Buyout Your Lease

LEASE BUYOUT AT ST. CHARLES CJDR

You may be wondering what a lease buyout is, and how it works. A lease buyout is when you can purchase the car you are already leasing and take ownership of it for good. There are two types of lease buyouts - a lease-end buyout and an early lease buyout. Read below for information on both options.

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UNDERSTANDING THE LEASE-END BUYOUT

Many times drivers fall in love with the car they are leasing, and the end of the lease agreements mean they have to part ways in order to sign a new contract. But there is another option. A lease-end buyout lets you buy the car you are already leasing for a predetermined price. This price is set at the time you sign your original lease and takes into account the amount the vehicle is expected to be worth at the end of the lease period.

A lease-end buyout makes sense for many several reasons. They can include:

• You’ve stayed within your mileage limit or are significantly under your mileage limit and the car may be worth more than the buyout price.
• Your vehicle is in excellent condition and has been properly maintained and taken care of. It may be a good idea to have it checked for any issues or mechanical problems before deciding to purchase.
• Your vehicle has had no accidents or breakdowns.
• You have fallen in love with your car and want to keep driving it for years to come.
• You have secured a low interest rate to finance your buyout.

Our finance team can help you determine whether a lease-end buyout may be right for you. Contact us for more information on the process and options available.

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CONSIDER AN EARLY LEASE BUYOUT

An early lease buyout occurs before the end of your lease. This may make sense if you know you want to purchase your leased vehicle but you still have months left on your contract. The price of this option is usually determined by the amount you still owe on your lease, the predetermined buyout price that was set at the start of the contract, and any value depreciation due to factors such as damage and repairs.

You may want to consider any early lease buyout if you are facing penalties and costly fees at the end of your leasing agreement. Buying the car early would avoid having to pay these fees. Some high-cost penalties may occur when:

• You’ve gone over your mileage limit
• You haven’t met service requirements
• Your vehicle has excess wear and tear, including both exterior or interior damage
• You’ve broken any other lease terms

Contact one of our experts to learn more and discuss all of your end of lease options.