Tips on Buying Cars: Lease Refinance, leases, rebates

Question
Hi, my question is it possible to refinance a lease? A friend of mine is currently in a lease and it has become too high of a payment for her. Are there any options?

Answer
Hi Stephanie,

There are a lot of variables within leasing. Firstly, how long has she been in the lease? Is she getting close the end of the term?

She may have the option of trading, but doubtful. Usually when you're trying to get out of a vehicle and lower your payment, you're going to need a lot of cash down or the new vehicle needs to have a lot of rebates.

Leases are normally done because you're trying to get into a lower payment. A lease allows the consumer to buy more car for less over a certain period of time.

If the dealership cannot help your friend, maybe she can contact the lender and see if there are any options.

Good luck and I hope this helps,

Doug