If I owe $9900 on the rest of my lease and I want to go ahead and pay it now, can I do that without buying out the vehicle? In other words, can I prepay my lease obligation without actually committing to buy it and just drive it the remainder of the agreement and then turn it in when my lease is up?
2007-05-29 15:15:33 · 7 answers · asked by mike w 1 in Cars & Transportation ➔ Buying & Selling
Call the lease company. You might be able to negotiate out some of that interest, if they will even let you do that. If you are multiplying your payments, you are adding in interest that wouldn't be there.
2007-05-29 15:21:06 · answer #1 · answered by Aaron P 3 · 0⤊ 0⤋
If I were your leasing company I'd say yes in a heart beat. A dollar in my hand today is worth more than a dollar tomorrow. (Its called the time value of money) Why you'd want to do this favor for a leasing company is beyond me, but it's your money. Were it my money I'd put it some place where it could earn some interest and only give the leasing company what it is due, when it is due.
2007-05-29 15:46:03 · answer #2 · answered by Signed1 2 · 0⤊ 0⤋
Yes, but it's really not a financially sensible thing to do. Why pay all of the bank's interest up front. Keep your money for as long as your can. There is another practical reason why not to do this. If the car is stolen or wrecked, the bank is insured for the value of the car, but you will not get any of your money back. Why take that risk upon yourself?
2007-05-30 01:36:47 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
No.
You either have to terminate the lease (return the car) or buy the car. Why would you want o pay off the rest of your lease? It doesn't save you much, if anything.
2007-05-29 16:12:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Of course you can but why would you do this. I mean it does seem like a responsible thing to do but if you can put that money in a safe investment or in just a bank account to earn interest you can make money for yourself. Why would you let the finance company take that money of yours and have them earn interest on what technically right now is your money?
2007-05-29 17:45:10 · answer #5 · answered by timmyliao2001 1 · 0⤊ 0⤋
you need to read your lease agreement. there may be a penalty for doing that. you also need to remember that they can and will tack on any extra mileage you put on the car.
2007-05-29 15:24:09 · answer #6 · answered by Judy 6 · 0⤊ 0⤋
read the small print
2007-05-29 15:23:29 · answer #7 · answered by mainzy 1 · 0⤊ 0⤋