Car Lease Buyout and Security Deposit

Last Updated:
Mar 29th, 2022 1:40 am

Tags:

SCORE

Reply to ThreadReply

Search this thread

Search this thread

Mar 28th, 2022 9:14 pm

simplypop [OP]: Deal Addict; Jul 22, 2019; 2568 posts; 3428 upvotes

Mar 28th, 2022 9:14 pm

Car Lease Buyout and Security Deposit

If someone has a car lease, they put down a refundable security deposit (at start of lease). If I buy out their car lease, who gets the refundable security deposit back? OWner or leasebuyout? Or is that $500 "refundable security deposit" baked into the residual?

2 replies

Mar 28th, 2022 9:22 pm

booblehead: Deal Expert; Jul 30, 2007; 32218 posts; 19523 upvotes; Toronto

Mar 28th, 2022 9:22 pm

Once the lease is transferred to new owner, the new owner is responsible for all damages, wear and takes over the security deposit. You can double check with the finance services customer rep. When doing the application

Mar 29th, 2022 1:40 am

MP3_SKY: Deal Guru; Jul 12, 2003; 12362 posts; 4876 upvotes; Toronto

Mar 29th, 2022 1:40 am

The party who take over the lease agreement takes everything from the lease contract.

If you are the leasee and the agreement has refund security deposit on it, you can get the money back (given no penalty charge by the Finance company upon lease return), or if you are buying out the car, that security deposit will use as a "credit" when you pay the balance of the buy back amount.

Retired Forum Moderator February 2009 - June 2015

Reply to Thread

Top