After a lease, if you want the car, can you finance it or do you have to buy it outright?
My lease for my CRV is ending in January 2020 and Honda is already asking me about options. I love this car and how it drives its a 2017 CRV with 65000KM. I do not want any other car besides this plus I don't have a stable job right now so its not really an option to lease another car finance another car, or buy a used car from God knows what happened to it.
I'm away from home so I can't go to the dealership but my relative asked me about the question so I'm wondering.
Say the CRV is worth $23000 after the lease, would I have to buy it like that or can I finance it? Technically its a used car, but my relative says that I have to buy it.
You can finance, but without a stable job, the chances of being approved aren't high. If you don't qualify for a lease, it's unlikely you'll qualify for financing for purchase.
Since you have kept up the payments the dealer will most likely find you financing, they would like nothing more than keeping you in debt for the rest of your life.
Your Lease-End Options
At the normal end of a car lease, you may have the following options:
Return your vehicle
Extend your lease
Purchase your vehicle
Trade your vehicle
How Normal Car Lease-End Works
About a month before the end of your lease, you will be contacted by your leasing company. They will instruct you regarding having your vehicle inspected and returned to them. Normally, the return is made to a dealer, from which the lease company will pick up the vehicle. The dealer to which you return your vehicle does not need to be the same dealer from whom you leased, but the dealer should sell the same brand of car that you are returning.
Consider your options carefully and decide what would best suit you.
It can be financed, but since you don't have a stable job, you may find that difficult. You buy it just as you would any other used car. The dealership is not required to offer you financing.
The leasing company will want the value of the vehicle.
How you obtain the money is not their concern, you are free to raise it through a loan if you can arrange one.
Lease it for 3 years and spend another 5 years paying it off… Genius!
It depends on the dealer and how it's leased. A friends father I know gained a vehicle lease through his company and when the lease was paid off he owned the car. He didn't have to pay anything extra at all on top of the lease other than maybe title transfer which isn't expensive.
Check with the dealer or the company… However/whoever it's leased with. Lease policies aren't always exactly the same. Some lease contracts for vehicles require the vehicle to be returned after a specified amount of time, sort of traded in for a newer vehicle.
You have to buy it if you want to on it.
The company that owns the car you are leasing will expect a lump sum payment. In some cases they will finance the vehicle, but not in all cases.
So if you want to keep the car, you had better start looking for financing.
You either buy it for what the dealer wants for it or you turn it in. If you don't have cash and you aren't steadily employed, you won't be financing it through that dealer.
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