Is it true that a lessee can only do a lease buyout option with a car? I’m thinking about taking over a lease but I want to buy out the lease in full with no payments?
3 thoughts on “Is it true that a lessee can only do a lease buyout option with a car?”
Leave a Reply
You must be logged in to post a comment.
that’s possible. the lessee needs to contact their lender and inform them of the situation. There bank has a procedure to make this happen. You will have to pay the entire payoff amount. chances are, the bank will not negotiate that.
You can buy it out but the title will go to the lessee, who would then have to sign it over to you.
But he may choose not to sign it over and instead sell it or pawn it and take the money to Vegas. That’s a real danger.
You are going to pay for the full value of the car, not just the balance on the lease. Because at the end of the lease the car still belongs to the lender.
If you want the car you have to pay off the lease AND the residual value.