The following Lease or Rental Agreement is meant to be used by one individual dealing with another individual rather than a dealership situation. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
South Carolina Lease or Personal Rental Agreement of Automobile with Option to Purchase and Own at the End of the Term for a Price of $1.00 - Selling Car - Rent to Own
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FAQ
You can choose to turn in your leased car at the end of your lease contract, purchase the now-used car, or use it as a trade-in on another new car at the car dealership or through a leasing company. In some instances, the leasing company might also offer to extend your lease agreement, typically no more than 6 months.
The biggest difference between buying and leasing a car is ownership. Buying a vehicle gives you complete ownership to do what you want with it, while leasing a vehicle only gives you temporary ownership with restrictions on what you can do with it.
Lease Purchase is a form of Hire Purchase or Conditional Sale agreement - requiring you to take ownership of the vehicle after all payments have been made - but the regular payments are structured like a lease/rental agreement.
There are five big disadvantages of leasing a car.You'll Always Have a Car Payment. Most lease contracts are around two to three years long.It's Hard to Get Out of a Lease.Modifications Aren't Allowed on Leased Vehicles.There are Mileage Limits: Frequent Drivers Beware.Bad Credit Borrowers May Not Have a Chance.
If the car is worth more than the residual value projected at the start of your lease, buying it could be a bargain. If it's worth less, you may not want to buy it unless you can negotiate a lower buyout price.
On the one hand, buying involves higher monthly costs, but you own an assetyour vehiclein the end. On the other hand, a lease has lower monthly payments and lets you drive a vehicle that may be more expensive than you could afford to buy, but you get into a cycle in which you never stop paying for the vehicle.
Additionally, leased vehicles don't typically retain equity when you lease, what you owe on the car only catches up to its value at the end of a lease. This could be viewed as a waste of money by some since you're not in an equity position at lease end.
If you have signed up to a Personal Contract Hire (PCH) plan, which is like a long-term rental, you do not have the option of buying the car at the end of the lease. You just hand the car back and it is then your decision as to whether you'd like to start another contract on a new model.
The monthly payments for a lease are usually lower than for a loan. You're not building up any equity in the vehicle with those payments. You can buy the vehicle at the end of the lease for a pre-arranged price.
Here is a list of our partners and here's how we make money. You typically can buy your leased car at any point during your lease; most people do so when the lease ends. By doing so, you're buying a car you know and trust and avoiding the potential costs and hassle involved in turning the vehicle back in.