A car dealer advertises a new car lease with the following terms: - ($ 3,500) cash paid
Question:
A car dealer advertises a new car lease with the following terms:
- \(\$ 3,500\) cash paid by the customer at the beginning of the lease;
- Monthly payments of \(\$ 229\) for 48 months; and
- The customer is required to pay \(\$ 2,650\) at the end of the lease, and then owns the vehicle.
What is the substance of the lease contract?
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The substance of the lease contract described appears to be a finance lease Heres why 1 Significant ...View the full answer
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