I’ve done a lot of research on early lease buyouts, and I’m finding a lot of conflicting information. I’m hoping the community here can help clear it up.
If I choose to lease a car, and then well before the end of the lease I decide I want to buy the car, what do I owe the lease finance company? I know I will owe the residual, sales tax and title transfer fees. However, what about the remaining lease payments? The payment is comprised of monthly depreciation, monthly rent and sales tax. Am I responsible for the remaining rent or only the remaining unpaid depreciation and sales tax on that depreciation?
There is a section in the lease titled: “PURCHASE OPTION PRIOR TO END OF LEASE TERM”. I have quite a bit of business contracting experience and I cannot determine if the language in this section says I owe the unpaid rent or not. I can post the language here if helpful.
I don’t see any early lease buyout penalties.
So my basic question is if I buyout the lease early (as early as month 3 for example), will I be required to pay 33 months of rent or just the principal, residual, sales tax and fees?
Thank you for any assistance!