Hello there, I'm currently leasing a 2007 Toyota Corolla for five years. I'm interested in changing the lease to just financing to own. Do you think it is wise to change it over or would be more costly in the end? Thanks
It would be very expensive to get out of the lease. In order to refinance the vehicle, you would have to make the balance of the 5 years worth of payments and then buy the car from the leasing company. I would buy the lease out in the end if the car is still in good condition and you still like driving it. Next time you are shopping for a new car, research all of your options as far as leasing and financing to make sure you get the program that is best for you.
〉 Answered on Dec 29th, 2006 by Jenny Trostel, Partner at Anderson of Hunt Valley
Try looking into all your options with the dealer to see what it would cost you specifically before you make any decisions. They could tell you what the end cost would be to you.
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