What Is a Lease Buyout?

What is a lease buyout, and when it is a good option for Xenia drivers? A lease buyout is when you purchase your leased car, either at the end of the lease term (lease-end buyout) or before (early lease buyout). So, how does a lease buyout work? Below, join Key Chrysler Jeep Dodge Ram FIAT for a detailed lease buyout definition. We’ll also compare the benefits of early- vs. lease-end car lease buyouts to help you decide what works for you.

Lease-End Buyout

This type of car lease buyout is the most popular option with Beavercreek drivers. How does a lease buyout work when you wait till the end of your lease term to purchase your leased vehicle? It’s simple: you pay the difference between what you’ve already paid in lease payments, and the vehicle’s estimated value at lease-end — and it’s yours! Lease-end buyout is a good choice if:

• You’re happy with your car, and there’s no other similarly-priced model you’d rather drive.
• Your car hasn’t required any major repairs or services.
• You’re able to obtain a low interest rate to finance the buyout price.

Early Lease Buyout

Buying out your lease is a bit like buying a used car — except you know everything there is to know about the vehicle’s condition and history! That’s true whether you buy your leased vehicle at lease-end or earlier. So, what is a lease buyout called when you buy your leased vehicle before your lease term is up? That’s early lease buyout — and while it’s less popular with Springfield drivers than a lease-end buyout, it may be the right choice for you if:

• You’re concerned about lease penalties for exceeding mileage limits or not maintaining scheduled services like tire rotations and oil changes.
• Your car has sustained exterior or interior damage that may also bring lease penalties.
• Your vehicle has depreciated quickly and is now worth less than market value.

Negotiate Your Car Lease Buyout at Key Chrysler Jeep Dodge Ram FIAT

Now that you have a solid lease buyout definition, you can decide which option is best for your circumstances. At Key Chrysler Jeep Dodge Ram FIAT, we’re committed to finding financial solutions that help you to drive home to Wilmington in your dream car! Contact us today for more car-buying tips from our friendly auto finance experts.