I'm looking at a used vehicle. If my lease payments are meant to pay off the entire value of the vehicle (there isn't a residual amount or residual value in the agreement), then can't I just make the final payment to get the title of the vehicles transferred to me? That's what the agreement says to do to get the title. It sounds like a loan but its not because the vehicle's are not titled to me, they are titled to the lessor and I won't get ownership unless I make all 48 payments.
Paying the final payment will fulfill my obligations according the agreement but should there be a lump sum or purchase fee at the end to make it legal in court? Also, could I edit the agreement to protect myself if I make say 45 of 48 payments? It hasn't been signed, very large purchase, thank u
It's unlikely the lessor would permit this, but take the transaction to an attorney who does lease agreements.
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You probably won't get the answer you are looking for on this forum since a review of the agreement would be required at a minimum. If you are making a very large purchase and there is some risk involved, you would be wise to pay an attorney something to help minimize your risk as much as possible.
Probably best to steer clear of any agreement that you are uncomfortable with. Chances are that the party leasing or selling the car will not want you to write your own contract and will want to stick with their own terms.
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