I was wondering how hard it would be to swtich my lease to buy and what would i need to do and what papers would i need such as paycheck, etc. thanks

 

I would imagine that you would have to call your leasing company and find out what your payoff is. Then you would have to finance that amount through whover you could get a loan through.

 

Ususally, the payoff amount is higher than what you could buy the car for.

 

I'm curious as to what your goal is? Are you buying the car to try and resell it?

 

Usually they won't let you out of the lease until the terms are up.

 

Completely false. U can buy the lease out at any time with no fee's (atleast through american honda, toyota, and key bank (those are ones I have done it with)). Just get your payoff amount from them, and get a loan for that amount. It is extremely easy.

 

the only time that would be true is if you could not lease through a preferred bank.

the bottom tier leasers have horrid money factors, and they often lock you in, thus guaranteeing their insane profit.

with any decent lender, though, you can get out by paying the balance plus a $100 termination fee.

 

actually, the payoff reflects exaclty how much one has paid off on the car.

depreciation curves are pretty much the opposite of principal reduction curves due to the fact depreciation is heavier the newer a car is and principal payoff is lower.

 

I owe less than what my car is worth.

 

Then you're good to go.