Buying leased car early???

[NewP5owner]

Does anyone know if it's possible to buy a leased P5 before your lease term expires? Like way before I mean....say after 2 years on a four year lease. I'm wondering if they will rip you off if you try to do this.

 

[Newf]

Hmmm, if you mean, that your in a current 4 yr lease, with only 2 yrs gone, sure, completely possible. BUT, you'd be better off selling the car yourself. Find out how much you owe on the car, find out how much it's worth. If you owe less then it's worth, your good to go!

Or, sell lease, transfer it over to someone else, there will be a small transfer fee which they can pay ( 250.00 ). THere's no reason why you couldn't sell your lease to someone with 2 yrs left assuming the car is in good shape with reasonable kms.

IF you mean you want to buy a leased p5 that someone else has.....


check kms....check the buy out at the end of 2 yrs. If they have low kms, say less then 40,000, that's good. If there's any damage on car, it should be fixed before you take lease over otherwise, it's your responsibilty at the end of the lease.

 

[NewP5owner]

Hmmm, if you mean, that your in a current 4 yr lease, with only 2 yrs gone, sure, completely possible. BUT, you'd be better off selling the car yourself. Find out how much you owe on the car, find out how much it's worth. If you owe less then it's worth, your good to go!

Or, sell lease, transfer it over to someone else, there will be a small transfer fee which they can pay ( 250.00 ). THere's no reason why you couldn't sell your lease to someone with 2 yrs left assuming the car is in good shape with reasonable kms.

IF you mean you want to buy a leased p5 that someone else has.....


check kms....check the buy out at the end of 2 yrs. If they have low kms, say less then 40,000, that's good. If there's any damage on car, it should be fixed before you take lease over otherwise, it's your responsibilty at the end of the lease.

I lease the car and I want to buy it. I thinking that I made a mistake when I decided to lease and now I want to own it. I gues what I'm really asking is...should I wait until the end of the lease term to buy or should I try and buy it now. I'm just trying to get a sense of which way would cost less in the end.

 

[mts3]

Leases have payoffs just like regular loans. This is the reason you can trade in a leased car. My mom has done it once or twice before.

You should be able to call your leasing company and get the payoff on the lease and ask them if you have the option to buy it out now. They may or may not actually give you the option.

 

[bmorton]

Yes, you can do this, it's very common for leased cars to be bought out before the end of the lease. For Mazda Canada leases you have to call your dealer and they can get the payout value for you at any point before the end of the lease. You still have to get the car safetied and e-tested because ownership is being transferred from the leasing company to you. Deliver or send a cheque for the payout value (plus PST/GST) to Mazda and they send you the signed-over registration so you can go and get the ownership changed into your name. Done this myself with a previous car.

 

[NewP5owner]

Yes, you can do this, it's very common for leased cars to be bought out before the end of the lease. For Mazda Canada leases you have to call your dealer and they can get the payout value for you at any point before the end of the lease. You still have to get the car safetied and e-tested because ownership is being transferred from the leasing company to you. Deliver or send a cheque for the payout value (plus PST/GST) to Mazda and they send you the signed-over registration so you can go and get the ownership changed into your name. Done this myself with a previous car.

I put about $3000 down on the lease. Did you put any money down on the lease you bought out? Will they consider this if I want to buy out early or would I lose that money. If so, I wouldn't consider it but I am hoping they would be reasonalbe. I want to know exactly what I should expect before I call the dealer. Thanks.

 

[Don]

I want to know exactly what I should expect before I call the dealer. Thanks.

I think that you should expect the final price to be a good deal more than if you had just bought the car outright in the first place, instead of leasing it.

They've got you on the hook pretty good right now, and I'd be very surprised if you can get off it without losing a chunk of
change.

I'm guessing that either 1) You're putting way more miles on the car than the lease permits, or 2) You want to make some "mods" that the lease won't allow? Either way, I think I'd "bite the bullet" and pay whatever it takes to get "off the hook" now, as opposed to waiting 'til the lease is up - It could be WAY more expensive to resolve either of these "issues" then.

Don

 

[bmorton]

Well, your car's buyout value may be a bit less than it would be for someone who put less down up front, but that's all you'll get for your down payment. Your dealer will give you a dollar figure it'll cost you (plus tax, etc.) to buy the car now. Just as with a regular car loan, you might find that the price it'll cost to buy the car is more than the car's actually worth. In that case it's better to stick with the lease, or transfer it to someone else if you want out entirely.