depreciated value at end of initial term (do i have to pay that amount?)?

Question

Vehicle leasing but to buy it outright at the end of the lease and they did not give me a price of what the vehicle cost and when i ask they won't give me a real answer

this is what my agreement has on it Depreciation reserve 354.44 Administration and financing charges 150.29 sales tax 40.38 G.S.T 35.33 total payment 580.44 per month at 48 month Depreciated Value at end of Initial Term $8,500.00 Early Termination Factor 150.29 and then This is what they want for the buy out 485.00+38.80+29.10=552.90 per month for 24month =$13,269.60 I totaled both amounts together and for a 2002 Kia sportage Ex I will be paying a Total of $ 41,130.24 now does that seem RIGHT CAN YOU HELP

Answer 1

When you lease a vehicle, the pro-rated amount of what it will be worth is in writing, in the contract. Read the contract you signed.

When the lease is OVER, you will have 2 options:

1. Return the vehicle to them, and you keep nothing.
2. Keep the vehicle and pay for it again at its current cash value. This amount is in your contract already.

Good Luck!

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