How To Buy A Leased Car Info

Unless you are paying cash, you will need a .

This is a document stating the exact "payoff amount" required to own the car today, including taxes and fees.

Call the financial institution that holds your lease (e.g., Honda Financial Services, Chase Auto). how to buy a leased car

The "deal" depends entirely on the . This was an estimate made by the leasing company 2–3 years ago of what the car would be worth today.

Dealers may try to sell you extended warranties, GAP insurance, or "safety inspections." While an inspection is good, you are not obligated to buy their protection plans. Unless you are paying cash, you will need a

Buying is a great idea if you have (the car is in better-than-average shape), if you’ve exceeded your mileage limit (buying avoids heavy penalties), or if the car has excessive wear and tear that would cost thousands in fees at turn-in. By purchasing, you turn a rental into an asset.

Check your contract for a "purchase option fee" (usually $300–$500) and remember you will have to pay sales tax and registration fees to the DMV. 3. Secure Financing The "deal" depends entirely on the

This happens before your lease is up. It is more complex because you must pay the remaining lease payments plus the residual value. 2. Evaluate the Financials