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Can I refinance a leased vehicle that's under my father's name?
"My father got me a lease on a car when I had zero credit about three years ago. Since then, I've built up a 780 credit score and have about $15,000 stashed away in savings.
I want to get this car out of my father's name. Can I refinance a leased vehicle?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“First things first: when you have a lease, you’re locked into it for the duration of the lease term. You can always hand the car back in, but you’ll be forced to pay early termination fees.
Therefore, you’ll have to wait for the end of the lease to make any moves. From there, the dealership will let you buy the car outright or finance it.
Until then, keep making your payments on the lease, and when the term is up, you can ask about financing.”
View full answer
- Gregory R.
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