My lease is expiring and I’m going to buy out my car and keep it until lease deals get better. I know I’ll lose the equity but I’d rather break even on this car in the future and get a better lease than trade it in and get a bad lease deal. Frankly, it’s six in one hand and a half dozen in the other.
Anyway, the lease is through Chase/Mazda Financial but the lease and registration is under my dad. Can I get a loan through a bank for the amount of the payoff and buy the lease out? I’m okay with leaving the registration in his name or transferring to me, whichever works. Do I have to add him the loan? I just don’t want to apply for a loan and then not be able to use it to buyout the lease. Thanks for the advice.