Why should I have to pay the Residual Value at the end of the lease term to own the car when I have already been paying monthly rentals for the entire tenure?
The residual value will be pre agreed and deducted from the finance amount resulting in very low monthly rentals. Throughout the lease tenure you will only pay off part of the car’s price or in other words you pay for that portion of the car’s value that you use. During the lease tenure you will not be paying off this residual value and it will remain as an outstanding liability till the end. Therefore, if you want to take full ownership of the car, you will have to pay off this residual value.
Related Questions
- The main rule is the bank owns your car and is paying someone to go get it for them as some people cant seem to pay the bills they promised to pay, funny how life works huh?
- My 2007 car was stolen. Will insurance give me blue book value only or also tax I need to pay for new car?
- How Do You Calculate A Lease Residual Value?
