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Sir, can we classify a car bought as a lease or a financial liabilty ?
When I bought a car which cost me $45000 but payable monthly at $300 . Is this lease or purchase on credit?
I don’t get it when it comes to financial liabilty and lease.
Do we calculate lease same way we calculate other financial liabilty such initial value + effective rate – interest paid .
If your $300 is principal only it’s going to take you twelve and a half years to pay off this debt!
“Is it a lease or is it a purchase on credit?”
It’s a steal! You should go and buy another 5 and sell to your friends!
What does the sale agreement say? Is there any mention of interest in the sale contract? Has the dealer from whom you bought it arranged financing through a third party to whom you are paying this $300 per month?
If there’s no mention of a lease in the sale agreement, if there’s no mention of interest being charged, if no third party is involved … it’s probably a sale on credit terms
OK?
(And can you let me know the name of the dealer, please?)
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