Do you own a car at the end of a lease?

A lease is a long term rental. You're renting a car.

With a lease you are renting miles. At the end of the lease if you haven't gone over mileage, or done anything beyond normal wear and tear, you have the option to return it, and lease another newer car, walk away from it, or buy the one you had leased. No, you never own a leased car unless you decide to purchase it.

there is not any way you may get out of your lease at this element without paying a ton of money. in case you have been to attempt to commerce out of it, the payoff is going to be in the process the roof. The adverse fairness (confident, you might have adverse fairness on a lease for the time of this occasion) could be better than $250 a month further directly to the subsequent vehicle. it relatively is to no longer say that the financial employer could even settle for the deal. no person, and that i advise no person is lending better than 5% over e book/MSRP on automobiles, new or used, suitable now. in spite of perfect credit. regrettably you're at a element the place your 2 chocies are to smile and undergo it for 28 extra months, or pony up some severe money.

well you don't own it but you can buy it out at the end of the lease which is the smarter thing to do especially if you went over your miles. But you can negotiate the price of the car after you decide to buy it out. For example .. My brother has a 2010 Hyundai Elantra and he bought it in May 2010. he has 12000 miles a year and it was a 2 year lease so he can put on 24000 miles till this May... If you go over your miles and you trade in your car at the end of the lease and dont decide to buy it out.. you have to pay i think like 20 cents each mile you went over... if you buy the car out you dont have to pay that.

You DON'T own the car because you haven't paid the full price. There is the little matter of the residual.

Say a $20,000 car after two years with a 50% residual. You paid 10 k, and the car goes bye bye.

No, I just bought a car, instead some people can lease a car at a reliable price.

NO, you don't own it, but you have the option of BUYING it if you want to.

Why would anyone ever buy if you could lease & get a free car at the end ?

DUH.