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If you have a new leased car is there any way to get a loan to pay off your lease and possibly lower payments?
Wiki User
∙ 8y ago
A leased car could not be used as collateral. If the loan amount were larger than that which the lending institution considered a "personal loan" the borrower would need to present property that would secure the debt.
Wiki User
∙ 8y ago
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What are some benefits of a used car lease?
the most beneficial thing about a used car lease is that the person with the used car lease will avoid the depreciation in value of a new car. With a used car lease, your monthly payments will be lower and most of the time, your car will only be leased as long as the warranty, so there's no repair cost coming out of your pocket. Lower monthly payments, no down payments. Try http://motorshifter.com .
What are the benefits of having a short term car lease?
There are many pros and cons of having a short term car lease. There is lower monthly payments, you will always have the latest safety features and you will have warranty.
Lease a car?
The advantages of leasing a vehicle are lower up- front costs and lower monthly payments. You can drive a more expensive vehicle for a lower cost than buying it. At the end of a 3 year lease you will have payed less than half of what a person has payed to buy the same car on a three year loan. But you own nothing, he does.
CAT score of 80 and you have not applied anywhere in advance where do you have a chance to get an admission?
Student loan refinancing can possibly lower your payments. You may also be able to consolidate your loans which will help with the payments.
I bought a car and the payments are to high can i change the contract to a lease to lower payments?
Probably not. You could try talking to the dealership. Or you could trade in the car and lease a different one, but you're probably going to take a severe hit in the wallet for that. If you're just wanting to do this because you've seen a an ad and thought "wait, those lease payments are a lot less than what I'm paying" you may not know that you usually have to put down a fairly large initial payment.
How do you calculate the capital lease obligation?
When you book the capital lease, record the asset at its fair market value or the present value of minimum lease payments, whichever is less. The capital lease obligation is recorded at the same amount. Minimum lease payments include all rental payments required during the term of the lease plus any residual value guaranteed by the lessee. They also include any payment the lessee must make for not renewing or extending the lease, including a requirement to purchase the asset. They do not include any guarantee of the lessor's debt by the lessee, contingent rentals, or any penalty for which the term of the lease has been extended. They also do not include the portion of the rent payments which represent executory costs, such as insurance, taxes, and maintenance, and any related profit. The interest rate used to calculate the present value of the minimum lease payments is normally your incremental borrowing rate (the interest rate you would pay to borrow a similar amount of money for a similar length of time), unless you know the lessor's implicit interest rate for the lease and that is lower than your incremental borrowing rate. Sources: SFAS No. 13; RIA Checkpoint
Can you lease a car with a FICA score of 531?
Yes, most dealerships suggest leasing for credit challenged customers because you pay less money back to the bank and keeps your payments lower.
I am interested in a new Mercedes c300. Would it be best to lease it or enter into a purchase agreement?
Whether you decide to buy or lease is a personal decision based on many factors. If you decide to lease, you will have a much lower down payment and lower payments month to month. If you decide to buy, there are lower requirements for insurance needed and there are also no mileage limits to worry about. In all, if you decide to purchase, the Mercedes c300 is expected to have an above average resale value for the years to come. Personally, I would suggest purchasing.
Do banks offer mortgage advice when you are facing default?
A bank will always try to offer advice and help when you're facing default because it is just as troublesome and costly for them if you do default. They may offer lease extensions that will lower the overall payments, which will allow you to catch up on payments.
What is lease vehicle in used cars?
The benefits of leasing include the option to not make a down payment, paying sales tax only on monthly payments (in most states), and payment of a money factor similar to the interest rate on a loan. Leases may also include extra fees and possibly a security deposit, items not part of a direct purchase. First payments are made at the time the contract is signed. The short-term monthly cost of leasing is less than the cost of buying, according to Leaseguide.com. For vehicles with the same price, term and down payment, monthly lease expenses will be 30 percent to 60 percent lower than loan payments.
How do you sell a leased car if you cannot make the payments on it?
You don't own a leased car, so you can't sell it. That'd be the same as renting a house and trying to sell it. If you can't afford it anymore, contact the leasing agent, and make arrangements with them. Without a doubt, there will be some stiff penalties, though. This isn't actually true at all. We are currently leasing a Toyota Corolla Sport and have contacted the company handling our lease and they have specifically told us that it is entirely possible to sell the leased car at payoff amount, whatever that may be at the time you decide to sell. It isn't the same as renting a house due to the fact that when renting a house you aren't tied to it for 36 months and then you have the option to own, trade it in or walk away. Leasing a vehicle is practically the same thing as getting a loan on the vehicle which you can pay off, but the catch is... If you don't sell it before the lease end, then you drop it off (hoping there isn't any extra money due to extra miles and wear and tear), buy it for the current value of the car or trade it in for another car. Leases allow people to get lower payments and this is what drives most people to take a lease on. Otherwise, the best option is to buy the vehicle which is almost the same as leasing accept after 36 months you own it and can do whatever you want with it... or you can sell it before hand (same as a lease) and move on. So... if this doesn't make sense or answer the question... We just sold our leased vehicle... So it is possible.
Is insurance rate different between a leased car or purchased car?
There is no difference in rates as to whether the vehicle is leased or purchased. There is an item to consult which will probably affect your rates. When you lease a vehicle it is more like you are renting it from the finance company. Since they technically still own it in the contract it will state that you are required to carry higher liability limits, usually 100/300/50, as a minimum and that you cannot have a deductible higher than $500. This eliminates your choices of higher deductibles or lower liability limits both of which would be somewhat lower on your rates. Other options are still up to you. Always purchase GAP coverage when you lease a car as well for your own good.
