When you lease a car and turn it back in, if you owe less on it than the book value do you get money back?
#78944. Asked by uktwa. (Apr 16 07 2:32 PM)
I would assume No, because a lease is pretty much a rental. Why would you pay more than your payment on something that isn't going to be yours in the end. Now if you intend to purchase it when your lease is up they will give you an amount that you owe to buy it, kind of like purchasing a used car. But the dealership would not owe you money after you turned the car back in.
Apr 16 07, 3:34 PM
No. If you lease a car they use a calculation to figure out what they estimate the car to be worth at the end of the term and you make payments on the rest of it. The estimate could be low or high in the end, but you don't owe more if it was low, so they don't give you money back if it was high. You can buy it for the balance though.
Apr 17 07, 6:32 PM
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