A leasing contract is a financial lease consisting of consumer credit and a rental. A lessor makes a vehicle available to a motorist and offers to rent it for a period defined in the contract.
At the end of the LOA, the motorist can buy back the vehicle by paying the amount of the residual value. Simply, donors also provide the opportunity to buy the vehicle from the 13th month, for that amount is fixed for each month in question until the end of the contract, it helps to know the amount to spend to become a car owner.
Car leasing: can we buy it back?
A lease buyback can, therefore, be carried out at any time by the motorist himself, either on his own or as part of a credit buyout. He can also have the leasing purchased by another motorist who wishes to acquire the car.
In both cases, the repurchase of the LOA or LLD contract results in automatic termination of the leasing contract and the conditions.
If, for example, the maintenance was provided for in the contract, it will be after the purchase of the leasing at the expense of the motorist, the same applies to insurance or other services.
How to buy a lease?
If the motorist renting the vehicle wishes to acquire it, he can make a so-called request to buy back credit from a bank or a credit institution. This makes it possible to redeem its various loans including, in particular, the leasing which will be settled by the bank.
The full reimbursement of the lease will result in termination of the contract and the motorist will become the owner of the vehicle. The rents due will, in fact, be carried over with all the other credits in the new contract including a single adjusted monthly payment.
The repurchase of loans has the advantage of being able to combine different loans in a single contract, it is thus possible to redeem a mortgage, consumer loans, and leasing contracts. In addition, it is the bank that takes care of all the terms and conditions, it will, in fact, rely on the month concerned to define the amount to be paid concerning the leasing and will send the lessor a refund by bank transfer.
The motorist has nothing to manage, except the procedures for the vehicle registration card. Indeed, by becoming the owner of the car, the motorist must take the necessary steps to change the name on the registration card, as for a classic vehicle sale.