Mazda Lease Buyout

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.

Check Lightstream and see if they will make a loan on a car that you are ‘buying’. I don’t remember their rules. They might be able to give you a loan that you would give to your dad to pay the car off.

When he gets the title he can go with you to the DMV. Since he’s your dad, that should be under Parent / Child transfer of title and you don’t have to pay double tax.

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