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If you give the car back to the car dealership before your lease has expired, then the lease is over. You stop paying the monthly payments. This is very common in people who want a low monthly payment, thus they get a long car lease and then end up trading back in the car for a new car before the lease has expired.
When a lease car is totaled, the car company will require the car lessee to pay the lease balance to get out of the contract. This is applicable for a wrecked car and non-reparable vehicle.
You are probably likely to incur fees and charges (which depend on the terms and conditions of the legally binding contract) - and possible even prosecution.
Nothing changes as far as your lease goes.
No. You're not getting any bargains by buying the car at the end of a lease, rest assured of that.
They repossess it anyway and you could be responsible for the repair cost, depending on the lease contract.
The average cost of a corporate car lease is between 250 and 300 dollars. They usually will not allow a lease of a luxury car unless it is a high end company. In some case, a company car is one of your benefits and may be higher end.
Open End lease
Open-end lease
A balloon payment refers to the last payement you make on a car that you got as a long term lease. At the end of the lease you can either make a balloon payment and buy the car, or you return the car.
No. Leasing is for suckers. A lease is no more than renting a vehicle with nothing to show for it at the end. Stay away from a lease. Buy what you can afford, and forget the lease.