Cal

Apologies for the naive question, but I just wanted to confirm the actual duration of a lease as described by the dealer. For example, if I were to lease a car for 39 months starting today, do I really get to keep the car for only 38 months? The reason is that you pay the first month lease on the drive-off day, followed by 38 additional payments, and you turn in the vehicle on the day of your last lease payment.

Example of a 39 month lease:
Lease today 1/3/07. First payment.
Last payment is 3/3/10. (38 months later).
Turn in date is 3/3/10.

In essence, a 39 month lease means you keep the car for 38 months. Is that correct?

LeaseCompare

It's really 39 months, including the month you are currently in. Leases end on the date of the contract even if it's in the middle of the month.

Cal

Tarry,

Thanks for the quick reply. However, looking at my example above, wouldn't that really equate to 38 full months instead of 39 months?

1/3/2007 + 38 months = 3/3/2010.
1/3/2007 + 39 months = 4/3/2010.

So, if I was to turn in the car on 3/3/2010, it's 38 full months. (Note that March/2010 would be the 39th month, but I would only keep it for 3 days which is to offset the 3 less days in 01/07.)

dunderhi

Your turn-in date should be one month after your last payment. When would you turn in your car if you had a one month lease?

Cal

That's what I would think too. However, the dealership that I visited told me otherwise, and instead claimed that the turn-in-date is the day of the last payment. They even had a pre-written lease contract stating that.

iceking69

Then tell them to change it or go somewhere else. Remember, your the one in control. They are trying to get your money! Its a buyers market right now. Dont let them give you any BS about it being the first of the year, new models limited supply. Please, nobody can sell what they have right now. Market is down, way down. I own a car lot, I know

EclassOzz

no thats not right..my lease is coming to an end,i did a 39 month lease on an 04 E back on 12/11/03,and it ends 3/07...my last payment is due on 2/11 which is exactly one month before i turn the car in