Overhaulin'

Can I buy off my lease car before my lease is over?

I leased a 20k car last week and have to pay pretty high interest. I wonder if I can just use my saving to buy off the car right now? If so, do I just need to pay 20k for the car? or I have to pay the interest and other fee as well? Note that I just got the car less than a week ago. Thank you

Public Comments

1. You either have to pay all the lease payments or pay the lease payoff. The payoff should be in your lease papers.
2. It depends on the terms of the lease. Ethical lease companies will let you pay off the balance with just a minimal fee for their trouble, others may hold you up for the entire balance of payments.
3. LEASE You must FULLY understand the contract when leasing a vehicle. Whatever terms you agree to and sign, be 100% sure you will want to keep it for that term and fully understand the fine print. If you went to jail for 3 or 4 years, you would most likely be released early based on good behavior. Not so with a lease! There is no parole without severely hurting your pocketbook. with the lease only being a few days old, and I assume you leased through a dealer ? The dealer may be able to work with you if you finance through them as they will still realize a profit in the transaction, as for complete termination you wanting to pay cash that"s not going to happen.
4. Most lease companies do not allow termination in the first 6 or 12 months. Then you would have to call them regarding the buyout amount. Alternatively, you could try to find someone to take over your lease, or use one of the online services that will do it for you. Here's an article with more details: http://www.leaseguide.com/Articles/terminate.htm .