how does lease takeover work?

[alexg]

I'm curious how does lease takeover work... Say I'm looking on leasebusters and it says 10 months left at $300/m and $10k to buy out. I'm using round numbers to make the math easier.

If I want to calculate total cost of the car becoming my property at the end of the lease term, what do I need to add up?

[m_a_t_r_i_x]

Total cost of car todate = (10 months x $300) + (10,000 plus tax, e-test, safety, ownership transfer)

[Noisy Crow]

Total cost of car todate = (10 months x $300) + (10,000 plus tax, e-test, safety, ownership transfer)

^^ I'm confused and I know what you are talking about!


Splitting things up a bit:

Lease payment is $300 per month. You pay this each month for the 10 months.

At the end of the lease (10 months from now) you can turn the car in, pay for any damage and excess kilometers, and walk away. Or you can pay an additional $10K plus the taxes etc. noted by m_a_t_r_i_x and drive away owning the vehicle.

If there is damage deposit it will be returned, used to offset damages, or used as part of the payment if you buy the car.

Add the two together and you end up the total that m_a_t_r_i_x explained.

[alexg]

thanks for details explanations!

[alexg]

thanks for the detailed explanations!

[m_a_t_r_i_x]

just beware of the admin fee the dealership might include on your bill of sale when you intend to purchase the car (lease buyout).

i argue with that "fee" and later on they waived it.



P.S. alexg... just in case you are not aware, there is an edit button when you want to correct/edit something on your original post, so you wont be double posting :)