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buying out leased car
I talked with our car dealer today and told him we would like to buy this time instead of lease, but want to keep our payments around what they are now ($305 a month). I expect to it go up for the next vehicle, but i do not want to have an astronomical payment!
He told me that a good option would be to lease the car we want, then buy it out at the end of the lease. All the money paid towards the lease would apply to the final purchase price of the vehicle.
I didnt ask him because it didnt cross my mind until afterward but, if this was the plan....would it be an issue if we put more miles on the car than allowed in our lease agreement when we know we have intentions to buy?
Our current lease is 39,000 miles for 39 months. But in 10 months we have already put on 14k. If we went in to buy the car at the 36th month with 38,000 miles on it and wanted to buy...would there be a penalty? From what Im understanding, it doesnt matter the miles got there and when....just that we didnt go over.
The dealer said once we decided to buy, that we could go back to the table with banks and refinance the payments to try and keep them low.
What would our best option to be to keep the payments lower? We would rather not spend more than $400 a month, but do plan on buying a vehicle this time instead of leasing. This will be my primary vehicle and the family car, and FI will be buying a pickup truck soon for work, most likely paying cash.
Re: buying out leased car
From what I understand about leasing: As long as you get into an open ended lease with a buy out option, you will be able to buy at at the end of your lease. The miles will not matter if you buy it at the end of the lease.
Fina
When I leased my car they said that if we went over miles and we bought the car at the end, there would be no penalty.
If we leased a new vehicle after my lease is up, it wouldn't count.
If we just gave it back and walked away
Save for a good downpayment.
Buy used - not new and finance for no longer than 3 years.
Leasing and then buying that vehicle would mean payments for 5-6 years which is nuts.
If you cannot finance the vehicle you want for 3 years at a
@MrNibbles
holy cow! you pay over 300 for a lease???