Car Lease Foreclosure

Hi everyone,

I have a company leased car on lease.  I now wish to foreclose this lease and transfer to a car loan from bank.  Could anyone let me know what would be the VAT applicable, if any, when foreclosing the lease?

Apart from bank loan and upfront cash settlement, is there any method to maintain the lease?

regards,

Nitin

I also need the info. I have taken forclosure value from my leasing comapny, they are charging VAT of 12.5%. Is this right?