When you lease a car, at the end of a lease, if you decide to buy the car do you have to pay the full amount you owe up front, or can you take out a loan and pay it per month like you would if you were buying the car from the beginning? Help!
FutureMrsM
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Re: NWR: Does anyone know...
You can definitely take a loan out to pay off the remainder of it. Some places you have to finance thru the dealership but some places will let you obtain your own loan and that way you can look for the best interest rate.
geegee827
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Re: NWR: Does anyone know...
You take a loan. Unfortunately, at that point, it will be a used car loan which carry higher interest rates than new car loans.
coldasice217
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Re: NWR: Does anyone know...
You have to act as if you're buying the car from scratch. With interest and all, that's why it doesn't pay to lease. I've been around the car business for about 15 years now, so I know. Leasing is always a waste.
sofreakingexcited
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Re: NWR: Does anyone know...
Posted by coldasice217
You have to act as if you're buying the car from scratch. With interest and all, that's why it doesn't pay to lease. I've been around the car business for about 15 years now, so I know. Leasing is always a waste.
yea unfortunately we learned this the hard way. FH's lease is up a week before the wedding And being that he probably will tack on an extra 5k worth of miles we are either going to owe $1k or figure out if we want to buy it. I'm not sure what to do Are there fees for ending a lease early if we maybe buy something else from the same dealer?
coldasice217
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Re: NWR: Does anyone know...
Posted by sofreakingexcited
Posted by coldasice217
You have to act as if you're buying the car from scratch. With interest and all, that's why it doesn't pay to lease. I've been around the car business for about 15 years now, so I know. Leasing is always a waste.
yea unfortunately we learned this the hard way. FH's lease is up a week before the wedding And being that he probably will tack on an extra 5k worth of miles we are either going to owe $1k or figure out if we want to buy it. I'm not sure what to do Are there fees for ending a lease early if we maybe buy something else from the same dealer?
Hmm...I'll have to ask my father on this tomorrow. I don't know if you CAN end a lease early. I know they had a whole mess the other day that a guy turned in his car a year early on the lease due to a contract typo, even though he KNEW he didn't make the full 3 years worth of payments, and until they realized what happened it was just a disaster, but long story short legal action was being threatened, so yeah haha, I don't think you can end early. But I'll find out for def.
mrsjpc3
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Re: NWR: Does anyone know...
usually if you re-lease from the same company, and you are over mileage, or want to return the lease early, they will roll whatever is owed into your new payment, or sometimes they eat a portion of it. I only lease, and I have done this 2x now.
