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Car Lease Purchase option

Discussion in 'Car Sales, Dealers, Repairs, Lemon Law' started by RCRG, Dec 8, 2021.

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  1. RCRG

    RCRG Law Topic Starter New Member

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    Jurisdiction:
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    I have a leased car that's ending in a couple months. Problem is, it's in my husband's name and he passed away earlier this year. I did call the leasing company and sent them a copy of the death certificate and they had no problem with me continuing payments. I'm interested in buying it and the purchase price on the lease form is a really good price right now due to the car shortages. My question is, will they still honor that price (or do they have to) being my husband is the one that signed it. Thanks.
    I'm in PA.
     
  2. mightymoose

    mightymoose Moderator

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    You should start simply by informing them of your intent to purchase and see what happens.
    You may be worrying about a non-issue.

    If you have it, read through the contract and see what it has to say about the situation, if anything.

    I suspect they will be happy to sell the car to you.
     
  3. zddoodah

    zddoodah Well-Known Member

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    No one here has the slightest possibility of knowing the answer to this question. The only way to get this question answered is to call the company and ask.
     
  4. flyingron

    flyingron Well-Known Member

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    Chances are, they will sell to you provided you are able to obtain financing for the cost. Car leases aren't "lease-purchase" plans in the traditional sense. They're likely not giving you any deal on the residual car. They'd likely sell it to anybody.
     
  5. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    You are getting a deal if the current value is higher than the residual value estimated at the time of the original lease which is very likely considering the market.

    Back in the early '90s I had leased a Toyota truck for 4 years. The residual value was ~$9k. I had offers for it over $15K. It was about the time everyone figured out that Toyota trucks lasted forever. I bought it at the residual value and kept it a couple of years and then sold it for ~$12k
     
  6. RCRG

    RCRG Law Topic Starter New Member

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    Thanks mightmoose, flyingron and payrollHRGuy. Your replies are helpful and I'll read over the contract. flyingron, financing is not a problem and the current value is higher than the residual value right now, which is why I asked the question. It's just easier for me to buy it right now.

    Snarky responses to our site volunteers are unnecessary, please refrain from such comments going forward.

    The snarky response has been removed by a site mod.
     
  7. flyingron

    flyingron Well-Known Member

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    The post-lease buy out was probably set by formula when the lease was taken out originally. It may or may not be a good deal. Really, the lender doesn't care. They don't want the leased car back, it's a better deal for them for you to buy it without them having to dispose of it.
     

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