buying out lease to vehicle

[imarunner]

in 2011 i leased a new car out of desperation (i knew it was stupid) because i had zero money for anything, needed a car, but wanted to keep the payments low. my lease is up next year in may 2014 and i have the money to pay for it in full. i've never leased before and know nothing about it. are there any fees, other than the price of the car that i would have to pay or if i paid it off before next year? does anyone know how leasing works. i don't plan to get another car ever, unless i can trade the one i have for a stick shift, or someone hits me again.

oh it has low mileage a little over 20k and i checked the payout amount online where i pay my bill and it's around 12,000. a few months ago it was at 15,000. i'm hoping by may of next year it will be close to 10,000$ or a little less. i would like to write a check and be done with it.

i know i may have paid more, but what's done is done. i just want to be...done.

[ua_guy]

We need to know more.

Year/make/model of vehicle.
What is your monthly lease payment?
How much did you have to put down at signing?
How long is the lease?
Do you know what the "money factor" ("interest") is?
Is it open- or close- ended? I.e. was the price of the vehicle at the end of the lease negotiated at signing, or is it calculated/determined when the lease ends?

This will help us determine if the best financial strategy is to turn the vehicle in at the end of the lease, or buy it. Lastly, do you know what the penalties/options are for ending the lease early?

All of this would have been in your lease contract when you picked up the vehicle. If you lost the paperwork, you need to work on getting another copy, STAT.

[autoxer]

If the market value of the vehicle is less than your lease buyout residual value, then you can probably negotiate a better deal. Check your lease contract to see what the buyout involves (residual value + purchase fee)...

[imarunner]

We need to know more.

Year/make/model of vehicle. 2011 hyundai sonata
What is your monthly lease payment? $255
How much did you have to put down at signing? $3,000 (credit card)
How long is the lease? 3 years
Do you know what the "money factor" ("interest") is? 0.09%
Is it open- or close- ended? I.e. was the price of the vehicle at the end of the lease negotiated at signing, or is it calculated/determined when the lease ends? no, the lease is not due until may 14, 2014 and no price to my knowledge was negotiated.

This will help us determine if the best financial strategy is to turn the vehicle in at the end of the lease, or buy it. Lastly, do you know what the penalties/options are for ending the lease early? no, but i still have the paper work and can look for this information.

All of this would have been in your lease contract when you picked up the vehicle. If you lost the paperwork, you need to work on getting another copy, STAT.

thanks.

[imarunner]

If the market value of the vehicle is less than your lease buyout residual value, then you can probably negotiate a better deal. Check your lease contract to see what the buyout involves (residual value + purchase fee)...

okay i will do this. thanks.