the dealership. I have only 4-6 weeks to move to Canada and I already have a lot of other things to do and finding someone to take over the lease is difficult.
What are the things I need to know before I go and talk to the dealer? This is my first car so I am not very good with the leasing terminology

hemanth195

Also, Do I have to pay the whole lease amount if I turn in the car now or will they consider it as a 2 year lease and just ask me to pay the difference amount?

bitkahuna

iTrader: (20)

they can require you to pay all remaining payments. best of luck.

mk416

Lease is a contract, so you will face early termination charges unless the lessor has a clause in the contract where they allow early termination (usually within a few months prior to ending date) without further compensation.

You can also sell the car to Carmax.

pbm317

As others have already stated, they can require you to fulfill your contract, but definitely a good idea as mk416 said, get a bid from Carmax, compare it to the buyout option on the lease. That's the amount upside down you'll be on the car itself today. Compare that to the remaining payment value of your lease contract.

hemanth195

Thanks mk416. Will give this a try

hemanth195

Thanks pbm317

bagwell

And if you have time, please keep us updated.