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This is partially true, and partially false. A lease has a payoff like any other type of financed vehicle. If the payoff is $3,000 (highly unlikely) then the lessee is entitled to any sum over and above the payoff amount. OP needs to get a payoff quote.
yes and no to the lease payoff. there is one ONLY IF the lease is open ended. otherwise all you can do is either pay the full lease amount to get out of the vehicle lease, or wait until the lease is up and turn the vehicle in.
yes and no to the lease payoff. there is one ONLY IF the lease is open ended. otherwise all you can do is either pay the full lease amount to get out of the vehicle lease, or wait until the lease is up and turn the vehicle in.
And then avoid being in this position by not leasing the next time around.
yes and no to the lease payoff. there is one ONLY IF the lease is open ended. otherwise all you can do is either pay the full lease amount to get out of the vehicle lease, or wait until the lease is up and turn the vehicle in.
If you are LEASING, you do not OWN it. Leasing is like renting...no ownership, no equity.
Wrong. You can have equity. If your payoff is less than the value, you have equity. You can sell the car, as long as the bank gets paid. It is simply another way to finance a car. The difference is, at the end of the financing term, you either have to give the car back or pay the bank the residual value of the car (agreed upon at the front end of the lease.)
Quote:
Originally Posted by thespykidinseattle
My car was appraised at $14,500 but my payoff is about $17,400.
I have $3000 left to pay on my lease.
I thought I'd get something out of it because my car is way under miles (just hit 20,400) and in almost mint condition.
You can try and shop it around some more, but best wait a few months.
Quote:
Originally Posted by mkarch
You should wait a few years.
Nope, the advantage of a lease is that he can flip it back to the bank and the bank can eat the depreciation in a few months.
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