@Anonymous wrote:
Is it even worth leasing then for such short period of time, wouldn't it be better to just do a traditonal 60 mo term? I would think at least on a regular contract you'd have built up equity, where on a Lease you're just paying to use a car for said duration. Like renting with no equity building.
That aside, I thought dealers were being real hesitant about accepting lease returns right now due to unsold inventory?
As for OP, you should be able to call their Finance dept. and ask what options are available.
I don't think you understand how leasing works. Your lease payments absolutely do go towards building equity in the vehicle. The only difference is that after the lease period is over you have the option to walk away without worrying about a thing.
Let's say you lease a vehicle that's $20,000. Most leases are 36 months. The residual value of the vehicle after 36 months is forecast to be $10,000 (50% RV). So for 36 months you're making payments on the $10,000 difference. Each payment you make goes towards reducing that $10,000 amount. You of course also pay a little interest on those payments but it's usually under 2% (better than a purchase most times!). After 3 years you can buy that vehicle for $10,000 which is the predetermined residual value. You can also at any point get a payoff amount (the residual value + remaining payments) and buy the car, trade it into a dealership etc.
Most people don't like leases because they don't understand leasing.
