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What is a Lease Buyout?

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What is a lease buyout? How does a lease buyout work? If your car lease is on the verge of expiring, you’ve got two options. You can return the vehicle to the dealership and settle any remaining fees, or you can negotiate a car lease buyout. What is a lease buyout? The basics of lease buyouts is when a dealership lets you purchase your vehicle at or before the end of a lease contract for the price of its remaining value. There are two different types of car lease buyout options and it’s important for you to know your options when you finance. Pocatello drivers, read on to get the car lease buyout guide from Ron Sayer Nissan.

Lease-End Buyout

This option is the one you’ll see most. The lease buyout definition for a lease-end buyout means you pay what the vehicle is expected to be worth by the end of the lease period. Normally, this price point is agreed upon before you sign the paperwork for the lease agreement. This choice is a good deal if:

  • You’re happy with the vehicle
  • There have been little to no repairs since you’ve had the car
  • There’s no other vehicle, at a similar price point, that you’d like better
  • You can get a good interest rate to finance the buyout price

Another benefit is knowing the condition and history of the vehicle you’ve been leasing, unlike when you purchase a different used car.

Early Lease Buyout

With this option, you can purchase your vehicle before the end of the lease contract. Not all lease contracts have this option available, so be sure to check in advance if this might be an option for you. Before you consider an early lease buyout, you’ll also want to ensure it’s worth the investment in the long run. The price you’ll pay is determined by:

  • The lease-end residual value on your original contract
  • The amount you still owe on the lease
  • If the vehicle has depreciated quicker and is below market value, you might have to pay the difference

Most of the time, buyers will consider this option when they don’t want to face lease penalties on their Ammon vehicle or you haven’t maintained scheduled services.

Find Out More at Ron Sayer Nissan

The lease buyout definition has been answered for you. Now, it’s time to come on over from Rexburg to Idaho Falls and talk to us. We’ll help you with your options, assess your car loan, and more. Contact us today and we’ll help you out.

 

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