When you lease ANYTHING, you are paying for something you don't own. Pandemic or no. Your lease doesn't say you don't have to pay if you don't/can't use it. No different than a person leasing an apartment that gets a job transfer in the middle of the lease term; they signed a 1-year lease, not a lease for a period "until lessee can't use it anymore".

 

I think that most people, who might be faced with a job loss via a pandemic in this case would instinctively do what the OP wants to do. This why I said a pitfall of leasing, is that when times get hard, those who might be vulnerable will be stuck with the lease. Now I bet the OPs opinion would totally different if he had 3-4 years of payments already made on a finance deal. In this case, the OP is stuck and the right thing to do is to pay off the lease. But I can see the justification for not wanting to do it.

I personally do not enjoy car payments. My new company I signed on at this late in my life has given me a car allowance, instead of getting a new (which I struggle with the idea), I just chose the cash payment each month and will just collect it.

Extending the lease term and payments is a nice thing to do from Lexus. They don’t need to do it. But they are just doing it because they know people will default if given the opportunity. Maybe the US government will hand out more money for those struggling with car payments.

 

It’s called being a grown-up and and being held accountable. No excuses. You sign a contract, expect to pay for it. I hate excuses from anyone, especially myself. I agree with Steve 100%, you sign, you pay. The pandemic is a very unique situation, but eventually all debt (and leases) must be repaid in full. Too many excuses made.

 

Exactly. Any help that these lenders are giving people is a bonus, and should be appreciated. This is a totally unforeseen situation nobody saw coming, and from what I have seen lenders are really doing what they can to help people.

 

I think it’s easy to say be a grown up, if you involuntarily lost your job, career, maybe your rented apartment or house and even your car.....the fancy lease goes first.

 

Of course, but that doesn't mean that the lender who holds your lease should just forgive it, which is what the OP is looking for.

 

This is the comment I take issue with from the OP:

So he feels that because he now no longer uses the vehicle he entered into a contract to pay for they should just let him out of the agreement? And he plans on willfully defaulting and letting them repossess the vehicle?

Remember he also said before that he has saved a lot of money since the 2008 financial collapse and intends to donate money including his stimulus. So, he's not hurting financially.

 

Of course not. But reading between the lines, I think the OP is just like “hell with it” and wants some support. Maybe some more clarification on whether the OP still has a job, but if the job was lost, then it is obvious to let the lease go...I dunno.

 

He doesn't have a job, but he has unemployment and savings. Letting the lease go, sure trade the lease in and take the hit. Don't expect the lender to just let you off the hook.

 

I missed that part. Only my opinion, but if he has no job. Defaulting is obviously the right thing to do as rent is more important. But it would help to know how long the lease is left, will the job maybe come back etc etc.

 

Defaulting has consequences. He has $4,000 a month in unemployment income, plus as he's said he has savings. His employer has said he would likely be back on the job July/August. Defaulting will ruin his credit, and may not be the end of his liabilities to LFS (they can go after him for their losses). You're assuming continuing to pay the lease payment means he wont be able to pay other things, and based on what he has said that doesn't seem to be the case.

The less costly decision is likely to take whatever support you can get from LFS, and keep making the lease payments until he can trade out or sell the car and not take a huge bath on it.

 

We are all held accountable, no exceptions or special favors. We all must make tough decisions, but still part of being a grown-up. I have lost a job 2x in my life and always found a way to pay for my debts. As I said, I don’t make excuses. We are not all made from the same cloth, evidently. No excuses.

 

All of us have had hard times in our lives. I have never even considered defaulting on any of my obligations.

 

Losing a job during this pandemic is different than losing a job then. Its hard to find work unless you're essential.

 

You miss the point. Being a grown up doesn't mean that you don't scramble to see what you can do if you can't pay expenses. Being a grown up means you don't come up with BS excuses to get out of paying like "I'm not driving my car so why should I have to pay for it?" THAT is NOT being a grown up; that's being entitled.