Paying off the lease early?

GAP insurance is an issue with leases. If you total your car, your insurance will pay for the market value of the car. During the first part of the lease this will be less than what you owe since your payments are averaged over the lease period and depreciation is higher than average during the first year(s). GAP insurances covers the difference between what you owe and the market value of the car.

So there is an advantage to keeping the lease, and, given the low money factor, there is no financial reason to pay it off earlier. IOW the "peace of mind" factor weighs in favor of keeping the lease. LOL

Also note that, as alluded to by lawjds, you don't really save much in interest payments by prepaying leases. You're paying interest on two parts -- the residual which you will never pay off and the depreciation which you'll pay off by the end of the lease. By prepaying you avoid the latter but not the former. You will save something by paying this interest early but, again, given the interest rates, it will be a very minimal indeed.

Source: http://gm-volt.com/forum/showthread.php?34793-Paying-off-the-lease-early

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