Under a car lease, you pay for the difference between the capitalized cost and the residual value of your leased vehicle. The capitalized cost represents the value of the car at the beginning of the lease plus any additional costs you roll into your lease.
If you have determined that refinancing your auto loan is the right move at the right time, it is wise to understand the impact an auto loan refinance will have on your credit report. In the short term, the hard credit inquiries registered by new finance sources will lower your score by a few points.
Under a car lease, a lessee does not have any ownership of his/her leased car. Lessees simply pay for the right to drive a car owned by his/her leasing company. For this reason, most car lease car agreements stipulate the kind of condition the leasing company expects the car to be in once the lease ends and the car is returned.