Buy out my truck mid-lease?

I drive a leased truck and make a payment of $477/month to a bank. My lease expires in 2021. Can I buy out my truck right now and have it refinanced by another bank?

7 Answers

Relevance
  • Anonymous
    1 year ago

    Of course you "can". Contact the finance company and they will give you figures. It's no biggie.

  • ?
    Lv 7
    1 year ago

    An early lease termination is very expensive, especially when you are as far away from the end as you are. Financially, there is no benefit to you ending the lease and refinancing. In fact, it wouldn't be very smart.

    If you're curious, call your lease finance company and ask for your *buyout*, not your *payoff*. Buyout means you want to buy the car; payoff means you want to pay off the lease and return the car.

  • ?
    Lv 7
    1 year ago

    READ the contract you signed when you leased the vehicle. It should tell you everything you want to know about buying out the lease.

  • 1 year ago

    Yes. You will have to get a payoff amount from the leasing company and a loan.

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • Anonymous
    1 year ago

    Yes, expect to pay huge penalties.

  • Anonymous
    1 year ago

    Buying upfront would have cost a little more in monthly payments but saved you a lot. Now you have no choice but to finish paying the lease and then buy it. Unless you can cough up a lot of cash now.

  • Anonymous
    1 year ago

    Not unless you have about $4000-7000 to put down. Your payoff or buyout will cost far more than any bank will lend. At lease end, far more likely.

    Call & get a payoff. And then call a bank and see how much they will finance. Likely to be very costly.

Still have questions? Get answers by asking now.