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

Answer 1

It should be on the lease agreement. You should still have that somewhere. The way they come up with the lease prices is basically you pay the difference of what the car cost at the time you start your lease, and the depreciated value at the end of the lease. So they know exactly how much it will cost you at the end of the lease for the buyout price. The buyout price should also be stated on your lease agreement, I know the 2 leases that Ive had, had the buyout price specifically stated on the agreement. A word of advice, most likely the buyout price is higher than you want to pay. My last lease, the buyout was about $19,000 at the end of the 2 years, but I actually could have gone to most lots and paid that price for a model one year newer. But as for your question, either look at the paperwork, if you still have it, or just tell them to give it to you, and tell them that you know they have the buyout price. You are not obligated to buy the car at the end, but if you dont there will most likly be a disposition fee, that will be arounf $500 that you will pay for not buying the car.Also, it doenst matter what the price is on any other site such as edmonds, they come up with the price at the beginning of the lease, and estimate what it will cost at the end. But you can use edmonds to see if the prices are close enough to where it would be worth it to buy it at the end.I hope this helps

Answer 2

You want to find the actual value of the vehicle? Did you check the used car section of edmunds.com?