why do you have to give it back if you pay off the whole sticker amount? Explain leasing to me. I thought I would get to keep my car, when my 4 years is up, is there anything I can do to keep my car?
2006-09-14 12:07:16 · 15 answers · asked by Eve 2 in Cars & Transportation ➔ Buying & Selling
It depends on if your are financed or not, you should provily call your financial institution because they would be able to answer better than yahoo answers
2006-09-14 13:23:40 · answer #1 · answered by Star 4 · 0⤊ 0⤋
The greatest advantage to leasing really isn't an advantage at all: It enables you to drive a much nicer car with a lower monthly payment, but you do have to turn it back in when the lease expires.
Check the fine print of your contract carefully - some leases can charge extra when you return the car if you've exceeded a certain number of miles on the odometer (etc). If you aren't sure whether there are hidden fees, contact your dealer and have them explain the contract in detail.
If it makes you feel any better, you wouldn't get much on a car you purchased when you trade it in. Cars depreciate in value so rapidly - that's why many people opt for leases and then get a new car with a new lease when the lease.
We prefer to pay for a car that we can reasonably afford and drive it until it practically falls apart. If you continue to make payments to yourself once the car is paid for, then you can pay cash (and therefore not pay any interest) when you go purchase a new/used car.
Good luck! Hope this helps....
2006-09-14 19:29:03 · answer #2 · answered by CassandraM 6 · 0⤊ 0⤋
leasing is meant for people that want the new car look at all times, but want to pay a little less than buying. most of the time it is used by people that are required by their jobs to have a car that is within 2 or 3 years old and of a given style. it's not a good idea to lease for the average person. you can buy it at the end of the lease, but you still get screwed. sorry.
2006-09-14 19:12:52 · answer #3 · answered by Claira Voyant 6 · 0⤊ 0⤋
I've leased a car once before and I'd never do it again. I leased my car for 4 years, paid all that money into it and got nothing in return. No, the car is not yours...that's why it's called leasing. You may have the option to buy it at a price besides all those payments you already made.
2006-09-14 19:10:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can make a big payment and buy it a second time. A lease is a way to cheat poor people. They charge so much that you pay for the car and at the end you give it back or make what they call a baloon payment to buy it from them. Then you don't even get the car you had before you leased so you have nothing. It cheats the poor to make them poorer. Greed and sin.
2006-09-14 19:11:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
People usually lease for one of a few reasons. If they typically trade in a car every couple of years, they can lease for a cheaper monthly payment. If they want more car than they can afford to purchase, leasing offers lower monthly payments.
You can usually purchase your car at the end of a lease, but that's more expensive than if you had chosen to buy it in the first place.
Be careful out there. Auto purchase is a big game that dealers play with all of us.
2006-09-14 19:16:16 · answer #6 · answered by Dave 5 · 0⤊ 0⤋
You have the option to purchase for the residual value that would have been disclosed to you at the time you signed the lease. You can also drop it off at a dealership that coinsides with the make of the car (i.e. Pontiac-you would drop off at a GM Dealership, Dodge-you would drop off at a Chrysler dealership.) If you drop it off you are subject to any fees that may apply such as if you went over on your allowed mileage, have more than normal wear and tear-any big dents or scratches, burn holes, cracked glass, things like that. You can purchase it and you can do this through a financial institution of your choice. If you purchase it, you do not have to pay any fees for wear and tear.
2006-09-14 19:19:03 · answer #7 · answered by indigonipple 3 · 0⤊ 0⤋
you have to give it back because When you lease a car you are basically just renting it. The only way to keep the car is you have to purchase it.
2006-09-14 19:19:14 · answer #8 · answered by A M 2 · 0⤊ 0⤋
you can negotiate a price to buy it, leasing is basically renting. Depending on the car and the condition, you should be able to buy it for about 1/2 the sticker price.
2006-09-14 19:11:27 · answer #9 · answered by star sailor 3 · 0⤊ 0⤋
Check what your lease contract says. You may have a purchasing clause. I'm sure you can buy it, if you ask. Just a question of how much you have to pay for it.
2006-09-14 19:10:07 · answer #10 · answered by Ivan 5 · 0⤊ 0⤋
You could pay the depreciated sticker price when it is time to give the car back if you want to keep it
2006-09-14 19:09:38 · answer #11 · answered by pchardbooter 3 · 0⤊ 0⤋